Right of possession

Right of possession

The right of possession means that someone currently holds something in hand and this person may be the temporary keeper or the long-term owner of an object.

Examples

* A business buys a vehicle and obtains financing. The company purchasing the vehicle becomes the registered owner and has both possession and "right of possession". The financial organization providing financing would become the lienholder and would have "right of property". If the business that bought the vehicle then rented it to someone, that individual would then have "possession" but would not have "right of possession". The company renting the vehicle to them could repossess the vehicle, for example if they hold the vehicle past the contract period. Also, if the rental company missed payments to the lienholder, the lienholder could repossess the vehicle from the person having possession as well.
* I purchase a pen at a store. I have all three attributes (possession, right of possession and right of property). If I loan the pen to someone, they have only possession. If they fail to give it back they conceivably could have all three, if I was unable to find them, since it is unlikely it would be possible for me to prove that an inexpensive item such as a pen was borrowed and not returned.


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Look at other dictionaries:

  • right of possession — index dominion (absolute ownership), fee (estate), ownership Burton s Legal Thesaurus. William C. Burton. 2006 …   Law dictionary

  • right of possession — A person s right to occupy and enjoy property. See 2 Bl Comm 196 …   Ballentine's law dictionary

  • right of possession — ownership, entitlement, holding …   English contemporary dictionary

  • possession — pos·ses·sion /pə ze shən/ n 1: the act, fact, or condition of having control of something: as a: actual possession in this entry b: constructive possession in …   Law dictionary

  • right — / rīt/ n [Old English riht, from riht righteous] 1 a: qualities (as adherence to duty or obedience to lawful authority) that together constitute the ideal of moral propriety or merit moral approval b: something that is morally just able to… …   Law dictionary

  • right — As a noun, and taken in an abstract sense, means justice, ethical correctness, or consonance with the rules of law or the principles of morals. In this signification it answers to one meaning of the Latin jus, and serves to indicate law in the… …   Black's law dictionary

  • Possession (law) — In law, possession is the control a person intentionally exercises toward a thing. In all cases, to possess something, a person must have an intention to possess it. A person may be in possession of some property (although possession does not… …   Wikipedia

  • possession — Having control over a thing with the intent to have and to exercise such control. Oswald v. Weigel, 219 Kan. 616, 549 P.2d 568, 569. The detention and control, or the manual or ideal custody, of anything which may be the subject of property, for… …   Black's law dictionary

  • possession — Actual physical control of goods or land. Possession has a wide variety of meanings in English law, depending on the nature of the property and the circumstances. For example, a person may still have possession of goods that have been lost or… …   Big dictionary of business and management

  • possession — pos‧ses‧sion [pəˈzeʆn] noun 1. [countable] something that someone owns: • It s vital to insure your possessions for the journey to your new home. 2. [uncountable] the state of having or owning something: • What happens if the buyer has… …   Financial and business terms

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