It's not an academic argument. Anything you own, you hold title to. And you do not necessarily have possession of everything you own, nor do you hold title to everything you possess (have control of).
This issue came up in the courts not long ago. The government confiscated the firearms of a convicted felon. The felon argued that even though he could not legally possess (have control of) firearms, he could legally own (hold title) to them, and give them to a FFL to sell for him. The court agreed, the guns were sold, and the felon received the money from the sale (transfer of title in exchange for valuable consideration).
Proving you hold title is completely separate issue.
