Repossession

Repossession is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction. This work is generally sub-contracted out to a so called repo man. Repossession is often used against vehicles, as they are more portable and the legal limitations are fewer. Repossession is a complicated and legally fraught matter, with legality being determined by widely varying local and state laws.

Related Topics:
Financial institution - Collateral - Repo man

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