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Possession is nine-tenths of the law" is an expression meaning that ownership is easier to maintain if one has possession of something, or difficult to enforce if one does not. The expression is also stated as "possession is ten points of the law", which is credited as derived from the Scottish expression "possession is eleven points in the law ...
In law, possession is the exercise of dominion by a person over property to the exclusion of others. [1] To possess something, a person must have an intention to possess it and an apparent purpose to assert control over it. [2] A person may be in possession of some piece of property without being its owner.
Over the millennia and across cultures, notions regarding what constitutes "property" and how it is treated culturally have varied widely. Ownership is the basis for many other concepts that form the foundations of ancient and modern societies such as money, trade, debt, bankruptcy, the criminality of theft, and private vs. public property.
Also, if the rental company missed payments to the lienholder, the lienholder could also repossess the vehicle from the person having possession. I purchase a pen at a store. I have all three attributes (possession, right of possession and right of property). If I loan the pen to someone, they have only possession.
Condition whereby while possession of property is achieved or retained, possession of it is contingent upon performance of obligation to somebody indebted to, and unencumbered ownership of it is contingent upon completion of obligation. The performance of obligation usually implies division of the principal into installments. Mortgagor
Adverse possession in common law, and the related civil law concept of usucaption (also acquisitive prescription or prescriptive acquisition), are legal mechanisms under which a person who does not have legal title to a piece of property, usually real property, may acquire legal ownership based on continuous possession or occupation without the permission of its legal owner.
You maintain full possession and use of the asset. The lender has a right to the asset only if you default on the debt or fail to live up to the loan terms in some other major way.
Accordingly, upon the grant of a mortgage, the mortgagee would come into possession of the land - if the income arising from the land paid down the mortgage debt it was referred to as a live pledge (or vivum vaidum) but if the mortgagee simply took those proceeds and the debt was unchanged it was called a dead pledge (originally a mortuum ...