Occupancy for the period prescribed by any law of this state as sufficient to bar an action for the recovery of property, confers a title thereto denominated a title by prescription, which is sufficient against all.

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Source: CivC 1877, § 582; CL 1887, § 3205; RCivC 1903, § 898; RC 1919, § 496; SDC 1939, § 51.1102.