Etymology:
Meaning:
To take back possession of something, typically after it has been lost or voluntarily surrendered due to non-payment of debt.
Origin:
The term "repossess" emerged in the 16th century, derived from the Latin "repossessio," which means "to take back possession." It originally referred to the reacquisition of land by a previous owner, but was later applied to the seizure of personal property as well.
In the 19th century, the term "repossession" gained widespread use in the context of loans and mortgages. When a borrower defaulted on their payments, the lender had the right to repossess the secured property, such as a car or house.
Today, repossession remains a common practice in commercial and consumer lending. It serves as a legal means for lenders to protect their financial interests and recover possession of property in case of non-payment.
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