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possessory interest |
Also found in: Financial | 0.02 sec. |
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possessory interest n. in real estate, the intent and right of a person to occupy and/or exercise control over a particular plot of land. A possessory interest is distinguished from an interest in the title to property, which may not include the right to immediately occupy the property. Example: a long-term lease. (See: real property, possess, possession) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Escheat is a process wherein the state takes possessory interest in an owner or apparent owner's property and holds the property into perpetuity on behalf of the owner or apparent owner until it is claimed by the owner or the owner's heirs. taxpayer defer any deductions until the possessory interest became actual. With respect to the officer moving the bags from the overhead racks to the seats for the dog to sniff, the court stated that "[b]ecause there was no meaningful interference with defendant's possessory interest in his bag, there was no seizure. |
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