Used in contexts where payment obligations have not been met, often linked to loans and finance agreements. If the debtor doesn't settle his debt, the creditors will repossess the goods.
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Legal Process
Repossession involves a legal process and rights, usually by a financial institution or lender. The company initiated repossession proceedings for the overdue equipment.
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Negative Connotation
The word often carries a negative feeling, particularly for the person experiencing repossession. Having her motorcycle repossessed was a low point in Jenna’s life.