Meaning & Definition of word "Repossess"
Repossess
/ˌriːpəˈzɛs/
verb:
- 1. To take back property that has been sold, typically because the buyer has failed to make required payments.
- Example: The bank had to repossess the car after the owner defaulted on the loan.
- 2. To regain possession or control of something.
- Example: The company sought to repossess the equipment that was leased to the client.
- 3. To seize goods or property by legal right.
- Example: If you fail to make your mortgage payments, the lender can repossess your home.
- 4. To take back something that was previously possessed.
- Example: After the dispute, he managed to repossess his childhood diary from his former friend.
- 5. To recover ownership of something previously owned.
- Example: The artist worked hard to repossess his rights to the artwork he had sold.
Etymology
●The prefix 're-' meaning 'again' combined with 'possess' from Latin 'possidere'.
Common Phrases and Expressions
repossess the goods:
To reclaim items that were previously taken under legal circumstances.
repossess a loan:
To take back an asset because the borrower has defaulted on their loan agreement.
repossess property:
To take back real estate or belongings from a debtor.
Related Words
foreclosure:
The legal process in which a lender takes possession of a property due to a failure to pay mortgage.
seizure:
The act of taking possession of property, often by law enforcement.
default:
Failure to fulfill a financial obligation.
Slang Meanings of repossess
Meaning: Repo
● Example Sentence: The repo man came to take the truck because the owner stopped paying.
Meaning: Repossess (often shortened to repo)
● Example Sentence: They just repoed my bike because I was late on my payments.