Okla. Stat. tit. 12A, § 12A-4A-406: Payment by originator to beneficiary; discharge of

underlying obligation.

PAYMENT BY ORIGINATOR TO BENEFICIARY; DISCHARGE OF

UNDERLYING OBLIGATION

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

and (e) of Section 30 of this act, the originator of a funds

transfer pays the beneficiary of the originator's payment order (i)

at the time a payment order for the benefit of the beneficiary is

accepted by the beneficiary's bank in the funds transfer and (ii) in

an amount equal to the amount of the order accepted by the

beneficiary's bank, but not more than the amount of the originator's

order.

(b) If payment under subsection (a) of this section is made to

satisfy an obligation, the obligation is discharged to the same

extent discharge would result from payment to the beneficiary of the

same amount in money, unless (i) the payment under subsection (a) of

this section was made by a means prohibited by the contract of the

beneficiary with respect to the obligation, (ii) the beneficiary,

within a reasonable time after receiving notice of receipt of the

order by the beneficiary's bank, notified the originator of the

beneficiary's refusal of the payment, (iii) funds with respect to

the order were not withdrawn by the beneficiary or applied to a debt

of the beneficiary, and (iv) the beneficiary would suffer a loss

that could reasonably have been avoided if payment had been made by

a means complying with the contract. If payment by the originator

does not result in discharge under this section, the originator is

subrogated to the rights of the beneficiary to receive payment from

the beneficiary's bank under subsection (a) of Section 29 of this

act.

(c) For the purpose of determining whether discharge of an

obligation occurs under subsection (b), if the beneficiary's bank

accepts a payment order in an amount equal to the amount of the

originator's payment order less charges of one or more receiving

banks in the funds transfer, payment to the beneficiary is deemed to

be in the amount of the originator's order unless upon demand by the

beneficiary the originator does not pay the beneficiary the amount

of the deducted charges.

(d) Rights of the originator or of the beneficiary of a funds

transfer under this section may be varied only by agreement of the

originator and the beneficiary.