Repossession of property is the process by which a creditor recovers possession of the property when the debtor defaults on the debt by failing to make the required installment payments on time. Repossession is often used by a creditor who has extended credit to a debtor for the purchase of personal property, such as a motor vehicle, boat, machinery, equipment, tools, artwork, jewelry, or rent-to-own furniture or electronics.

The creditor’s right to repossess the property usually comes from the credit financing agreement the debtor signs when purchasing or renting-to-own the property.

Laws governing creditor and debtor rights and obligations—including the right to repossess property—vary from state to state and are usually located in a state’s statutes—often in the state’s adopted or enacted version of Article 9 of the Uniform Commercial Code, governing secured transactions.

In Maine, repossession of property is governed by the state's version of Article 9 of the Uniform Commercial Code (UCC), which regulates secured transactions. When a debtor defaults on a secured debt, such as failing to make timely installment payments for personal property like vehicles or equipment, the creditor may have the right to repossess the collateral. The agreement that grants this right is typically found in the security agreement signed by the debtor at the time of the transaction. Maine law requires that the repossession process be conducted without breaching the peace, which means it must be carried out without using force or causing a disturbance. If a creditor repossesses a vehicle, for example, they cannot break into a locked garage or threaten the debtor. After repossession, the creditor may sell the property to satisfy the debt, but they must notify the debtor of the sale and provide an accounting of the deficiency, if any, for which the debtor may still be responsible. It's important for debtors and creditors in Maine to understand their rights and obligations under the UCC and any relevant state statutes to ensure compliance with the law during the repossession process.