Define Possession
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Chose in possession - A chose in possession is an item of tangible personal property which is capable of physical possession by the owner and which is capable of transfer by delivery. Possession of a chose in possession is prima facie evidence of ownership.
Possession proceedings - In Law, possession proceedings are proceedings in a court of law due to a dispute over possession of a physical asset. These are common in divorce issues where both parties cannot decide on which of the two will receive possession of a particular object of value.
Debtor in possession - A debtor in possession, in the United States bankruptcy law, is a person who is bankrupt, but remains in possession of property upon which a creditor has a lien or similar security interest. Under certain circumstances, the debtor in possession may be able to keep the property by paying the creditor the fair market value, as opposed to the contract price.
Constructive possession - Constructive possession is a legal fiction to describe a situation where an individual has actual control over chattels or real property without actually having physical control of the same assets. At law, a person with constructive possession stands in the same legal position as a person with actual possession.
definepossession
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