It depends on several things. First off, I suspect highly that the transfer itself was not authorized, and that would certainly not authorize anything it would be applied to.
If it was authorized by the TM/copyright holder, then you very well may be able to use it in derivative products. Note that some of these things come with a license restricting the use of it (which may or may not be enforceable). In addition the TM holder could pursue against you if they assert that there would be a confusion that you are them (or affiliated with them). This is something that comes up in the craft industry where people make things out of bulk fabric printed with sports team logos for instance.
In addition, some of the trademark holders will abuse the DMCA to file complaints to take down any online sites you have to advertise wares they consider infringing.