Repossession

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Repossession

The taking back of an item that has been sold on credit and delivered to the purchaser because the payments have not been made on it.

For example, if an individual fails to render prompt payments on a new car, the car might be subject to repossession by the finance company, which has extended the credit.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.