The word "possession" means having or owning something. It refers to the state of having control, custody, or ownership of a physical object or an intangible thing like an idea or concept. Full definition
He / she is expected to carry out routine check in and around the prison to make sure that inmates are not in possession of drugs or potentially harmful weapons. (jobdescriptionandresumeexamples.com)
The executive director of a leading government reform group has been replaced, after he turned himself in for possession of addictive illegal drugs. (news.wbfo.org)
The new owner must give you this notice within 30 days of taking possession of the loan. (consumer.ftc.gov)