possession
The state of having or owning something at the moment.
Possession is the state of having or owning something. When a toy is in your possession, you have it with you or control it. If you're in possession of a library book, you've checked it out and are responsible for returning it. The word emphasizes that you currently have the thing, whether you own it permanently or just temporarily.
Possession can also mean being controlled by something external, like in ghost stories where a spirit takes possession of a person's body. In this sense, whatever takes possession has complete control.
In sports, particularly soccer and basketball, possession refers to which team has control of the ball. A team in possession tries to advance toward the goal, while the other team tries to steal possession away. Coaches emphasize that maintaining possession gives your team a chance to score.
In law, possession carries special meaning. Police might charge someone with possession of illegal items, or a judge might award possession of property in a dispute. Legal possession often involves both physical control and the right to control something.
A possession is something you own, like your most valued possessions. Notice that having possession of something can bring responsibility: you may need to take care of it or return it.