constructive possession

constructive possession definition - business

constructive possession

In legal theory, the ability and intention to control an asset without having actual physical contact. For example, a key to a safe deposit box is constructive possession of the contents of the box. Likewise, a key to a car is constructive possession of the car even when the car is in someone else's driveway.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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