Oregon Statutes 726.370 – Multiple claimants of pledge; interpleader
(1) If more than one person claims the right to redeem a pledge, the pawnbroker is not liable for refusing to deliver the pledge until the respective rights of the claimants have been adjudicated unless the pawnbroker fails to verify whether the pledge is subject to a lien or other encumbrance, if the pledge is:
Terms Used In Oregon Statutes 726.370
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
(a) A boat, as defined in ORS § 830.005;
(b) A snowmobile, as defined in ORS § 801.490;
(c) A trailer, as described in ORS § 726.010 (2)(a)(D); or
(d) An all-terrain vehicle that is not required to be registered with the Department of Transportation.
(2) In an action brought against the pawnbroker for recovery of the pledge, the pawnbroker may as a defense require all known claimants to interplead.
(3) If either claimant does not bring an action against the pawnbroker within 30 days after notice of an adverse claim, the pawnbroker may dispose of the pledge as provided in this chapter. [Amended by 2013 c.261 § 3]