Possessions

Possessions are items that people or organizations hold or control. They include tangible goods such as clothing, furniture, and tools, as well as intangible rights such as licenses, patents, and stocks. In law, possession refers to actual control or occupancy of property, while ownership denotes the broader legal right to use, enjoy, transfer, or dispose of it. Possession and title are related but distinct concepts, and one can possess without full ownership.

Types. Personal or moveable property comprises items that can be moved; real property comprises land and buildings and usually includes fixtures. Intangible possessions cover rights and claims, such as copyrights or contractual interests. The classification of possessions affects taxation, transfer rules, and security interests.

Acquisition and transfer. Possessions are acquired by purchase, gift, inheritance, creation, or occupation. They can be transferred through sale, gift, lease, or bequest. Possession may continue after a transfer under certain conditions, or be lost through abandonment, misplacement, or destruction.

Legal significance. Possession can create or support rights in disputes, and long, uninterrupted possession may lead to adverse possession in some jurisdictions. Possession can affect priority among claimants, eligibility for loans, and the enforcement of duties such as duty of care or security.

Social and economic dimensions. Possessions reflect value, identity, and living standards, influencing behavior, consumption, and budgeting. Management of possessions—storage, insurance, and disposal—has practical and environmental implications, while laws on ownership, inheritance, and property taxation shape how possessions circulate in society.