jpjeffery
Assistant Pro
What about it ?
Rule 27 seems pretty clear: "You are allowed 5 minutes to search for a ball. If it is not found within 5 minutes it is lost." and "If your ball is lost...you must play another ball from the spot where the last shot was played, under penalty of one stroke, i.e. stroke and distance."
As I read it, the ball is deemed lost under the rules after the five minutes is up. If it's subsequently found then it's still treated as lost and should not be then hit from the spot where it was found.