Okla. Stat. tit. 12A, § 12A-4-213: Medium and Time of Settlement by Bank

MEDIUM AND TIME OF SETTLEMENT BY BANK

(a) With respect to settlement by a bank, the medium and time

of settlement may be prescribed by Federal Reserve regulations or

circulars, clearing-house rules, and the like, or agreement. In the

absence of such prescription:

(1) The medium of settlement is cash or credit to an

account in a Federal Reserve bank of or specified by

the person to receive settlement; and

(2) The time of settlement, is:

(i) with respect to tender of settlement by cash, a

cashier's check, or teller's check, when the cash

or check is sent or delivered;

(ii) with respect to tender of settlement by credit in

an account in a Federal Reserve bank, when the

credit is made;

(iii) with respect to tender of settlement by a credit

or debit to an account in a bank, when the credit

or debit is made or, in the case of tender of

settlement by authority to charge an account,

when the authority is sent or delivered; or

(iv) with respect to tender of settlement by a funds

transfer, when payment is made pursuant to

subsection (a) of Section 4A-406 of this title to

the person receiving settlement.

(b) If the tender of settlement is not by a medium authorized

by subsection (a) of this section or the time of settlement is not

fixed by subsection (a) of this section, no settlement occurs until

the tender or settlement is accepted by the person receiving

settlement.

(c) If settlement for an item is made by cashier's check or

teller's check and the person receiving settlement, before its

midnight deadline:

(1) Presents or forwards the check for collection,

settlement is final when the check is finally paid; or

(2) Fails to present or forward the check for collection,

settlement is final at the midnight deadline of the

person receiving settlement.

(d) If settlement for an item is made by giving authority to

charge the account of the bank giving settlement in the bank

receiving settlement, settlement is final when the charge is make by

the bank receiving settlement if there are funds available in the

account for the amount of the item.