TERMIUM Plus®

The Government of Canada’s terminology and linguistic data bank.

REPOSSESSION CLAUSE [1 record]

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Alphabetical list of terms

Record 1 2010-12-13

English

Subject field(s)
  • Law of Contracts (common law)
CONT

Repossession as a defaulted contract for payment, holding the vehicle as collateral. This contract must include a repossession clause; a repossession clause would be a paragraph that goes something like this: if buyer defaults in this contract the collateral may be repossessed and all repossession fees, attorney and count cost will be the responsibility of the debtor".

OBS

Repossession. The taking back of an item that has been sold on credit and delivered to the purchaser because the payments have not been made on it.

French

Domaine(s)
  • Droit des contrats (common law)

Spanish

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