Elves were very rarely greedy. Of course, the Silmarils brought out the worst in them, but other than that it was quite uncommon for them to begrudge anyone anything. I think, while this doesn't answer the question, it is significant. I highly doubt there would ever be any difficulty over the rightful owner of material possessions.
As for Glamdring, considering the previously pointed fact that Elrond had no need of it, I think it very probable that, had he even considered who its rightful owner was, he wouldn't have requested it from Gandalf. Gandalf was, after all, the emissary of the Valar and the bearer of Narya.
[ October 24, 2001: Message edited by: obloquy ]
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