Ownership is to determine who has certain rights and duties over the property. One can lose the ownership by selling, exchanging or providing as a gift. Ownership is self-propagating in that the owner of any property will also own the economic benefits of that property.
Possession is the control that a person intentionally exercises towards a thing. Possession is one of the important concepts in property law. There are three related and overlapping but not identical legal concepts: possession, right of possession and ownership.
|The act, state, or right of possessing something.||The state of having, owning, or controlling something.|
|Synonyms||Partnership, purchase, takeover, control, holding||Dominion, occupancy, retention, custody, tenancy|
|Antonyms||Renting, whole and lease||Want, lack and need|
|Types||Its types are:
||Its types are:
|Word origin||It was originated in between 1575-85; owner + -ship.||It was originated in between 1300-50; Middle English < Latin possessiōn- (stem of possessiō) occupancy, act of occupying, equivalent to possess (us), past participle of possidēre to have in one’s control, occupy.|
|Signify||Ownership signifies permanence.||Possession is mostly temporary.|
|Mean||Ownership means the name in the title deed.||Actual possession means physical control of a thing.|
|Guarantee||Ownership is guarantee of the law.||Possession is guarantee of the facts.|
|Requires||Ownership does not require possession.||Power and intention to control a thing is important in the concept of possession.|
|Example in Sentence||