Abstract: A lock assembly has a lock body and a shackle. The shackle has a leg. A locking element is disposed in the lock body. The locking element is selectively engageable to the shackle. A cam is disposed in the lock body. The cam has a lock position for moving the locking element to engage the shackle. There is also an unlocked position for moving the locking element to disengage the shackle. The cam has a shackle removal position for removing the shackle from the lock body. The leg has a shackle removal recess sized to receive the locking element sufficiently so as to permit movement of the cam to the shackle removal position. The cam is configured to displace the locking element into the shackle removal recess.