Possession arranged with person losing little time (9)
I believe the answer is:
ownership
'possession' is the definition.
(ownership is a kind of possession)
'arranged with person losing little time' is the wordplay.
'arranged' indicates anagramming the letters.
'losing' suggests deleting specific letters.
'little time' becomes 't' (abbreviation for time).
'with'+'person'='withperson'
'withperson' with 't' taken away is 'wihperson'.
'wihperson' with letters rearranged gives 'OWNERSHIP'.
(Other definitions for ownership that I've seen before include "Proprietorship, possession" , "The right of possessing something" , "Proprietary right of possession" , "Legal title" .)