Okla. Stat. tit. 12A, § 12A-4A-403: Payment by sender to receiving bank

PAYMENT BY SENDER TO RECEIVING BANK

(a) Payment of the sender's obligation under Section 27 of this

act to pay the receiving bank occurs as follows:

(1) If the sender is a bank, payment occurs when the receiving

bank receives final settlement of the obligation through a Federal

Reserve Bank or through a funds-transfer system.

(2) If the sender is a bank and the sender (i) credited an

account of the receiving bank with the sender, or (ii) caused an

account of the receiving bank in another bank to be credited,

payment occurs when the credit is withdrawn or, if not withdrawn, at

midnight of the day on which the credit is withdrawable and the

receiving bank learns of that fact.

(3) If the receiving bank debits an account of the sender with

the receiving bank, payment occurs when the debit is made to the

extent the debit is covered by a withdrawable credit balance in the

account.

(b) If the sender and receiving bank are members of a funds-

transfer system that nets obligations multilaterally among

participants, the receiving bank receives final settlement when

settlement is complete in accordance with the rules of the system.

The obligation of the sender to pay the amount of a payment order

transmitted through the funds-transfer system may be satisfied, to

the extent permitted by the rules of the system, by setting off and

applying against the sender's obligation the right of the sender to

receive payment from the receiving bank of the amount of any other

payment order transmitted to the sender by the receiving bank

through the funds-transfer system. The aggregate balance of

obligations owed by each sender to each receiving bank in the funds-

transfer system may be satisfied, to the extent permitted by the

rules of the system, by setting off and applying against that

balance the aggregate balance of obligations owed to the sender by

other members of the system. The aggregate balance is determined

after the right of setoff stated in the second sentence of this

subsection has been exercised.

(c) If two banks transmit payment orders to each other under an

agreement that settlement of the obligations of each bank to the

other under Section 27 of this act will be made at the end of the

day or other period, the total amount owed with respect to all

orders transmitted by one bank shall be set off against the total

amount owed with respect to all orders transmitted by the other

bank. To the extent of the setoff, each bank has made payment to

the other.

(d) In a case not covered by subsection (a) of this section,

the time when payment of the sender's obligation under subsections

(b) or (c) of Section 27 of this act occurs is governed by

applicable principles of law that determine when an obligation is

satisfied.