repossession
Definition 1
Forced or voluntary surrender of purchased merchandise to its owner or seller by its buyer, due to his or her inability to pay.
Definition 2
Legal process by which a lender takes possession of assets or property pledged as collateral in case of borrower default.
repossession is in the Advertising, Marketing, & Sales, Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
repossession appears in the definitions of the following terms: non-performing asset and conditional sale agreement
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