Stealing a 'Cheat!' Item

[bearott]

I understand how the card works, but we had a discussion about the wording and couldn't come to an agreement. The second half of the card reads "...Discard this card when you lose (sell, etc.) the attached item." What I want to know is when you steal the item from the original cheater does that count as losing it, forcing me to discard the Cheat! card in transition. This would make theft of the item less useful in many cases as the Cheat! would no longer apply to any class, race, or gender being able to use it.