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What does repossess mean?

Looking for the meaning or definition of the word repossess? Here's what it means.

Verb
  1. (law) To reclaim ownership of property for which payment remains due.
  2. (dated, reflexive) To gain back possession of.
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Examples
Reserving ownership rights ensures that the supplier can repossess the goods under certain conditions.
If the loan fails the bank will not repossess the goods, they will just chase you for the cash.
He said as soon as the go-ahead was given after the meeting, the council would proceed to repossess the idle plots.
If the customer is unable to fulfill its obligations, the Company is contractually entitled to repossess the instrument.
This also means that, in certain situations, the finance company can repossess the car if you break the contract.
Remember, lenders don't want to bring homeowners to court or repossess their home.

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