Repossession - sustany/dvg GitHub Wiki

Repossession is the act by a creditor, or an agent hired by a creditor, to take possession of a debtor�s property that has been put up as a security interest or collateral. This happens when the debtor has defaulted on the debt and has failed to pay the creditor. Although repossession is usually a method of self-help, most states, such as Connecticut, require there is no breach of peace during repossession.�

Additionally, wrongful repossession occurs when the repossession is accompanied by an unjust act. This means that the creditor or agent taking possession of the debtor�s property has violated a legal duty to the debtor. For instance, if a contract requires a creditor to first seek payment before repossession and the creditor does not do so, the creditor�s repossession of the debtor�s property could be a wrongful one.