The Collaborative International Dictionary of English v.0.48:

Repossess \Re`pos*sess"\ (r[-e]`p[o^]z*z[e^]s" or
   r[-e]`p[o^]s*s[e^]s"), v. t.
   1. To possess again; as, to repossess the land. --Pope.
      [1913 Webster]

   2. Specifically: To take possession of, for failure of the
      possessor to make payments owed for purchase of; -- used
      of real estate subject to mortgage payments and of other
      objects purchased on a time-payment plan, which may be
      taken back (repossessed) by the original vendor if the
      payments are not made on time.
      [PJC]

   To repossess one's self of (something), to acquire again
      (something lost).
      [1913 Webster]