MLchartDataset catalogue

Repossess

Term · Law · MLC-T-LAW-004239

To take back possession of property from a debtor who has defaulted on payments or violated the terms of a loan agreement. This action is a legal remedy available to creditors, such as banks or finance companies, to recover collateral securing a debt. The process must adhere to specific legal procedures, which vary by jurisdiction, to avoid wrongful repossession claims.

Table 1. Record
IdentifierMLC-T-LAW-004239
FieldLaw
See alsoRepossession
Record as JSON 
{
  "id": "MLC-T-LAW-004239",
  "term": "Repossess",
  "field": "Law",
  "definition": "To take back possession of property from a debtor who has defaulted on payments or violated the terms of a loan agreement. This action is a legal remedy available to creditors, such as banks or finance companies, to recover collateral securing a debt. The process must adhere to specific legal procedures, which vary by jurisdiction, to avoid wrongful repossession claims.",
  "see_also": [
    "repossession"
  ],
  "url": "https://mlchart.com/terminology/law/repossess/"
}

Record 4,299 of 5,441 in Law terminology (MLC-0107). Request the full dataset.