Council of Elrond

Playable on the bearer of The One Ring. During each of his organization phases, one character (other than the bearer) in bearer's company is discarded (of bearer's player's choice) along with all card splayed with him. During his organization phase, the target character may tap to attempt to remove this card by making a roll (drawing a #)-if the result is greater than 8, discard this card. Cannot be duplicated on a given character.

What happens if target of The Ring Will Have But One Master will give The One Ring to the other character and new bearer will be in other company? Or if The One Ring will be discarded and then played by opponent character? Action from The Ring Will Have But One Master will be still activated during each bearer's organization phase?

That's a muddle. As the card currently reads, I'd have to say yes, it triggers no matter who's currently bearing the Ring.

If there is no One Ring in the company, there is no bearer. The card stays but does not work.

jaded wrote:If there is no One Ring in the company, there is no bearer. The card stays but does not work.

Such points of view are reason for which I have decided to be muddling about this The Ring Will Have But One Master issue.
I agree with Bandobras Took. Text of card refer to the bearer of The One Ring and to the one character (other than the bearer) in bearer's company. No to the bearer of The One Ring in target's comany and to the one character (other than the bearer) in that company .

Oh now I get it. What about this?

LURE OF CREATION
[CP: 2]
Corruption. A revealed Wizard receives 2 corruption points and makes a corruption check at the end of any movement/hazard
phase in a turn during which his company moved to a Haven [ ]. Cannot be duplicated on a given Wizard. During his
organization phase, a Wizard with this card may tap to attempt to remove it. Make a roll (or draw a #): if this result is greater
than 6, discard this card.

What about? Nothing. Are you suggesting that this card may be played on non-wizard? Or that it is affecting any revealed Wizard?

a “corruption card” is a hazard card that gives a character corruption points. A corruption card’s text includes the keyword “Corruption.” in italics.

The keyword "corruption" indicates that the card is to be played on a specific character. In this case, a wizard.

I'd say that if card affects non-unique entity then it applies to the target, otherwise any sage would use effect of When You Now More for example. Bearer of unique item is unique entity so if card's text is not restricted to the target bearer it applies to the bearer regardless he is target of card or not.

Per analogy to cards played on site and cards not played on site. First makes referrence to "the site", second makes referrence to site by name or unique ability (The Shire, Minas Tirith, Wizardhaven where Sapling of White Tree is stored etc.).

Konrad Klar wrote:[...]Or that it is affecting any revealed Wizard?

Reading it in your way - yes.

To me it's obvious - when the bearer is not the bearer anymore this card, that targets former bearer, just don't work.

Yes. When target is not bearer of The One Ring anymore, that targets former bearer.
Site where Dragon At Home was defeated is never target of King under The Mountain, but this site is affected by King under The Mountain. The Ring Will Have But One Master does not affect target bearer.
Some cards have phrase "Place this card on X if he is in play. If on X then...", else card has no effect. It is not the case of The Ring Will Have But One Master.

What?

That.

The Ring Will Have But One Master is probably inimitable type of card, that may be played on unambiguously specified entity and refer to this entity not using word "target". At the same time status of that unambiguously specified entity is not constantly associated with target.
So there is no other card, that could be used for comparison purposes. Most similar examples are cards affecting a site, but not played on the site.