Own, v. t.
Etymology: [OE. unnen to grant, permit, be pleased with, AS. unnan to grant; akin to OS. giunnan, G. gönnen, Icel. unna; of uncertain origin. This word has been confused with own to possess.]
To grant; to acknowledge; to admit to be true; to confess; to recognize in a particular character; as, we own that we have forfeited your love. The wakeful bloodhound rose, and shook his hide owns. Keats.
2 other Webster entries under this spelling
Own, a.
Belonging to; belonging exclusively or especially to; peculiar; -- most frequently following a possessive pronoun, as my, our, thy, your, his, her, its, their, in order to emphasize or intensify the idea of property, peculiar interest, or exclusive ownership; as, my own father; my own composition; my own idea; at my own price. "No man was his own [i. e., no man was master of himself, or in possession of his senses]." Shak. To hold one's own, to keep or maintain one's possessions; to yield nothing; esp., to suffer no loss or disadvantage in a contest. Shak.
Own, v. t. [imp. & p. p. Owned; p. pr. & vb. n. Owning.]
To hold as property; to have a legal or rightful title to; to be the proprietor or possessor of; to possess; as, to own a house.
Shades of meaning
Fernald has no entry of its own for own; he lists it under avow, confess, have.
Where he writes about it:
Own applies to all things, good or bad, great or small, which one takes as his own. — from avow
We accept another's statement; admit any point made against us; acknowledge what we have said or done, good or bad; avow our individual beliefs or feelings; certify to facts within our knowledge; confess our own faults; endorse a friend's note or statement; grant a request; own our faults or obligations; recognize lawful authority; concede a claim. — from confess
The chief present use of the word, however, is in the sense of making known to others one's own wrong-doing; in this sense confess is stronger than acknowledge or admit, and more specific than own; a person admits a mistake; acknowledges a fault; confesses sin or crime. — from confess
To own is to have the right of property in; to possess is to have that right in actual exercise; to occupy is to have possession and use, with some degree of permanency, with or without ownership. — from have
A man occupies his own house or a room in a hotel; a man may own a farm of which he is not in possession because a tenant occupies it and is determined to hold it; the proprietor owns the property, but the tenant is in possession. — from have