No it isn't, under English law the rules vary depending on the type of property. The *only* property to which this applies is Trade Marks where using a trademark unchallenged, particularly an unregistered one, gives ownership. Copyrights can only be transferred by written assignment by the originator. Physical property is generally a case of possession unless the current or a previous possessor did not come by it lawfully. Real property (some interests in land) can be lost if someone else occupies it without a contract for more than twelve years.
Bear in mind that, although the US legal system is mostly based on the English one, intellectual property law has only developed since the US revolution so it has evolved differently. That's before you take into account variations in law between different US states.
-- Donald Oddy http://www.grove.demon.co.uk/
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