repossession definition

Alert. Search repossession and thousands of other words in English Cobuild dictionary from Reverso. Found inside – Page 381ABC method, usage, 13 Above-market interest, short-term seller expectation, 274–277 Absentee owner, definition, 40 Accountants. ... 142 Balance sheet, definition, 42 Balloon payment, 281, 300 definition, 42 Bank repossession properties, ... In addition, your creditor or lessor may be able to sell your contract Found inside – Page 26Each section of this 'history' will, on the one hand, offer a definition of the selected aspects, pro‐viding a ... the “ecocentric repossession of pastoral” (The Environ‐mental Unconscious 52) with a critical repossession of my own. • REPOSSESSION (noun) The noun REPOSSESSION has 1 sense:.
repossession of certain personal property after default of a debtor so long as the secured creditor complies with all aspects of the UCC regarding such repossession. Once a secured creditor properly repossesses property, it has the right to dispose of such collateral subject to notification to the debtor.

to pay you damages. Repossessed or " Repossession " means that an asset has been recovered on behalf of a Lien Holder through the services of the RSP that accepted the Order, and is therefore subject to the Transaction Fees set forth in this Agreement. Found inside – Page 143Proposed title and definition Proposed response Proposed category of information Item 3(d)(18) . ... Provide the amount of fees paid in connection with the repossession and disposition of the vehicle. 1=Yes . Information and translations of repossession in the most comprehensive dictionary definitions resource on the web. Depending on state law and the circumstances, the foreclosure will be judicial or nonjudicial.At the end of the process, the property is sold so that the lender can recoup the amount it loaned to the defaulting borrower.. At the foreclosure sale, the foreclosing bank can make a . See Regulations section 1.1038-2 for further information. | Meaning, pronunciation, translations and examples Some courts define “breach of the peace” as shouting, threats of violence, or any sort of public disturbance.Others hold that repossession in the face of the debtor's oral statements to cease and desist is a breach of the peace, but that does not preclude the creditor from returning later to attempt repossession when the debtor is not present. why is possession important. Found inside – Page 716Ten days after the repossession , Falcon ever contacted Plaintiffs by letter , and after Plaintiffs ' Bankruptcy attorney de- phone , or any ... Plaintiffs claim to The definition of “ repossession " set forth have experienced fear ... self help to automobiles. period of time in your contract. or won't pay, the repossessor must give you notice of the auction. A home foreclosure is one type of repossession. ( countable) The act of repossessing. The rules for repossessions of personal property differ from those for real property. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more.
You can complete the definition of repossession given by the English Cobuild dictionary with other English dictionaries : Wikipedia, Lexilogos, Oxford, Cambridge, Chambers Harrap, Wordreference, Collins Lexibase dictionaries, Merriam Webster . es 1. a.

Mary McMahon Repossession affidavits are filed with the department of motor vehicles upon the repossession of an automobile. repossession is the essence of a security interest - largely limited to cars and commercial goods. The concept of organ repossession is not strong enough for a serious film.. MOVIE REVIEW: Repo Men (2010) "We support the (SADC) leaders on their progressive stand of not interfering with Zimbabwean government's position on redressing what gave rise to the struggle for national liberation - namely the repossession of the land for equitable . The actions of a lender to take possession of personal property in which it has a security interest, or the actions of a landlord to take possession of leased premises after default. So what exactly is repossession and how does it happen? Repossession may be by court order, or it may be self-help, as when the automobile repo person takes a car in the dead of night. As is the case in virtually every jurisdiction in the U.S., you are entitled to repossess your property if you can do so without a "breach of the peace.". https://financial-dictionary.thefreedictionary.com/repossession. But, when you take your vehicle back to the lender or dealership before they send the repo man for it, that's called voluntary repossession. This means you are entitled to the following: written notice of the creditor's intent to obtain an order of replevin.

We've listed any clues from our database that match your search. For one thing, an aircraft is more cumbersome to repossess than a car. That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. Repossession: The process of a lender or his agent taking back items that were bought on credit or were pledged as collateral for a loan from a borrower who has fallen behind on loan payments. Repossession. (uncountable) The condition of being repossessed.

Repossession, colloquially repo, is a "self-help" type of action - mainly in the U.S. - in which the party having right of ownership of the property in question takes the property back from the party having right of possession without invoking court proceedings.The property may then be sold by either the financial institution or third party sellers. As in the example above, a person buys a car and then doesn't pay for it as they agreed to in the contract. If your car payments are late or you default on your contract in any Found inside – Page 434The court had no difficulty in concluding that it was, and that repossession from the sub-lessee would constitute ... (3) “Under a hire-purchase agreement” We have seen earlier that “hire-purchase agreement” has an extended meaning. Self-help repossession is generally allowed unless prohibited by specific consumer protection statutes,but it must be accomplished without a breach of the peace. property code chapter 30. writ of assistance for repossession of aircraft; 30. property code chapter 70. miscellaneous liens; 31. tax code chapter 151. limited sales, excise, and use tax; 32. tax code chapter 152. taxes on sale, rental, and use of motor vehicles; 33. tax code chapter 160. taxes on sales and use of boats and boat motors Found inside – Page 246This bill would modify the definition of “ credible threat of violence ” ; give the court discretion , upon good cause shown ... ( 1 ) The Collateral Recovery Act , which governs persons engaged in repossession of collateral , requires ... some states prohibit. Be aware of your bank trying to skip out on paying the full repossession fee by saying it is voluntary. To regain possession of.

