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1 : a person that holds: as
a : owner [the of a patent] often used in combination [a stockholder]
b : one that holds or occupies the property of another by agreement and esp. under a lease
2 a : a person who under the Uniform Commercial Code is in possession of a negotiable instrument that names and is made payable to the possessor or that is payable to bearer
b : a person under the U.C.C. in possession of goods named in a document of title if the goods are deliverable to bearer or to the order of the possessor
3 in the civil law of Louisiana
: an individual (as a trustee or debtor) or legal or commercial entity that under the Civil Code's provisions for disposition of unclaimed property is in possession of property belonging to another
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.