Frank assuming what I found on the internet is NY law, I agree with your interpretation -- the statute wouldn't start running until a demand was made. Other states might have more restrictive rules, NY probably has special reason to be more pro-owner on this issue.
My only point was that there could be circumstances -- as Corey suggested --that a true owner cannot recover stolen property from a bona fide purchaser, even though that purchaser technically may not have "title."
As for the ethics of the situation I find that a tough call. Both the true owner and the BFP have sound claims and it seems unfair to penalize the BFP because he unwittingly bought from a thief, or more likely, from someone else who did. At the same time of course why should the owner suffer? I think there is no good answer -- as my torts teacher said, it is a situation calling for an arbitrary rule.
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