Definitions from the Web
Repossessions
Description
Repossessions refer to the action or process of regaining possession, typically of a valuable item, due to non-payment or a breach of contract. It involves the seizure of the item by the creditor or the authorized agent.
Sample Sentences
- The bank had to initiate repossessions of several houses due to the borrowers' failure to make mortgage payments.
- John's car was taken away in a repossession because he was unable to keep up with the loan installments.
- The repossessions of the company's assets helped recoup a portion of the outstanding debts.
- During the economic downturn, there was a significant increase in repossessions of various luxury goods like boats and recreational vehicles.
- The repossession of the artwork left the gallery empty and caused an uproar among art enthusiasts.
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