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 Louisiana (LA), repossession of property is governed by the state's statutes, which include provisions from the Uniform Commercial Code (UCC) adopted by the state. When a debtor defaults on a secured loan by failing to make timely payments, the creditor has the right to repossess the collateral, such as vehicles, boats, or other personal property. This right is typically outlined in the security agreement signed by the debtor at the time of the transaction. Louisiana law allows for self-help repossession, meaning the creditor can repossess the property without a court order, provided the process does not breach the peace. After repossession, the creditor may sell the property to satisfy the debt, but must notify the debtor of the sale and conduct it in a commercially reasonable manner. If the sale proceeds exceed the debt, the surplus may be owed to the debtor, while any deficiency may still be the debtor's responsibility. It is important for both creditors and debtors to understand their rights and obligations under Louisiana's repossession laws, and an attorney can provide specific guidance based on individual circumstances.