Own Legal Meaning and Definition

Here is a simplified definition of the legal term Own.

Own (verb)

This term signifies possessing, having legal rights and full control over something, which may be an object, property, or any asset. This is different from simply having something in your possession; ownership implies that the item is legally yours. This means you have the legal authority to use, enjoy, and decide how and when to dispose of the object, property, or asset.