Alabama Code 35-4-95. Effect of loans of personal property not in writing
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Terms Used In Alabama Code 35-4-95
- person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
- property: includes both real and personal property. See Alabama Code 1-1-1
- writing: includes typewriting and printing on paper. See Alabama Code 1-1-1
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.