Okla. Stat. tit. 12A, § 12A-3-420: Conversion of Instrument

CONVERSION OF INSTRUMENT

(a) The law applicable to conversion of personal property

applies to instruments. An instrument is also converted if it is

taken by transfer, other than a negotiation, from a person not

entitled to enforce the instrument or a bank makes or obtains

payment with respect to the instrument for a person not entitled to

enforce the instrument or receive payment. An action for conversion

of an instrument may not be brought by (i) the issuer or acceptor of

the instrument or (ii) a payee or indorsee who did not receive

delivery of the instrument either directly or through delivery to an

agent or a co-payee.

(b) In an action under subsection (a) of this section, the

measure of liability is presumed to be the amount payable on the

instrument, but recovery may not exceed the amount of the

plaintiff's interest in the instrument.

(c) A representative, other than a depositary bank, who has in

good faith dealt with an instrument or its proceeds on behalf of one

who was not the person entitled to enforce the instrument is not

liable in conversion to that person beyond the amount of any

proceeds that it has not paid out.