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Court Order
An official proclamation by a judge that defines the legal relationships between the parties to a hearing, a trial, an appeal or other court proceedings.
Repossess
Repossess is the act of a lender or seller taking back property from the borrower or buyer, usually due to failure to meet the terms of payment or other conditions of the agreement.
Collateral
Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower fails to repay according to the agreement.
PMSI
Purchased Money Security Interest, a legal claim that allows a lender or seller to claim collateral property, prioritized over other creditors, often used in financing agreements for personal property.
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