Okla. Stat. tit. 12A, § 12A-3-404: Impostors; Fictitious Payees

IMPOSTORS; FICTITIOUS PAYEES

(a) If an impostor, by use of the mails or otherwise, induces

the issuer of an instrument to issue the instrument to the impostor,

or to a person acting in concert with the impostor, by impersonating

the payee of the instrument or a person authorized to act for the

payee, an indorsement of the instrument by any person in the name of

the payee is effective as the indorsement of the payee in favor of a

person who, in good faith, pays the instrument or takes it for value

or for collection.

(b) If (i) a person whose intent determines to whom an

instrument is payable (subsection (a) or (b) of Section 3-110 of

this title) does not intend the person identified as payee to have

any interest in the instrument, or (ii) the person identified as

payee of an instrument is a fictitious person, the following rules

apply until the instrument is negotiated by special indorsement:

(1) Any person in possession of the instrument is its

holder; and

(2) An indorsement by any person in the name of the payee

stated in the instrument is effective as the

indorsement of the payee in favor of a person who, in

good faith, pays the instrument or takes it for value

or for collection.

(c) Under subsection (a) or (b) of this section, an indorsement

is made in the name of a payee if (i) it is made in a name

substantially similar to that of the payee or (ii) the instrument,

whether or not indorsed, is deposited in a depositary bank to an

account in a name substantially similar to that of the payee.

(d) With respect to an instrument to which subsection (a) or

(b) of this section applies, if a person paying the instrument or

taking it for value or for collection fails to exercise ordinary

care in paying or taking the instrument and that failure

substantially contributes to loss resulting from payment of the

instrument, the person bearing the loss may recover from the person

failing to exercise ordinary care to the extent the failure to

exercise ordinary care contributed to the loss.