Own(redirected from owned up)
Also found in: Dictionary, Thesaurus, Legal.
To have the exclusive right to use and abuse property within the limits of the law. For example, if one owns land, the owner may use it to build a house, start a farm or dump toxic waste, subject to zoning, environmental and other applicable laws. The ability of an individual to own something is the foundation of the free market system.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved