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I think that depends. Let's say I decide to sell my badge to Some Collector Guy but don't tell him how I got it. Then, legally, it *might* be his. But what if he buys it knowing full well about the contract I've signed? (Like let's say I sold my badge to you.) Does that change things? I don't know the answer, because I am not a lawyer. Basically, I am selling property that is not my own to someone who knows I don't own it.
It would be kind if an airline pilot agreed to sell his airline's 737 he is flying that day to someone. While the aircraft may be in the pilot's possession for a time, he does not own it and does not have the right to sell it. The airline finds out (duh, a plane is hard to miss) and takes them all to court to get the plane back. The buyer can't complain, "But I didn't know it wasn't his to sell." He's still required to give it back.
I don't know if this analogy holds, but that's the way I think of it.
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