Okla. Stat. tit. 12A, § 12A-3-207: Reacquisition

REACQUISITION

Reacquisition of an instrument occurs if it is transferred to a

former holder, by negotiation or otherwise. A former holder who

reacquires the instrument may cancel indorsements made after the

reacquirer first became a holder of the instrument. If the

cancellation causes the instrument to be payable to the reacquirer

or to bearer, the reacquirer may negotiate the instrument. An

indorser whose indorsement is canceled is discharged, and the

discharge is effective against any subsequent holder.