Nope. Not on the facts you provided. Forget him and his request and move on!
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Unless it was specifically an engagement ring, given in contemplation of marriage, then you do not have to give it back to him or pay for it. If it was an engagement ring, then he can go to court and force you to return it or pay for it.
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I don't remember if there is an Oregon case on point but there are reported cases in several jurisdictions that state that an engagement ring is given in contemplation of marriage and if the engagement is broken the person that gave the ring is entitled to get it back. However if your boyfriend said that you could keep it - then he may have gifted it to you. That said - it is still going to be a fact question as to whether he truly gave it to you or if he was just angry and said something that you should have known wasn't meant to gift you the ring. You may want to try to get him to admit this in something written. So write him - either a letter or an e-mail. Say something like: "I am surprised that after telling me I could keep the ring three years ago you now are contacting me and asking to get this ring back. I need you to explain to me in writing why you think I should give you this ring back if you want me to consider your request." Hopefully he will admit that he gave it to you and then try to justify his change of mine. I suspect what is at the bottom of all this is he just realized that the price of gold is high and the ring now has more value. You can also wait and see if he does anything to try and get the ring back. Sometimes people will blow smoke but never act on it. If he takes any legal action you should see a lawyer as there may be more facts to this case they what you have explained and you will need to make sure you are taking the correct course of action. I am assuming you still have the ring and it is still in it's original configuration. http://www.portlandlegalservices.com
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The established law in oregon is that a ring in contemplation of marriage is not a gift and the recipient can be forced to return it or pay the value to the giver. However..a ring that is simply a gift is not a contract and the recipient does not have to return it or pay it back. I was arbitrator for a case directly on point..Ask a similar question