This section is from the book "American Commercial Law Series ", by Alfred W. Bays. Also available from Amazon: American commercial law series.
The word "property" is used in two senses: to indicate the right and interest which a person has in anything which the law makes the subject of ownership, and second, to indicate the thing in which this right and interest is held.
The word "property" as frequently used, indicates the right of dominion which one person may have over anything which the law makes the subject of ownership and it is this significance we have in mind when we say that the property in an automobile is in A. B. But the term is used also to indicate the thing itself which is the subject of such right of dominion.
The word "title" is used synonymously with "property" to indicate ownership, as when we say the title is in A. "Possession" is a term indicating that one actually has a thing. He may have no right to have possession yet still have it, and he may have a right to possession, but not possession itself; and he may have a right to possession though another is the owner, as where he is contractual bailee.