Legal Definitions - Repossess

Repossess

To take back possession of something, typically because of a failure to make payments or fulfill obligations.

1. The bank repossessed the car when the owner failed to make their loan payments.

2. The landlord repossessed the apartment when the tenant violated the terms of their lease.

These examples illustrate how repossession occurs when someone fails to meet their obligations. In the first example, the car owner did not make their loan payments, so the bank repossessed the car. In the second example, the tenant violated their lease agreement, so the landlord repossessed the apartment. Repossession is a legal process that allows the lender or owner to take back the property in question.