Okla. Stat. tit. 12A, § 12A-4-301: Deferred Posting; Recovery of Payment by Return of

Items; Time of Dishonor; Return of Items by Payor Bank.

DEFERRED POSTING; RECOVERY OF PAYMENT BY RETURN OF ITEMS;

TIME OF DISHONOR; RETURN OF ITEMS BY PAYOR BANK

(a) If a payor bank settles for a demand item other than a

documentary draft presented otherwise than for immediate payment

over the counter before midnight of the banking day of receipt, the

payor bank may revoke the settlement and recover the settlement if,

before it has made final payment and before its midnight deadline,

it:

(1) Returns the item;

(2) Returns an image of the item, if the party to which

the return is made has entered into an agreement to

accept an image as a return of the item and the image

is returned in accordance with that agreement; or

(3) Sends a record providing notice of dishonor or

nonpayment if the item is unavailable for return.

(b) If a demand item is received by a payor bank for credit on

its books, it may return the item or send notice of dishonor and may

revoke any credit given or recover the amount thereof withdrawn by

its customer, if it acts within the time limit and in the manner

specified in subsection (a) of this section.

(c) Unless previous notice of dishonor has been sent an item is

dishonored at the time when for purposes of dishonor it is returned

or notice sent in accordance with this section.

(d) An item is returned:

(1) As to an item presented through a clearing-house, when

it is delivered to the presenting or last collecting

bank or to the clearing-house or is sent or delivered

in accordance with clearing-house rules; or

(2) In all other cases, when it is sent or delivered to

the bank's customer or transferor or pursuant to

instructions.