Brendon Ayanbedejo almost lost his ring already

[HoustonRaven]

While the statute of limitations on the theft (for purpose of prosecution) may run out, the stolen property remains the property of the individual who lost it. So at a certain point you could no longer be prosecuted for stealing it, but ownership of the property doesn't simply transfer to the person possessing it once the statute on the theft runs out, especially when the owner's identity is affixed to it.

Agreed.

Which I explained later in the thread.

There is no statute of limitations on recovering stolen property and technically while you couldn't be charged with theft after the statute ran out you could certainly still be charged with possession of stolen property.

Not agreed.

Just like any law, it depends on the state and they all have a statute of limitations on criminal charges (except for murder).