The action of regaining possession (especially the seizure of collateral securing a loan that is in default) WordNet 3.0 & Open English WordNet

Repossession, colloquially repo, is a "self-help" type of action, mainly in the United States, in which the party having right of ownership of the property in question takes the property back from the party having right of possession without invoking court proceedings. Wikipedia

Legal action where a party who owns property takes it back from the party who possesses it Wikidata

The act of repossessing. Wiktionary