Okla. Stat. tit. 6, § 6-712: Liability of directors, officers, and other persons -
Where this section sits in the code
- OK Code
- Title 6
Overdrafts.
A. Liability for violation of bank and trust laws. Any
director, officer or other person who shall knowingly participate in
any violation of the laws of this state, relative to banks and
banking and trust companies, shall be liable for all damages which
the corporation, its stockholders, depositors, creditors or owners
of trust funds shall sustain in consequence of such violation; and
upon proper showing that any director or directors knowingly
assented to, participated in, acquiesced in after failure to make
due inquiry, or caused a loan to be made in excess of the amounts
prescribed in Article VIII of this Code such director or directors
shall be individually liable for the amount of such loan and shall
be required to eliminate the same from the assets of the bank upon
the request of the Commissioner.
B. Liability for overdrafts. Any bank officer or employee who
shall knowingly, willfully and fraudulently, for the purpose of
defrauding the bank, pay out of the funds of said bank upon the
check, order or draft of any individual, firm, corporation or
association, which has not on deposit with such bank a sum equal to
such check, order or draft, shall be personally liable to such a
bank for the amount so paid and such liability shall be covered by
his official bond.
C. After August 9, 1989, no claim or action seeking to recover
money damages shall be brought by the Federal Deposit Insurance
Corporation, Resolution Trust Corporation or other federal banking
regulatory agency against any director or officer, including any
former director or officer, of any insured financial depository
institution as defined in the Financial Institutions Reform,
Recovery and Enforcement Act of 1989 unless such claim or action
arises out of the gross negligence, or willful or intentional
misconduct of such officer or director during his term of office
with such insured financial institution.
Collected 2026-09-14T18:32:36Z. Source file · JSON