| 释义 |
repossession
n. (of mortgaged property) The right of a mortgagee to obtain vacant possession of the property occupied by a mortgagor, in accordance with the terms of the mortgage. All mortgagees have a right to possession of the property from the time the mortgage is granted unless they have contracted out of the right (Four Maids Ltd v Dudley Marshall (Properties) Ltd [1957] Ch 317). It is, however, unusual for a mortgagee to exercise such a right unless the mortgagor has defaulted in some way. If property is occupied the mortgagee will usually obtain a court order for possession. See also mortgage; power of sale. |