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Possession means to have some sort of control over something else.
Generally, to possess something, a person must have an intention to possess it. A person may be in possession of some property (although possession does not always imply ownership). Like ownership, the possession of things is commonly regulated by states under property law.
When English explorer, Captain James Cook, claimed the country of Australia as a British country, he took "possession" of the land. The spot where he made his claim on 22 August 1770, a small island in the Torres Strait, is now called Possession Island.