Repossess Legal Meaning and Definition

Here is a simplified definition of the legal term Repossess.

Repossess (v)

When a person or company (typically a lender) takes back something (usually a piece of property or goods) that had previously been sold or given on credit. This occurs when the borrower fails to meet the conditions stipulated in the purchase or loan agreement, often due to non-payment or default. This action can involve legal intervention, but does not always require it.

For example, if you buy a car on credit but stop making the necessary payments, the lender might repossess the car.