The act of having or owning something, or currently holding something in your control.
From Latin 'possidere' meaning to occupy or own, from 'potis' (powerful) plus 'sedere' (to sit). The present participle form '-ing' shows the ongoing action of ownership or control.
In medieval times, 'possessing' land meant sitting on it or physically occupying it—and that's literally where our modern concept of 'property rights' comes from, since you had to actually be there to prove you owned it.
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