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.
Structure Code of Alabama
Chapter 4 - Conveyances and Creation of Estates.
Article 3 - Recordation and Registration in General.
Division 2 - Recordation Necessary as to Purchasers, Mortgagees, and Judgment Creditors.
Section 35-4-90 - Conveyances of Real Property Generally.
Section 35-4-91 - Instruments Creating Estates in Remainder, Etc.
Section 35-4-92 - Transfers of Standing Timber, Trees, and Cutting Rights.
Section 35-4-93 - Marriage Settlements.
Section 35-4-95 - Effect of Loans of Personal Property Not in Writing.
Section 35-4-96 - Conveyances of Personalty to Minors.
Section 35-4-97 - Effect of Parol Gifts of Personal Property.
Section 35-4-98 - When Conditional Sales Contract Received in Evidence.