Possessory interest refers to a legal right or claim that an individual or entity has in a tangible or intangible asset, granting them the exclusive right to possess, use, and enjoy the asset to the exclusion of others. This interest is typically associated with real property, such as land or buildings, but it can also extend to personal property, intellectual property, or financial instruments. Possessory interests can be acquired through ownership, lease, licence, or other legal arrangements, and they confer certain legal protections and responsibilities on the possessor, including the right to exclude others from interfering with their possession.
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This glossary post was last updated: 29th March 2024.
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