Also known as: take possession · took possession · taken possession · taking-possession · acquiring possession
Written by attorneys · grounded in primary & secondary sources — see below
The acquisition of physical control over property by a person or entity.
Thaddeus Tran leased a warehouse from his landlord. Upon taking possession, he discovered a concealed structural crack that later caused injury to a visitor. The landlord knew of the risk but had not disclosed it before the lease began.
Threshold Capital held a security interest in equipment owned by Twin Rivers Bank. After default, Threshold Capital took physical control of the machines and filed no financing statement. The secured party thereby perfected its interest in the collateral.
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Tiana Tan accepted a shipment of electronics from a supplier she suspected had obtained them unlawfully. She stored the items in her warehouse intending to resell them. Prosecutors charged her with theft based on acquiring possession while believing the goods were probably stolen.
After Taliah Tang died, the court appointed Theo Thomas as personal representative. He demanded delivery of the decedent's inventory and cash from the devisee who had begun operating the business. The representative concluded direct control was necessary to pay taxes and satisfy creditors.
Torchlight Media held a junior mortgage on an office building. It obtained appointment of a receiver who took possession and collected net rents. When the senior mortgagee later appointed its own receiver, the first receiver retained the collected funds for the junior mortgagee's benefit.
Tracy Torres leased retail space under a written promise that the landlord would maintain the heating system. After she took possession, a pipe burst because the landlord failed to perform repairs. A customer was injured, and the landlord faced liability for the resulting harm.
A personal representative may demand and recover possession of estate property, including specifically devised assets, when the representative determines that possession is necessary for administration. The representative's request itself constitutes conclusive evidence of that necessity in any action against a devisee. This authority exists unless the will provides otherwise.
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Yes. A secured party may perfect a security interest in goods, instruments, negotiable tangible documents, or tangible money by taking possession of the collateral. The same rule applies to certificated securities by taking delivery under Section 8-301.
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A person is guilty of theft if he purposely receives, retains, or disposes of movable property of another knowing that it has been stolen or believing that it has probably been stolen. Receiving includes acquiring possession, control, or title.
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A landlord who conceals or fails to disclose a condition involving unreasonable risk of physical harm existing when the tenant takes possession is subject to liability if the tenant neither knows nor has reason to know of the condition and the landlord does know or has reason to know of it.
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…9, § 9-503, that: "Unless otherwise agreed a secured party has on default the right to take possession of the collateral. In taking possession a secured party may proceed without judicial process if this can be done without breach of the peace or may proceed by action. . . ." Recent studies have suggested no changes in Art. 9 in…