What is the difference between possession and control of, Operation Management

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What is the difference between possession and control of

1. Explain what a choses in action is and a choses in possession. Give examples of each.

2. What is the difference between possession and control of property?

3. Why is this distinction important when property is used as a security for a loan ?

4. What practical issues exist in using property as a security for a loan?

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