- possession
- possession pos‧ses‧sion [pəˈzeʆn] noun1. [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 possession of a work, but has not completely paid for it when it is stolen?
• The creditors will take possession of assets worth the $85 million owed to them.
• The company refused to relinquish possession of the 68-bed hospital.
ˌfreehold posˈsession [uncountable]PROPERTY when you own land, a house, a flat etc rather than rent itimˌmediate posˈsession [uncountable] PROPERTYthe legal right to move into a house or other property immediately after buying itˌleasehold posˈsession [uncountable]PROPERTY when you rent land, a house, a flat etc rather than own itˌprivate posˈsession [uncountable]when something is owned by a person for their own use rather than by an organization or government:• a federal law that bans the private possession of automatic weapons
ˌquiet posˈsession [uncountable] LAWthe legal right of being able to use your own property or goods without other people causing problems, for example by claiming that they own them:• They had the right to sell the goods and the warranty of quiet possession.
ˌvacant posˈsession [uncountable] PROPERTYwhen land, a house etc is for sale with no one living there:• the huge difference in price between land with and land without vacant possession
• He was sentenced to 16 months in prison for cocaine possession.
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possession UK US /pəˈzeʃən/ noun► [U] the situation in which someone has or owns something: in sb's possession »No steps may be taken to repossess goods in the company's possession except with the leave of the court.
have possession of sth »The Court of Appeal admitted that Ms Mountford did have exclusive possession of the property.
in possession of sth »The ruling did not establish that he was in possession of the disputed land.
→ See also FREEHOLD POSSESSION(Cf. ↑freehold possession), IMMEDIATE POSSESSION(Cf. ↑immediate possession), LEASEHOLD POSSESSION(Cf. ↑leasehold possession), PRIVATE POSSESSION(Cf. ↑private possession), QUIET POSSESSION(Cf. ↑quiet possession), VACANT POSSESSION(Cf. ↑vacant possession)► [C, usually plural] something that someone owns or has with them at a particular time: »The value of his possessions came to about $1 million.
»material/personal possessions
Financial and business terms. 2012.