Definition - What does Replevin mean?
Replevin is a legal procedure in which possessions are forced to be returned to people who have a right to them.
Replevin is commonly used in situations where debtors offer up collateral to obtain a secured loan, and default on the loan. In such cases, creditors can use the legal principle of replevin to obtain the collateral.
Justipedia explains Replevin
Replevin is similar to situations where money is forced to be paid to a party who has a right to it, such as the paying of damages. However, replevin typically only refers to the transfer of ownership of personal property, not cash.
Mortgage borrowers who default on their mortgage can lose their homes or their lenders through replevin. In such cases, the banks or other lenders would retake possession of the home with authorization from the courts.