What can be told to us about when a bard Loresings to a lost player weapon/item in places like the otf?

1.Does the item have to be Disarmed/Cursed/looted from the body?
2.Does the owner of the item have to be in the lands?
3.How many days does the item remember it was lost?
4.Can we see if an item is registered?
5.Anything I have missed that you can shed light on.

GBB