Oregon Statutes 726.310 – Person entitled to redeem pledge; return of pledge stored off premises
(1) Except as otherwise provided in this chapter, a person that holds a memorandum or pawn ticket is the person entitled to redeem the pledge associated with the memorandum or pawn ticket. A pawnbroker shall deliver the pledge to the person presenting such memorandum or pawn ticket upon payment of principal and interest due on the pledge loan.
Terms Used In Oregon Statutes 726.310
- Pawnbroker: means a person, copartnership, association or corporation that:
(a) Lends money at a rate of interest greater than 10 percent per annum on the deposit or pledge of personal property;
(b) Purchases personal property on the direct or implied condition of selling the personal property back at a stipulated price that would amount to paying interest or consideration in excess of 10 percent per annum; or
(c) Does business as a storage warehouse operator and lends money at a rate of interest greater than 10 percent per annum upon goods, wares, merchandise or personal property pledged or deposited as collateral security. See Oregon Statutes 726.010
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Pledge: means personal property deposited with a pawnbroker in the course of the business of the pawnbroker. See Oregon Statutes 726.010
- Pledge loan: means a loan that a pawnbroker makes to a pledgor and that is secured by a pledge. See Oregon Statutes 726.010
(2) If a pawnbroker holds a pledge at a location that is off the premises of the business location at which the pawnbroker made the pledge loan or at which a person redeems the pledge, the pawnbroker shall return the pledge within two business days after the date on which the person redeems the pledge. [Amended by 2019 c.10 § 2]