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 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 it
imˌmediate posˈsession [uncountable] PROPERTY
the legal right to move into a house or other property immediately after buying it
ˌleasehold posˈsession [uncountable]
PROPERTY when you rent land, a house, a flat etc rather than own it
ˌprivate 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] LAW
the 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] PROPERTY
when 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

3. [uncountable] LAW the crime of having illegal drugs or a gun when it is illegal to do so:

• He was sentenced to 16 months in prison for cocaine possession.

* * *

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

get/take possession of sth — Cf. take possession of sth

Financial and business terms. 2012.

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