Co-possession

Co-possession refers to the state of two or more entities (individuals, groups, or legal persons) simultaneously holding and exercising rights and responsibilities over a shared asset, property, or resource. It implies a shared ownership, control, and often, shared benefits and burdens associated with the item. Unlike sole possession, co-possession inherently necessitates a level of cooperation, agreement, and the establishment of rules or protocols to govern the use and management of the shared resource. This can include the division of use, the sharing of expenses, and the decision-making processes regarding the asset.

Co-possession meaning with examples

• The couple decided to purchase a house in co-possession, legally owning it together. They agreed on payment of the mortgage, renovations, and maintenance. Each had the right to live in the house and agreed to make all major decisions about the house together. This ensured both parties shared in the benefits and responsibilities.
• Several families in the rural community practiced co-possession of the local well. Each family had set times to gather water and share in the upkeep of the well and the necessary repairs. The local government provided support for these agreements and upheld the legal validity of these arrangements.
• The business partners established a company in which they held co-possession of the intellectual property. The rights to the products, patents and designs, along with the generated income, were divided as per their agreement. This agreement was essential for promoting mutual benefit and protecting each partner’s interest.
• The two conservation groups entered into a co-possession agreement for the wildlife reserve. Both had joint responsibility for managing the protected area. The agreement outlined the responsibilities and ensured the area would be protected. They both share the benefits of conservation of the wildlife.