what do you mean by re possession and partial repossession
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Explanation:
The hire vendor repossesses either all the goods hired out or only a few of them. Repossession of all the goods is known as “Complete Repossession” and repossession of a few of the goods is known as “Partial Repossession”.
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Repossession:
The actions of a lender to take possession of personal property in which it has a security interest, or the actions of a landlord to take possession of leased premises after default.
Partial repossession:
When the vendor takes repossession of only a part of the total asset sold to the hire purchaser i.e., Partial Repossession.
The actions of a lender to take possession of personal property in which it has a security interest, or the actions of a landlord to take possession of leased premises after default.
Partial repossession:
When the vendor takes repossession of only a part of the total asset sold to the hire purchaser i.e., Partial Repossession.
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