Lock assembly with removable shackle

1. A lock assembly comprising:

a lock body;

a shackle having a first leg;

a first locking element disposed in said lock body, said first locking element selectively engageable to said shackle;

a cam disposed in said lock body, said cam having a locked position for moving said first locking element to engage said shackle, an unlocked position for moving said first locking element to a first recess of said cam to disengage said shackle, a locking element displacement position to displace said first locking element into a shackle removal recess of said first leg, and a shackle removal position for moving said first locking element into a second, deeper recess of said cam for selectively removing said shackle from said lock body; and

wherein said cam includes a third recess and a fourth recess, and said first recess, said second, deeper recess, said third recess and said fourth recess are each circumferentially disposed about an outer peripheral surface of said cam, and said first recess, said second, deeper recess, said third recess and said fourth recess are each selectively engageable to at least one of said first locking element and a second locking element disposed in said lock body.

2. The lock assembly of claim 1 wherein said shackle removal recess is sized to receive said first locking element sufficiently so as to permit movement of said cam to said shackle removal position.

3. The lock assembly of claim 1 wherein said cam is configured to displace said first locking element into said shackle removal recess.

4. The lock assembly of claim 1 wherein said shackle has a first position permitting said locking element to engage said shackle when said cam is in said locked position and a second position permitting access to said shackle removal recess.

5. The lock assembly of claim 4 wherein said shackle is rotatable, said first position rotatably displaced from said second position.

6. The lock assembly of claim 1 wherein said cam is rotatable into said locked position, said unlocked position, and said shackle removal position.

7. The lock assembly of claim 1 wherein said cam is configured so that from said locked position, said cam must move to said unlocked position, then to said locking element displacement position prior to movement to said shackle removal position.

8. The lock assembly of claim 1 wherein said shackle includes a second leg and a second locking element, said second locking element engageable to said second leg when said cam is in said locked position and disengaged from said second leg when said cam is in said unlocked position.

9. The lock assembly of claim 1 wherein said shackle includes a cable.

10. The lock assembly of claim 1 wherein said shackle has a weakened area to permit said shackle to be broken in said weakened area more easily than a remainder of said shackle.

11. The lock assembly as recited in claim 1 , wherein said third recess and said fourth recess are circumferentially disposed about said outer peripheral surface between said first recess and said second, deeper recess.

12. The lock assembly as recited in claim 1 , wherein said third recess is positioned directly adjacent to said second, deeper recess and said fourth recess is positioned directly adjacent said third recess, and said second, deeper recess transitions directly into said third recess and said third recess transitions directly into said fourth recess.