most states if the registered owner misplaces the title it's just a small fee for a replacement in their name, transfer fees etc applied when transfered.
if it's lost from a series of sales where the bike/car was never transfered to any of the owners, it normally needs a bill of sale, inspection and whatever else the state wants. DMV will normally provide you with all the info you need in regards to lights etc.
I buy a lot of untitled cars and bikes and have never had an issue with it.
ken.