Okla. Stat. tit. 12A, § 12A-3-502: Dishonor

DISHONOR

(a) Dishonor of a note is governed by the following rules:

(1) If the note is payable on demand, the note is

dishonored if presentment is duly made to the maker

and the note is not paid on the day of presentment;

(2) If the note is not payable on demand and is payable at

or through a bank or the terms of the note require

presentment, the note is dishonored if presentment is

duly made and the note is not paid on the day it

becomes payable or the day of presentment, whichever

is later; and

(3) If the note is not payable on demand and paragraph (2)

of this subsection does not apply, the note is

dishonored if it is not paid on the day it becomes

payable.

(b) Dishonor of an unaccepted draft other than a documentary

draft is governed by the following rules:

(1) If a check is duly presented for payment to the payor

bank otherwise than for immediate payment over the

counter, the check is dishonored if the payor bank

makes timely return of the check or sends timely

notice of dishonor or nonpayment under Section 4-301

or 4-302 of this title, or becomes accountable for the

amount of the check under Section 4-302 of this title;

(2) If a draft is payable on demand and paragraph (1) of

this subsection does not apply, the draft is

dishonored if presentment for payment is duly made to

the drawee and the draft is not paid on the day of

presentment;

(3) If a draft is payable on a date stated in the draft,

the draft is dishonored if (i) presentment for payment

is duly made to the drawee and payment is not made on

the day the draft becomes payable or the day of

presentment, whichever is later, or (ii) presentment

for acceptance is duly made before the day the draft

becomes payable and the draft is not accepted on the

day of presentment; and

(4) If a draft is payable on elapse of a period of time

after sight or acceptance, the draft is dishonored if

presentment for acceptance is duly made and the draft

is not accepted on the day of presentment.

(c) Dishonor of an unaccepted documentary draft occurs

according to the rules stated in paragraphs (2), (3) and (4) of

subsection (b) of this section, except that payment or acceptance

may be delayed without dishonor until no later than the close of the

third business day of the drawee following the day on which payment

or acceptance is required by those paragraphs.

(d) Dishonor of an accepted draft is governed by the following

rules:

(1) If the draft is payable on demand, the draft is

dishonored if presentment for payment is duly made to

the acceptor and the draft is not paid on the day of

presentment; and

(2) If the draft is not payable on demand, the draft is

dishonored if presentment for payment is duly made to

the acceptor and payment is not made on the day it

becomes payable or the day of presentment, whichever

is later.

(e) In any case in which presentment is otherwise required for

dishonor under this section and presentment is excused under Section

3-504 of this title, dishonor occurs without presentment if the

instrument is not duly accepted or paid.

(f) If a draft is dishonored because timely acceptance of the

draft was not made and the person entitled to demand acceptance

consents to a late acceptance, from the time of acceptance the draft

is treated as never having been dishonored.