Alabama § 35-4-95 Effect of Loans of Personal Property Not in Writing

Alabama Statutes

§ 35-4-95 — Effect of Loans of Personal Property Not in Writing

Alabama·Title 35 Property·Ch. 4 Conveyances and Creation of Estates·Art. 3 Recordation and Registration in General·Div. 2 Recordation Necessary as to Purchasers, Mortgagees, and Judgment Creditors

All loans of personal property, not in writing, vest an absolute estate in the person in possession under such loan, as to purchasers and creditors of such person, after three years from the commencement of such loan, unless within that time the lender commences a civil action, in good faith, for the recovery of the property.

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Legislative History

(Code 1852, §1295; Code 1867, §1565; Code 1876, §2174; Code 1886, §1818; Code 1896, §1013; Code 1907, §3390; Code 1923, §6894; Code 1940, T. 47, §127.)