This chapter introduces the enquiry into the nature of the title acquired through possession. It analyses and contrasts three views of the nature of the possessor’s title and, in so doing, brings to light two important distinctions. First, there is a distinction between accounts of the law that maintain that the law actually confers on a possessor an interest of some kind in the chattel or the land, and accounts that assert that the possessor is to be presumed to have a certain interest. Secondly, there is a distinction between accounts that claim that the possessor acquires a mere right of possession in respect of the land or chattel, and accounts that assert that the possessor acquires an alienable proprietary interest. The chapter argues that, while some commentators have regarded these distinctions as muddled or illusory, they are, in fact, real and important.