The Collaborative International Dictionary of English v.0.48:

Possess \Pos*sess"\ (?; 277), v. t. [imp. & p. p. Possessed;
   p. pr. & vb. n. Possessing.] [L. possessus, p. p. of
   possidere to have, possess, from an inseparable prep. (cf.
   Position) + sedere to sit. See Sit.]
   1. To occupy in person; to hold or actually have in one's own
      keeping; to have and to hold.
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            Houses and fields and vineyards shall be possessed
            again in this land.                   --Jer. xxxii.
                                                  15.
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            Yet beauty, though injurious, hath strange power,
            After offense returning, to regain
            Love once possessed.                  --Milton.
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   2. To have the legal title to; to have a just right to; to be
      master of; to own; to have; as, to possess property, an
      estate, a book.
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            I am yours, and all that I possess.   --Shak.
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   3. To obtain occupation or possession of; to accomplish; to
      gain; to seize.
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            How . . . to possess the purpose they desired.
                                                  --Spenser.
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   4. To enter into and influence; to control the will of; to
      fill; to affect; -- said especially of evil spirits,
      passions, etc. "Weakness possesseth me." --Shak.
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            Those which were possessed with devils. --Matt. iv.
                                                  24.
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            For ten inspired, ten thousand are possessed.
                                                  --Roscommon.
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   5. To put in possession; to make the owner or holder of
      property, power, knowledge, etc.; to acquaint; to inform;
      -- followed by of or with before the thing possessed, and
      now commonly used reflexively.
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            I have possessed your grace of what I purpose.
                                                  --Shak.
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            Record a gift . . . of all he dies possessed
            Unto his son.                         --Shak.
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            We possessed our selves of the kingdom of Naples.
                                                  --Addison.
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            To possess our minds with an habitual good
            intention.                            --Addison.
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   Syn: To have; hold; occupy; control; own.

   Usage: Possess, Have. Have is the more general word. To
          possess denotes to have as a property. It usually
          implies more permanence or definiteness of control or
          ownership than is involved in having. A man does not
          possess his wife and children: they are (so to speak)
          part of himself. For the same reason, we have the
          faculties of reason, understanding, will, sound
          judgment, etc.: they are exercises of the mind, not
          possessions.
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