Possession is the act of owning or controlling something. It comes in many forms, from tangible assets like land and vehicles to intellectual property rights. Possession is a fundamental right of ownership. To be legally recognized as a holder of an asset, a person or organization must prove they have exclusive control over it.
In legal terms, possession is a key component of property law. Owners have the right to possess, use, and exclude all others from tangible property they’ve acquired. They also have rights over intangible assets such as patents, copyright, trademarks, and trade secrets. Generally, individuals or organizations must be able to prove their legal standing over property in order to assert their rights of possession.
To illustrate, suppose Bob owns a car. Bob can rightfully claim possession of the car and is entitled to exclusive rights over it, including the right to use and exclude all others from using it. Bob also has the right to prevent others from interfering with his usage and enjoyment of the car. If someone else were to use Bob’s car without his permission, Bob would have the legal right to sue them for trespassing.
On the other hand, blue-sky intellectual property is a bit different. Consider a software company that develops proprietary software for sale. This company holds possession of the final product, but its rights do not extend to the source code or technical design, which may be protected by patents and other exclusive rights. If the company were to claim ownership over the source code or design, they would have to meet the requirements for a federal or state patent.
The Many Forms of Possession
Possession can come in many forms, with physical assets like cars being the most obvious. Possession of tangible assets can be proved through proper registration, title, or an insurance policy. Ownership of intangible assets can be proved through agreements, licenses, or patents.
Whether it’s a business or an individual, possession is a key concept in the world of property law. Understanding the basics of possession and the different forms it can take can help you claim legal standing over the assets you own and protect them from unauthorized usage or interference.