For example, the concrete blockhouse where my neighborhood's DSL modems live sites on land owned by an entity that hasn't existed for a decade. This is according to the county auditor, who is the highest non-judicial authority when it comes to real estate ownership. When CenturyLink bought the old telco they never bothered to update the deed.
That doesn't mean I can go squat on that land.
It just means the records weren't updated when the acquisition happened.