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Oregon Revised Statutes

Or. Rev. Stat. § 726.400 (2026)

Loan period; renewal; forfeiture of pledge; notice; period for redeeming pledge

✓ current as of May 2026
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      726.400 Loan period; renewal; forfeiture of pledge; notice; period for redeeming pledge. (1) Unless a pledgor and a pawnbroker agree to a longer loan period and the longer loan period is written on the pawn ticket, a pledge loan must be made for a period of 60 days. A pledge may be redeemed and the pledge loan repaid at any time before the loan period expires. A pawn ticket must clearly state the expiration date of the loan.

      (2) A pledgor and a pawnbroker may agree to renew a pledge loan for successive periods of 60 days or longer. A loan is a renewal of the original loan if the pledgor pays only the interest and the fees on the loan or pays a portion of the principal, the interest and the fees on the loan and accepts another pledge loan from the pawnbroker on the same pledge on the same day.

      (3) Except for a pledge that secures a pledge loan of $500 or less, the pawnbroker may not deem a pledge to be forfeited until:

      (a) The pawnbroker notifies the pledgor that the pledge is at risk of forfeiture after the period described in subsection (1) of this section expires; and

      (b) The pledgor has had an opportunity to redeem the pledge as provided in this section.

      (4)(a) Except as provided in paragraph (b) of this subsection, the notice described in subsection (3) of this section must be in writing and delivered postpaid in a securely closed envelope addressed to the pledgor at the last-known address shown on the pawnbroker’s record by regular mail.

      (b) At the time the pawnbroker makes or renews the loan, the pledgor may agree in writing to receive the notice described in subsection (3) of this section by electronic mail or other electronic means instead of by regular mail.

      (5)(a) Delivery of a notice under this section occurs when the notice is mailed or sent electronically as provided in this section. The pawnbroker shall bear any postal costs for the notice.

      (b) As evidence of delivery of the notice described in paragraph (a) of this subsection, the pawnbroker shall keep for at least two years:

      (A) A copy of, and the returned envelope for, each notice the pawnbroker sends by regular mail; and

      (B) An electronic record of each notice the pawnbroker sends by electronic mail or other electronic means.

      (6) A pledgor has a grace period of 30 days after the pledge loan period expires or 30 days after the delivery date specified in subsection (5) of this section of the notice required under this section, whichever date is later, in which to redeem the pledge or to renew the loan by paying any renewal fee and all the accrued interest and fees to date. There is no grace period after a renewal expires.

      (7) A pledge is forfeited if the pledge is not redeemed within the renewal period, if any, or within 30 days after the loan period expires or 30 days after the delivery date specified in subsection (5) of this section of a notice given under this section, whichever date is later. The pawnbroker acquires the pledgor’s title and interest in the forfeited pledge and the right to hold and dispose of the pledge as the pawnbroker’s own property. [Amended by 1973 c.449 §6; 1979 c.202 §7; 1981 c.192 §45; 1985 c.795 §2; 1997 c.842 §5; 2009 c.372 §5; 2010 c.14 §1; 2014 c.54 §2; 2017 c.56 §1]

Notes of Decisions
Cited in 5 cases, 1997–2018 · leading case: Hull v. Klamath Cnty. (In re Hull), 591 B.R. 25 (Bankr. D. Or. 2018).
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Hull v. Klamath Cnty. (In re Hull), 591 B.R. 25 (Bankr. D. Or. 2018). · cites it 2× “ORS 726.400(1). The property is forfeited if not redeemed within the required period, and the pawnbroker acquires the original owner's title and interest in the property along with the right to hold and dispose of it.”
Carter v. H & B Jewelry & Loan (In Re Carter), 209 B.R. 732 (Bankr. D. Or. 1997). · cites it 3× “Pursuant to ORS 726.400, defendant sent a 30-day notice of forfeiture on August 16,1996.”
Schnitzel, Inc. v. Sorensen (In Re Sorensen), 586 B.R. 327 (9th Cir. BAP 2018). “[that] the pledged property shall be forfeited to the licensee"); Or. Rev. Stat. § 726.400 (3) ("the pawnbroker may not deem a pledge to be forfeited until: (a) The pawnbroker notifies the pledgor that the pledge is at risk of forfeiture .”
Hughes v. Ephrem, 371 P.3d 501 (Or. Ct. App. 2016). “Watson, Assessor, 184 Or 508, 515 , 200 P2d 383 (1946) (stating that when property is pawned, but not yet forfeited, there is a “temporary interruption of the custody” of the property, but not an interruption in actual ownership); ORS 726.400(7) (stating that, after forfeiture,…”
Carter v. H & B Jewelry & Loan Co. (In Re Carter), 212 B.R. 972 (Bankr. D. Or. 1997). “Therefore, pursuant to ORS 726.400, debtor’s interest in the rings was forfeited.”
— Or. Rev. Stat. § 726.400(1) — 1 case
Hull v. Klamath Cnty. (In re Hull), 591 B.R. 25 (Bankr. D. Or. 2018). “ORS 726.400(1). The property is forfeited if not redeemed within the required period, and the pawnbroker acquires the original owner's title and interest in the property along with the right to hold and dispose of it.”
— Or. Rev. Stat. § 726.400(2) — 1 case
Carter v. H & B Jewelry & Loan (In Re Carter), 209 B.R. 732 (Bankr. D. Or. 1997). “Pursuant to ORS 726.400, defendant sent a 30-day notice of forfeiture on August 16,1996.”
— Or. Rev. Stat. § 726.400(3) — 1 case
Carter v. H & B Jewelry & Loan (In Re Carter), 209 B.R. 732 (Bankr. D. Or. 1997). “Pursuant to ORS 726.400, defendant sent a 30-day notice of forfeiture on August 16,1996.”
— Or. Rev. Stat. § 726.400(7) — 2 cases
Hull v. Klamath Cnty. (In re Hull), 591 B.R. 25 (Bankr. D. Or. 2018). “ORS 726.400(1). The property is forfeited if not redeemed within the required period, and the pawnbroker acquires the original owner's title and interest in the property along with the right to hold and dispose of it.”
Hughes v. Ephrem, 371 P.3d 501 (Or. Ct. App. 2016). “Watson, Assessor, 184 Or 508, 515 , 200 P2d 383 (1946) (stating that when property is pawned, but not yet forfeited, there is a “temporary interruption of the custody” of the property, but not an interruption in actual ownership); ORS 726.400(7) (stating that, after forfeiture,…”
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