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Repossession
RepossessionRepossession is an action in the nature of self-help that is taken by a lien-holder who, by virtue of the debtor's default in making payments under a loan agreement, is entitled to retake possession of the secured property. Usually, the creditor entitled to possession will hire an agent, commonly called the "repo" man, who will actually take steps to recapture the property, sometimes by sneaky, although legal means. Following the repossession, the property may be sold in a commercially reasonable manner in order to satisfy the debt due the creditor. Any deficiency in the amount recovered through the sale can be collected from the debtor, even though he or she may no longer be in possession.
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