Repossession is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction. Repossession is a "self-help" type of action in which the party having right of ownership of the property in question takes the property back from the party having right of possession without invoking court proceedings. The property is then sold on by either the financial institution or 3rd party sellers. The extent to which repossession is authorized, and how it may be executed, greatly varies in different jurisdictions (see below).
Read more about Repossession: Procedure of A Repossession
Famous quotes containing the word repossession:
“The repossession by women of our bodies will bring far more essential change to human society than the seizing of the means of production by workers.”
—Adrienne Rich (b. 1929)