Repossession

{
  "id": "MLC-T-LAW-004240",
  "term": "Repossession",
  "field": "Law",
  "definition": "The act by which a creditor takes back property that was used as collateral for a loan, due to the debtor's failure to meet payment obligations. This process allows the creditor to recover some of the outstanding debt by selling the repossessed item. Laws governing repossession, including notice requirements and permissible methods, are established at the state level.",
  "url": "https://mlchart.com/terminology/law/repossession/"
}