Possession?

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SECTION 34 POSSESSION
ART. 1 . . . A ball in player possession is a live ball held or controlled by a player
after it has been handed or snapped to him, or after he has caught or recovered it.

SECTION 4 CATCH
ART. 1 . . . A catch is the act of establishing player possession of a live ball
which is in flight, and first contacting the ground inbounds or being contacted by
an opponent in such a way that he is prevented from returning to the ground
inbounds while maintaining possession of the ball.

The answer to your bottom line is, "Yes, if you judge it so." Player possession = control. Catch = player possession in bounds.