RoaldDahl
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Simple English definitions for legal terms
derivative possession
Read a random definition: nonmerchantable title
A quick definition of derivative possession:
Possession means having control over something, like a toy or a house. It can be physical, like holding onto the toy, or legal, like owning a house. Sometimes people can have possession even if they don't own it, like a tenant renting a house. There are different types of possession, like peaceful possession where no one is trying to take it away, or adverse possession where someone takes possession of something that doesn't belong to them.A more thorough explanation:
Definition: Derivative possession is a type of possession where a person has lawful possession of something, like a rented apartment, but does not hold the title to it.
Examples: A tenant who rents an apartment has derivative possession of the property. They have the right to use and occupy the apartment, but they do not own it. Another example is a person who borrows a car from a friend. They have derivative possession of the car because they have the right to use it, but they do not own it.
Explanation: Derivative possession occurs when a person has possession of something, but they do not have legal ownership of it. The examples illustrate this by showing that the person has the right to use and occupy the property, but they do not have the right to sell or transfer ownership of it.