The concept of ownership is rather flexible among you and your friends.
This is not a magical effect—you just conveniently happen to remember that you had borrowed that item earlier.
The item must be something that easily fits in a pocket or sleeve, such as a dagger, potion, wand, or scroll. When you or an ally draw an item (whether or not you do so using Shared Ownership) or otherwise definitively establish who is holding the item, you can’t use Shared Ownership to draw the item in this manner until you have had at least 1 hour to mingle with your companions.
Pathfinder Campaign Setting: Inner Sea Races © 2015, Paizo Inc.; Authors: Ross Byers, John Compton, Adam Daigle, Crystal Frasier, Matthew Goodall, Alex Greenshields, James Jacobs, Amanda Hamon Kunz, Ron Lundeen, Rob McCreary, Jessica Price, David N. Ross, Owen K.C. Stephens, James L. Sutter, Russ Taylor, and Jerome Virnich.