ORS 72A.5060¹
Statute of limitations

(1) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within four years after the cause of action accrued. By the original lease contract the parties may reduce the period of limitation to not less than two years.

(2) A cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by the aggrieved party, or when the default occurs, whichever is later. A cause of action for indemnity accrues when the act or omission on which the claim for indemnity is based is or should have been discovered by the indemnified party, whichever is later.

(3) If an action commenced within the time limited by subsection (1) of this section is so terminated as to leave available a remedy by another action for the same default or breach of warranty or indemnity, the other action may be commenced after the expiration of the time limited and within six months after the termination of the first action unless the termination resulted from voluntary discontinuance or from dismissal for failure or neglect to prosecute.

(4) This section does not alter the law on tolling of the statute of limitations nor does it apply to causes of action that have accrued before this chapter becomes effective. [1989 c.676 §53]

Notes of Decisions

Absent ex­plic­it contractual pro­vi­sion or special circumstance, where install­ment contract obligor does not show clear intent to repudiate contract, cause of ac­tion to collect contract balance does not automatically accrue upon nonpay­ment of single install­ment. Federal Recovery of Washington, Inc. v. Wingfield, 162 Or App 150, 986 P2d 67 (1999)

1 Legislative Counsel Committee, CHAPTER 72A—Leases, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors72A.­pdf (2007) (last ac­cessed Feb. 12, 2009).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 72A, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­072aano.­htm (2007) (last ac­cessed Feb. 12, 2009).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information