Repossession (noun)

1. The act of taking back possession of something, especially property, by legal means.
2. The act of reclaiming something that was previously possessed.

Origin:

From the verb repossess, meaning "to take back possession of something", which comes from the prefix re- ("again") and the verb possess ("to have or hold something").

Examples:

1. The bank took repossession of the house after the owner failed to make mortgage payments.
2. The repossession of the car was done due to non-payment of the loan.
3. The repossession of the stolen goods was done by the police.
4. The company was forced to take repossession of the equipment due to the contractor's bankruptcy.
5. The repossession of the land was a long legal process.