These definitions of Repossession are found on the Web:

• To reclaim possession of collateral for failure to pay installments due.
  
• The legal process by which a borrower in default is deprived of their interest in a property. The process usually means the property is sold or auctioned off with the proceeds going to the lender.
  
• A legal process by which the lender forces a sale of a property because the borrower has not met the terms of the mortgage.
  
• Occurs when a mortgage company obtains a court order to take possession of a property due to non payment of the mortgage.
  
• Forced, or voluntary surrender of merchandise as a result of the customer's failure to pay as promised. There are several types and descriptions of repossession actions.
  
• The process of a lender or his agent taking back items that were bought on credit or were pledged as collateral for a loan from a borrower who has fallen behind on loan payments.
  
• Property, such as a car, that is taken back by the creditor when the borrower does not make payments due on the property.
  
• When a house is repossessed, it is taken back by the lender holding the mortgage.
  
• Taking possession of property that was earlier sold on an installment contract because the buyer defaults on payment of the debt.
  
• If debtor is in default of the terms of the security instrument, the creditor can repossess (take) its collateral, sell the collateral and apply the proceeds from sale to the outstanding debt owed.
  
• When a creditor seizes property, such as a car or a house, because payment has not been made.
  
• The Company shall be entitled to immediate re-delivery of the goods any time after the due date for payment or before such due date in the case of occurrence of any of the following events namely: (a) Appointment of a receiver or liquidator over assets of the Customer, or (b) The bankruptcy of the Customer (if an individual or partnership), or (c) The Customer being unable to meet its debts in the normal course of business and for the purpose of such recovery and/or resale of the goods the ...
  
• The action of regaining possession (especially the seizure of collateral securing a loan that is in default).