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Originally Posted by just another ref
Time-out occurs when it is granted, not when it is requested.
As written, it does require the granting before the ball becomes dead.
It could easily read, "...such request being granted only when the request is made while the ball is in control or at the disposal of a player of his/her team."
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I think that you might be confusing the granting of the TO with my subsequent whistle, hand signal, and announcement. The granting is a mental event that can take place virtually instantaneously with the request. Whistling etc. takes a bit longer.
Same with the issue of a TO just before the opponent steals the ball. FWIW I agree with Rich.