You can assume whatever you want but the cops may not be very impressed.
There are a lot of polite fictions in law, and this is one of them. If you had no reasonable way of knowing that a license was invalid (or property was stolen), the judge is probably going to be sympathetic, but the property will still get returned to its proper owner.
If you DID have a reasonable way to know that the status of the property was suspect (as in this case), they are likely to take a dim view of the situation.