Definition - What does Seizure mean?
Seizure refers to members of law enforcement taking assets by force of assets.
Seizure typically occurs when the court orders it. This can happen if certain assets are owed by a borrower to a creditor, and the creditor has defaulted on payments, or if the assets were connected to criminal activity.
Justipedia explains Seizure
Often, in order for a seizure to take place, there must be a warrant. Many different types of things can be seized. For example, cash, boats, cars, real estate, firearms and many other items can all be seized by law enforcement.
Law enforcement commonly makes seizures on behalf of private creditors. However, law enforcement can also make seizures on behalf of public lenders. For example, if a borrower defaults on public student loans, then he or she could face a seizure.