Okla. Stat. tit. 12A, § 12A-4A-404: Obligation of beneficiary's bank to pay and give

notice to beneficiary.

OBLIGATION OF BENEFICIARY'S BANK TO PAY AND GIVE NOTICE TO

BENEFICIARY

(a) Subject to subsection (e) of Section 19 and subsections (d)

and (e) of Section 30 of this act, if a beneficiary's bank accepts a

payment order, the bank is obliged to pay the amount of the order to

the beneficiary of the order. Payment is due on the payment date of

the order, but if acceptance occurs on the payment date after the

close of the funds-transfer business day of the bank, payment is due

on the next funds-transfer business day. If the bank refuses to pay

after demand by the beneficiary and receipt of notice of particular

circumstances that will give rise to consequential damages as a

result of nonpayment, the beneficiary may recover damages resulting

from the refusal to pay to the extent the bank had notice of the

damages, unless the bank proves that it did not pay because of a

reasonable doubt concerning the right of the beneficiary to payment.

(b) If a payment order accepted by the beneficiary's bank

instructs payment to an account of the beneficiary, the bank is

obliged to notify the beneficiary of receipt of the order before

midnight of the next funds-transfer business day following the

payment date. If the payment order does not instruct payment to an

account of the beneficiary, the bank is required to notify the

beneficiary only if notice is required by the order. Notice may be

given by first class mail or any other means reasonable in the

circumstances. If the bank fails to give the required notice, the

bank is obliged to pay interest to the beneficiary on the amount of

the payment order from the day notice should have been given until

the day the beneficiary learned of receipt of the payment order by

the bank. No other damages are recoverable. Reasonable attorney's

fees are also recoverable if demand for interest is made and refused

before an action is brought on the claim.

(c) The right of a beneficiary to receive payment and damages

as stated in subsection (a) of this section may not be varied by

agreement or a funds-transfer system rule. The right of a

beneficiary to be notified as stated in subsection (b) of this

section may be varied by agreement of the beneficiary or by a funds-

transfer system rule if the beneficiary is notified of the rule

before initiation of the funds transfer.