Repossession

Learn about the definition for this legal term.

What is Repossession?

This is the process of taking the collateral where the debtor has defaulted on the loan payments. This term applies aptly to repossession of a car if the borrower has defaulted.

Further Reading

For more detailed information, see our related Security Transactions And Mortgages terms:

Pass the Bar, Guaranteed

BarPrepHero Premium offers the most complete collection of real bar exam questions licensed directly from NCBE (the organization that writes the exam).
Bar Exam starts in:
Days
Hrs
Mins
Secs
Study better now