Okla. Stat. tit. 12A, § 12A-4A-507: Choice of law

CHOICE OF LAW

(a) The following rules apply unless the affected parties

otherwise agree or subsection (c) of this section applies:

(1) The rights and obligations between the sender of a payment

order and the receiving bank are governed by the law of the

jurisdiction in which the receiving bank is located.

(2) The rights and obligations between the beneficiary's bank

and the beneficiary are governed by the law of the jurisdiction in

which the beneficiary's bank is located.

(3) The issue of when payment is made pursuant to a funds

transfer by the originator to the beneficiary is governed by the law

of the jurisdiction in which the beneficiary's bank is located.

(b) If the parties described in each paragraph of subsection

(a) have made an agreement selecting the law of a particular

jurisdiction to govern rights and obligations between each other,

the law of that jurisdiction governs those rights and obligations,

whether or not the payment order or the funds transfer bears a

reasonable relation to that jurisdiction.

(c) A funds-transfer system rule may select the law of a

particular jurisdiction to govern (i) rights and obligations between

participating banks with respect to payment orders transmitted or

processed through the system, or (ii) the rights and obligations of

some or all parties to a funds transfer any part of which is carried

out by means of the system. A choice of law made pursuant to clause

(i) is binding on participating banks. A choice of law made

pursuant to clause (ii) is binding on the originator, other sender,

or a receiving bank having notice that the funds-transfer system

might be used in the funds transfer and of the choice of law by the

system when the originator, other sender, or receiving bank issued

or accepted a payment order. The beneficiary of a funds transfer is

bound by the choice of law if, when the funds transfer is initiated,

the beneficiary has notice that the funds-transfer system might be

used in the funds transfer and of the choice of law by the system.

The law of a jurisdiction selected pursuant to this subsection may

govern, whether or not that law bears a reasonable relation to the

matter in issue.

(d) In the event of inconsistency between an agreement under

subsection (b) and a choice-of-law rule under subsection (c) of this

section, the agreement under subsection (b) of this section

prevails.

(e) If a funds transfer is made by use of more than one funds-

transfer system and there is inconsistency between choice-of-law

rules of the systems, the matter in issue is governed by the law of

the selected jurisdiction that has the most significant relationship

to the matter in issue.