Okla. Stat. tit. 12A, § 12A-3-310: Effect of Instrument on Obligation for Which Taken

EFFECT OF INSTRUMENT ON OBLIGATION FOR WHICH TAKEN

(a) Unless otherwise agreed, if a certified check, cashier's

check, or teller's check is taken for an obligation, the obligation

is discharged to the same extent discharge would result if an amount

of money equal to the amount of the instrument were taken in payment

of the obligation. Discharge of the obligation does not affect any

liability that the obligor may have as an indorser of the

instrument.

(b) Unless otherwise agreed and except as provided in

subsection (a) of this section, if a note or an uncertified check is

taken for an obligation, the obligation is suspended to the same

extent the obligation would be discharged if an amount of money

equal to the amount of the instrument were taken, and the following

rules apply:

(1) In the case of an uncertified check, suspension of the

obligation continues until dishonor of the check or

until it is paid or certified. Payment or

certification of the check results in discharge of the

obligation to the extent of the amount of the check;

(2) In the case of a note, suspension of the obligation

continues until dishonor of the note or until it is

paid. Payment of the note results in discharge of the

obligation to the extent of the payment;

(3) Except as provided in paragraph (4) of this

subsection, if the check or note is dishonored and the

obligee of the obligation for which the instrument was

taken is the person entitled to enforce the

instrument, the obligee may enforce either the

instrument or the obligation. In the case of an

instrument of a third person which is negotiated to

the obligee by the obligor, discharge of the obligor

on the instrument also discharges the obligation; and

(4) If the person entitled to enforce the instrument taken

for an obligation is a person other than the obligee,

the obligee may not enforce the obligation to the

extent the obligation is suspended. If the obligee is

the person entitled to enforce the instrument but no

longer has possession of it because it was lost,

stolen, or destroyed, the obligation may not be

enforced to the extent of the amount payable on the

instrument, and to that extent the obligee's rights

against the obligor are limited to enforcement of the

instrument.

(c) If an instrument other than one described in subsection (a)

or (b) of this section is taken for an obligation, the effect is (i)

that stated in subsection (a) of this section if the instrument is

one on which a bank is liable as maker or acceptor, or (ii) that

stated in subsection (b) of this section in any other case.