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Property taken back for non-payment of money due is typically referred to as a "repossession." This occurs when a lender or creditor seizes property, such as a vehicle or real estate, because the borrower has failed to meet the payment obligations outlined in a loan or lease agreement. Repossessions are often carried out according to specific legal procedures to ensure compliance with local laws. Once repossessed, the property may be sold to recover the owed amount.

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1mo ago

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