What does "Title Held" imply?

"Title Held" refers to a situation where the title for a vehicle is issued but is not physically present or available for use by the current owner. This can occur in several scenarios, such as when a lienholder is holding the title until the loan on the vehicle is paid off, or when the title is lost.

Moreover, the term can also encompass a situation where there is a record indicating that ownership has been transferred from one party to another but without the issuance of a new title. This situation may arise if the title remains with a financial institution while ownership is reported as having changed hands.

As such, both conditions described in the choices accurately capture the essence of what "Title Held" implies. The incorporation of both scenarios explains why the correct response identifies it as encompassing both aspects, thus justifying the selection.