When any loan of goods or chattels is pretended to have been made to any person with whom, or those claiming under him, possession shall have remained five years without demand made and pursued by due process of law on the part of the pretended lender, or when any reservation or limitation is pretended to have been made of a use or property by way of condition, reversion, remainder or otherwise in goods or chattels the possession whereof shall have so remained in another as aforesaid, the absolute property shall be taken to be with the possession and such loan, reservation or limitation void as to creditors of, and purchasers from, the person so remaining in possession, unless such loan, reservation or limitation be declared by will which, or a copy of which, or by deed or other writing which, is duly admitted to record within such period of five years in the county or corporation in which the goods or chattels may be.
Code 1919, § 5188.
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