Okla. Stat. tit. 12A, § 12A-4A-210: Rejection of payment order

REJECTION OF PAYMENT ORDER

(a) A payment order is rejected by the receiving bank by a

notice of rejection transmitted to the sender orally or in a record.

A notice of rejection need not use any particular words and is

sufficient if it indicates that the receiving bank is rejecting the

order or will not execute or pay the order. Rejection is effective

when the notice is given if transmission is by a means that is

reasonable in the circumstances. If notice of rejection is given by

a means that is not reasonable, rejection is effective when the

notice is received. If an agreement of the sender and receiving

bank establishes the means to be used to reject a payment order, (i)

any means complying with the agreement is reasonable and (ii) any

means not complying is not reasonable unless no significant delay in

receipt of the notice resulted from the use of the noncomplying

means.

(b) This subsection applies if a receiving bank other than the

beneficiary's bank fails to execute a payment order despite the

existence on the execution date of a withdrawable credit balance in

an authorized account of the sender sufficient to cover the order.

If the sender does not receive notice of rejection of the order on

the execution date and the authorized account of the sender does not

bear interest, the bank is obliged to pay interest to the sender on

the amount of the order for the number of days elapsing after the

execution date to the earlier of the day the order is canceled

pursuant to subsection (d) of Section 19 of this act or the day the

sender receives notice or learns that the order was not executed,

counting the final day of the period as an elapsed day. If the

withdrawable credit balance during that period falls below the

amount of the order, the amount of interest is reduced accordingly.

(c) If a receiving bank suspends payments, all unaccepted

payment orders issued to it are deemed rejected at the time the bank

suspends payments.

(d) Acceptance of a payment order precludes a later rejection

of the order. Rejection of a payment order precludes a later

acceptance of the order.