Okla. Stat. tit. 12A, § 12A-4-503: Responsibility of Presenting Bank for Documents and

Goods; Report of Reasons for Dishonor; Referee in Case of Need.

RESPONSIBILITY OF PRESENTING BANK FOR DOCUMENTS AND GOODS;

REPORT OF REASONS FOR DISHONOR; REFEREE IN CASE OF NEED

Unless otherwise instructed and except as provided in Article 5

of this title, a bank presenting a documentary draft:

(1) Must deliver the documents to the drawee on acceptance

of the draft if it is payable more than three (3) days

after presentment; otherwise, only on payment; and

(2) Upon dishonor, either in the case of presentment for

acceptance or presentment for payment, may seek and

follow instructions from any referee in case of need

designated in the draft or, if the presenting bank

does not choose to utilize the referee's services, it

must use diligence and good faith to ascertain the

reason for dishonor, must notify its transferor of the

dishonor and of the results of its effort to ascertain

the reasons therefor, and must request instructions.

However, the presenting bank is under no obligation with respect to

goods represented by the documents except to follow any reasonable

instructions seasonably received; it has a right to reimbursement

for any expense incurred in following instructions and to prepayment

of or indemnity for those expenses.