19:43
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LSDefine
Simple English definitions for legal terms
Repossession
Read a random definition: steward
A quick definition of Repossession:
Repossession: When you borrow money from someone and use something you own as a promise to pay them back, they can take that thing away if you don't pay them back. This is called repossession. It's like when your friend borrows your toy and you ask for it back because they didn't give it back when they said they would. But, the person taking your thing back has to do it nicely and not be mean or hurtful. If they are mean or hurtful, that's not okay and they did something wrong.
A more thorough explanation:
Repossession is when a creditor takes back property that a debtor used as collateral for a loan because the debtor has not paid back the loan. This is usually done by a creditor or an agent hired by the creditor. However, repossession must be done without any breach of peace. If the creditor or agent violates a legal duty to the debtor during repossession, it is considered wrongful repossession.
- If a person takes out a car loan and uses the car as collateral, but fails to make payments, the creditor may repossess the car.
- If a person takes out a mortgage on a house and fails to make payments, the bank may foreclose on the house and repossess it.
- If a creditor repossesses a debtor's property without following the proper legal procedures, such as not giving proper notice or not following state laws, it is considered wrongful repossession.
These examples illustrate how repossession works and when it is considered wrongful. It is important for both creditors and debtors to understand their rights and responsibilities when it comes to repossession.