Daily limit is just that, possesion limit is what ever the law allows yopu to have in your possesion. This can get hairy. In minnesota many fishermen have been fined for having fish over the poss. limit.there was a case where a guy I know was fined heavily for having fish in his freezer, coho salmon, hewas turned in by a sore head who couildn't fish as well as this could. Some northern resort owners will not freeze your fish for you if you have more than 2 days limit. you also need to leave a skin tab on your fillets for identification, they are very touchy about this also. I think minnesota has more game wardens than fishermen sometimes.