Peter,
I don't know what NY law is. I don't know if KY has something like what you've posted, or not. Statutes of limitations limit the commencement of civil actions. And what you have there says that the 3 year clock starts running when the possessor refuses the owner's request for return of the stolen item. Not when the owner knows it is stolen, or knows who has it, but only after the return has been requested and denied.
Did the NYPL know who bought the stuff, or just that it had been sold at auction? Did NYPL ever ask for it back?? Only if NYPL asked the current possessor and return was refused, then would the 3 years start to run. And if they've not yet asked for it back, then they still could seek replevin.
So how's a fellow to feel good about an item in his collection if he knows it was stolen? Even if the fellow bought the item with good faith, and at a fair value?? And would he feel the same way if the item was stolen from him and then ended up in someone else's collection after some good faith purchases???
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