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LSDefine

Simple English definitions for legal terms

Repossession

Read a random definition: droit de greffe

A quick definition of Repossession:

Repossession: When you borrow money from someone and use something you own as a promise to pay them back, they can take that thing away if you don't pay them back. This is called repossession. It's like when your friend borrows your toy and you ask for it back because they didn't give it back when they said they would. But, the person taking your thing back has to do it nicely and not be mean or hurtful. If they are mean or hurtful, that's not okay and they did something wrong.

A more thorough explanation:

Repossession is when a creditor takes back property that a debtor used as collateral for a loan because the debtor has not paid back the loan. This is usually done by a creditor or an agent hired by the creditor. However, repossession must be done without any breach of peace. If the creditor or agent violates a legal duty to the debtor during repossession, it is considered wrongful repossession.

  • If a person takes out a car loan and uses the car as collateral, but fails to make payments, the creditor may repossess the car.
  • If a person takes out a mortgage on a house and fails to make payments, the bank may foreclose on the house and repossess it.
  • If a creditor repossesses a debtor's property without following the proper legal procedures, such as not giving proper notice or not following state laws, it is considered wrongful repossession.

These examples illustrate how repossession works and when it is considered wrongful. It is important for both creditors and debtors to understand their rights and responsibilities when it comes to repossession.

Repossess | Represent

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16:45
@bigfatsloth: an early welcome to north carolina :3 i will NOT be joining you in the forest unfortunately
NosyBeagle
16:47
lol same but the second in command gives me tasks
NosyBeagle
16:47
none today tho
NosyBeagle
16:47
it's almost 4pm and i play nyt sudoku at 4pm and i am thrilled. this is my life now
globalcitizen
17:22
Waitlists serve as little gestures to aa era on the way out
globalcitizen
17:22
That’s nice
ParallelAgreeableOrangutan
17:34
To what?
Anyone get uva feeler/auto email about waitlist
ParallelAgreeableOrangutan
18:28
I got the email. Based on the language in the email, I'd be surprised if many feelers were going out
I mena, the same is true for all of them lmfao WL =R
ParallelAgreeableOrangutan
18:51
That's demonstrably not true. I've gotten feelers and others in this chat have as well. Not sure why you're asking questions when you clearly aren't interested in the answers
hello
19:22
hey yall
ParallelAgreeableOrangutan
19:25
Hi llama!!
21:15
@ParallelAgreeableOrangutan: How are you!
ParallelAgreeableOrangutan
22:02
tbh kinda losing my mind, I'm visiting my parents in my childhood home and whenever I do this I remember why I never do this aahhaha
ParallelAgreeableOrangutan
22:02
My dog likes it here tho
ParallelAgreeableOrangutan
22:02
How are youuuuu?
22:26
@ParallelAgreeableOrangutan: Deep/tough. Feels. Im well working on a project so im happy :)
22:28
should i hit the dmt pen in the sauna and meet god
ParallelAgreeableOrangutan
22:31
Ooh what kind of project? Work, passion, neither, both?
ParallelAgreeableOrangutan
22:31
@NemoPropheta: do it do it
22:37
alright day before my lsat ill hit a blinker in the sauna and become one with the test
22:47
@ParallelAgreeableOrangutan: law school data so just passion.
22:47
@NemoPropheta: noo they drug test before the LSAT! U will get flagged!
ParallelAgreeableOrangutan
23:19
I'm intrigued llama
ParallelAgreeableOrangutan
23:21
Holdddddup all that number crunching on your lsd profile is your work? Damn
ParallelAgreeableOrangutan
23:21
I don't visit y'all's profiles enough, clearly
NarrowFaithfulCougar
0:22
@NemoPropheta: Ahh yeah, the Sauna. That's some good Nordic shit. Beats the hot tub hands down. Plus everyone is naked.
1:23
@ParallelAgreeableOrangutan: got that weaponized autism in gear, we out here.
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