Recovery Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Recovery, written in plain English, along with examples of how it is used.
What is Recovery?
(n) Recovery is the monetary compensation received by a person against his legitimate dues either by a legal procedure or by other methods of effectuating the demand. Example recovery of the amount due by selling the pledged property
History and Meaning of Recovery
In law, the term "recovery" is frequently used for the compensation received by an individual against their legitimate dues through a legal process or other means of demanding payment. Recovery can come in various forms, including financial payments, property or assets. The right to seek recovery in court has been recognized for centuries, dating back to ancient civilisations such as Babylonia and Sumeria. In modern times, recovery is governed by various laws and regulations that protect individuals and businesses from unfair practices and unpaid dues.
Examples of Recovery
- A lawyer helps their client secure recovery for damages incurred in a car accident by filing a lawsuit against the responsible party.
- A debtor is required to make regular payments toward the recovery of a loan they took out from a financial institution.
- A company seeks recovery of stolen intellectual property by filing a complaint with the appropriate legal authority.
- A landlord evicts a tenant and seizes property to recover unpaid rent owed by the tenant.
- A retailer removes a faulty product from their inventory and seeks recovery from the manufacturer for lost profits and damages resulting from the faulty product.
Legal Terms Similar to Recovery
- Restitution: The act of making good or compensating for loss, injury or damage.
- Damages: The monetary award given to a party to compensate for losses or injuries caused by another.
- Indemnification: The act of compensating for loss or damage incurred by another party under an agreement or contract.
- Reimbursement: The act of repaying or compensating for expenses or losses incurred by another party.
- Compensation: The act of giving something, such as money or property, to a person as a repayment for a loss or injury.