Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

possessory interest

Read a random definition: agreement of sale

A quick definition of possessory interest:

Term: Possessory interest

Definition: Possessory interest means that someone has the right to use or occupy a piece of land or property, but they don't own it. It's like renting a house or apartment. The person with the possessory interest can control the property, but they have to follow certain rules. Sometimes, the government can tax the possessory interest, especially if it's for government property that someone is using.

A more thorough explanation:

Possessory interest

Possessory interest refers to the right of an individual to occupy or possess a piece of property, even though they do not own it. This means that the person has some present right to control the property, such as a lease or rental agreement.

For example, if you rent an apartment, you have a possessory interest in the property. You have the right to live there and use the space, but you do not own the apartment.

Possessory interest can also arise in situations where a person or entity has temporary use of government-owned property. In these cases, the possessory interest may be taxable.

For instance, if a business is granted a possessory interest in a piece of government-owned land to build a parking lot, they may be required to pay taxes on the value of that interest.

Overall, possessory interest refers to the right to possess and control property, even if you do not own it outright.

Possessory estate | Possessory lien

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.