Car repossession agents locate and physically recover automobiles for lenders and financial institutions from delinquent borrowers. There will also be a list of synonyms for your answer. Learn more.

The synonyms have been arranged depending on . Found inside – Page 5-125.03 Repossession of the Collateral Revised Section 9-609 gives the secured party the right , after default , to take possession of the collateral ... For a discussion of the definition of " equipment , ” see § 1.06 [ 2 ] ( e ) supra . Because Article 9 itself does not define breach of the peace, it has been left to the courts to craft a workable definition. Repossession of Auto Law and Legal Definition Repossession refers to taking back property through judicial processes, foreclosure, or self-help when a creditor fails to make required payments.

Also find a similar words the begin with the same characters, end with the same characters, anagrams, reverse anagrams, word scrambles and words with similar letters. Found inside – Page 5This bill would delete the requirement of a repossession clause in that security agreement . It would extend the definition of assignment to an authorization by a legal or registered owner or lessee to recover personal property ... An example is if a vehicle is parked in a locked garage or behind a gate, the repossession company cannot enter unlawfully to reclaim it. Your lender sometimes returns a repossessed vehicle to you, known as redeeming a repossession, if you meet certain terms. b. means, for any Collection Period, any expenses payable pursuant to the terms of this Agreement, incurred by the Backup Servicer, if it has become the successor Servicer, in connection with the liquidation or repossession of any Financed Vehicle, in an aggregate amount not to exceed the cash proceeds received by the Backup Servicer, if it has become the successor . Found inside – Page 1538The first instance is in clause 2 , which In actual practice , this notification contains two new definitions . The first is invariably made by the person or fimm one deals with the definition of a motorthat has taken repossession of ... Many types of property are subject to repossession when there are loans They insist on contingent fees, where the repo agent only gets paid if the car is recovered. Found inside – Page 260... or applied upon the repossession of the property shall be the excess of the face value of such obligations over an amount equal to the income which would be returnable were the obligations paid in full . For definition of the basis ... The action of retaking possession of something, in particular when a buyer defaults on payments. Definition of repossession in the Definitions.net dictionary. A voluntary is usually much cheaper then a typical involuntary repossession, it is like a regular tow job. Meaning of repossession. to court or warning you in advance, as long as they do not breach the peace. Rental contracts are also subject to repossession, and when a person gets evicted from their home, their landlord repossesses the property. repossession: The act or state of possessing again. Most creditors want payment in full before they turn the car back over to you, but some give you another chance if you catch up the payments and reimburse all repossession-related expenses. (which is usually the case), you'll owe the rest. 1. the action of regaining possession (especially the seizure of collateral securing a loan that is in default) Familiarity information: REPOSSESSION used as a noun is very rare. Found inside – Page 2191Words are he has no right to repossess the goods . omitted , and the meaning is not clear . It is essential that the clauses relating to However , I must assume that the word the repossession of goods relate to agree“ agreement " is ... The court relied on the FDCPA's definition of "debt collector," which generally excludes repossession companies but provides that repossession companies are "debt collectors" for purposes of Section 1692f (6) of the FDCPA. The repossession is still listed on your credit reports, typically with something along the lines of "paid as agreed" next to it. Repossession is reclaiming ownership of something that has not been paid off, but still has value. Repossessions—like bankruptcies and collection accounts—are red flags in credit reports and can have a serious impact on your scores. [1913 Webster] WordNet (r) 3.0 (2006): repossession n 1: the action of regaining possession (especially the seizure of collateral securing a loan that is in default) Moby Thesaurus II by Grady Ward, 1.0: 33 Moby Thesaurus words for . Found inside – Page 135Because these writers use a definition of repossession ratio different from ours , the figures shown in Table 45 are derived from their data and conform to the definition set forth here . The data bring out the importance of an adequate ... b. Found inside – Page 59-347... shipwreck , lightning , etc.5 first , the plain meaning of " casualty " dees unforeseeable acts and events beyond a vider's control . Moreover , applicable to the ermination of whether a repossession fails hin the definition of a ... Found inside – Page 246This bill would modify the definition of " credible threat of violence " ; give the court discretion , upon good cause shown ... ( 1 ) The Collateral Recovery Act , which governs persons engaged in repossession of collateral , requires ... 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Car repossession agents tow or drive repossessed cars back to lenders. That section prohibits a "debt collector" from taking or threatening to take any non-judicial action to repossess or . Replevin differs from repossession in that repossession does not require a lawsuit. Found inside – Page 293... are changed as follows : the definition of “ debtor ” has been broadened ( $ 9102 ( a ) ( 28 ) ] ; the definition of ... Brightwell , Liability of Creditor and Repossession Agent for Wrongful Repossession and Tortious Acts Committed ... The repossession rules apply whether or not title to the property was ever transferred to the buyer. Found inside – Page 90Uniform Commercial Code- secured transactions - repossession of collateral - breach of peace - definition The definition of breach of the peace in the context of a selfhelp repossession pursuant to N.C.G.S. § 25-9-503 ( 1999 ) ... This demanding, and often risky career, requires a working knowledge of state repossession laws, a commercial driver's license, and investigative thinking.

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