Encyclopedia
possession
in law, the acquisition of either a considerable degree of physical control over a physical thing, such as land or chattel, or the legal right to control intangible property, such as a credit-with the definite intention of ownership. With respect to land and chattel, possession may well have started as a physical fact, but possession today is often an abstraction. A servant or an employee, for instance, may have custody of an object, but he does not have possession; his employer does, even though he may be thousands of miles from the object he owns. Furthermore, except in the most abstract way, it is not possible to speak of the possession of intangible property.
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