possession
Definition
Possession means you have physical control over something and intend to keep that control, whether you own it or not. The law recognizes that having something in your hands or on your property is a real and protected interest, separate from who actually owns the item.
Example
If you rent out a storage unit to a customer, that customer has legal possession of everything inside, even though you own the building around it.
Watch Out
Possession can create legal responsibility, so if someone leaves their property in your care, you may be legally on the hook if it gets lost or damaged.
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This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.