This is the original meaning of the word and was made popular by whites during the period of slavery in the Southern US.
The term is still used today by skinheads and the KKK.
2. To gain possession of an item, either rightfully or by stealing it.
1. KKK leader: Alright boys, let's go lynch some niggers!
2. Alex: Hey Bob, lynch me one of them cookies!
Lynch is a cowardly and disrespectful action, as the victim has no option of defending himself against the attackers, because they highly outnumber him.
A long-lasting enmity between two gangs led to a lynch yesterday, when eight gang members lynched two members of another gang, beating them with baseball bats, killing one and causing the other serious injuries.