The right of possession means that someone currently holds something in hand and this person may be the temporary keeper or the long-term owner of an object.

This term is most commonly used in regards to property

Property

Property is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation...

 and is a land-backed asset. This legal tradition holds that whoever occupies property and uses it for its social function has the right to possess it.

Examples

• A business buys a vehicle and obtains financing. The company purchasing the vehicle becomes the registered owner
  Registered owner
  The term registered owner is usually used in instances of title of a vehicle to refer to the person who has right of possession of the vehicle, as opposed to the party that has right of property...
  
   and has both possession and right of possession. The financial organization providing financing would become the lienholder and would have right of property. If the business that bought the vehicle then rented it to someone, that individual would then have possession but would not have right of possession. The company renting the vehicle to them could repossess
  Repossession
  Repossession is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction. Repossession is a "self-help" type of action in which the party having right of ownership of the property in question takes the property...
  
  the vehicle, for example if they hold the vehicle past the contract period. Also, if the rental company missed payments to the lienholder, the lienholder could repossess the vehicle from the person having possession as well.
• I purchase a pen at a store. I have all three attributes (possession, right of possession and right of property). If I loan the pen to someone, they have only possession. If they fail to give it back they conceivably could have all three, if I was unable to find them, since it is unlikely it would be possible for me to prove that an inexpensive item such as a pen was borrowed and not returned.