Loss of or injury to pledge
- • lien on pledge
(1) A pawnbroker is liable for the loss of a pledge or a part of a pledge or for an injury to a pledge that results from failure to exercise reasonable care. Reasonable care includes maintaining sufficient insurance coverage against possible loss as a result of fire, theft and burglary so as to protect the interest of the pledgor for the amount of the loan.
(2) A pawnbroker shall hold a pledge in a gated, secured facility that is designed, constructed, furnished and maintained to present physical deterrents to a person’s ability to enter into the facility without authorization and remove the pledge, if the pledge is:
(a) A boat, as defined in ORS 830.005 (Definitions for chapter);
(b) A snowmobile, as defined in ORS 801.490 (“Snowmobile”);
(c) A trailer, as described in ORS 726.010 (Definitions) (2)(a)(D); or
(d) An all-terrain vehicle that is not required to be registered with the Department of Transportation.
(3) The pawnbroker has the burden of proof to establish due care if a pledge is lost.
(4) The pawnbroker has a first lien on any pledge for the amount of the pledge loan and interest in all cases except where goods are stolen or where a prior lien exists by virtue of any provision of law. [Amended by 1979 c.202 §5; 2013 c.261 §4]
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.