Okla. Stat. tit. 12A, § 12A-4A-405: Payment by beneficiary's bank to beneficiary

PAYMENT BY BENEFICIARY'S BANK TO BENEFICIARY

(a) If the beneficiary's bank credits an account of the

beneficiary of a payment order, payment of the bank's obligation

under subsection (a) of Section 29 of this act occurs when and to

the extent (i) the beneficiary is notified of the right to withdraw

the credit, (ii) the bank lawfully applies the credit to a debt of

the beneficiary, or (iii) funds with respect to the order are

otherwise made available to the beneficiary by the bank.

(b) If the beneficiary's bank does not credit an account of the

beneficiary of a payment order, the time when payment of the bank's

obligation under subsection (a) of Section 29 of this act occurs is

governed by principles of law that determine when an obligation is

satisfied.

(c) Except as stated in subsections (d) and (e) of this

section, if the beneficiary's bank pays the beneficiary of a payment

order under a condition to payment or agreement of the beneficiary

giving the bank the right to recover payment from the beneficiary if

the bank does not receive payment of the order, the condition to

payment or agreement is not enforceable.

(d) A funds-transfer system rule may provide that payments made

to beneficiaries of funds transfers made through the system are

provisional until receipt of payment by the beneficiary's bank of

the payment order it accepted. A beneficiary's bank that makes a

payment that is provisional under the rule is entitled to refund

from the beneficiary if (i) the rule requires that both the

beneficiary and the originator be given notice of the provisional

nature of the payment before the funds transfer is initiated, (ii)

the beneficiary, the beneficiary's bank and the originator's bank

agreed to be bound by the rule, and (iii) the beneficiary's bank did

not receive payment of the payment order that it accepted. If the

beneficiary is obliged to refund payment to the beneficiary's bank,

acceptance of the payment order by the beneficiary's bank is

nullified and no payment by the originator of the funds transfer to

the beneficiary occurs under Section 31 of this act.

(e) This subsection applies to a funds transfer that includes a

payment order transmitted over a funds-transfer system that (i) nets

obligations multilaterally among participants, and (ii) has in

effect a loss-sharing agreement among participants for the purpose

of providing funds necessary to complete settlement of the

obligations of one or more participants that do not meet their

settlement obligations. If the beneficiary's bank in the funds

transfer accepts a payment order and the system fails to complete

settlement pursuant to its rules with respect to any payment order

in the funds transfer, (i) the acceptance by the beneficiary's bank

is nullified and no person has any right or obligation based on the

acceptance, (ii) the beneficiary's bank is entitled to recover

payment from the beneficiary, (iii) no payment by the originator to

the beneficiary occurs under Section 31 of this act, and (iv)

subject to subsection (e) of Section 27 of this act, each sender in

the funds transfer is excused from its obligation to pay its payment

order under subsection (c) of Section 27 of this act because the

funds transfer has not been completed.