Repossession Legal Meaning and Definition

Here is a simplified definition of the legal term Repossession.

Repossession (noun):

Repossession is the legal process where an owner takes back the items or property they had previously given to someone else, usually because the person failed to meet the terms of the agreement, such as not paying on time. For instance, if you buy a car but fail to make your payments, the seller could start repossessing, or taking back, the car.