A precious possession one is not bound to have (7)
I believe the answer is:
freedom
'a precious possession' is the definition.
The answer and definition can be both states of affairs as well as being singular nouns.
Maybe there's a link between them I don't understand?
'one is not bound to have' is the wordplay.
'one is not bound' becomes 'free' ('free' is the opposite to 'bound').
'to have' becomes 'dom' (I can't explain this - if you can you should believe this answer much more).
'free'+'dom'='FREEDOM'
Can you help me to learn more?
(Other definitions for freedom that I've seen before include "Release" , "novel" , "Autonomy" , "Independence" , "Liberty, civil liberty" .)