{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-3-307","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-3-307","heading":"Notice of Breach of Fiduciary","body":"NOTICE OF BREACH OF FIDUCIARY DUTY\n\n(a) In this section:\n\n(1) \"Fiduciary\" means an agent, trustee, partner,\n\ncorporate officer or director, or other representative\n\nowing a fiduciary duty with respect to an instrument;\n\nand\n\n(2) \"Represented person\" means the principal, beneficiary,\n\npartnership, corporation, or other person to whom the\n\nduty stated in paragraph (1) of this subsection is\n\nowed.\n\n(b) If (i) an instrument is taken from a fiduciary for payment\n\nor collection or for value, (ii) the taker has knowledge of the\n\nfiduciary status of the fiduciary, and (iii) the represented person\n\nmakes a claim to the instrument or its proceeds on the basis that\n\nthe transaction of the fiduciary is a breach of fiduciary duty, the\n\nfollowing rules apply:\n\n(1) Notice of breach of fiduciary duty by the fiduciary is\n\nnotice of the claim of the represented person;\n\n(2) In the case of an instrument payable to the\n\nrepresented person or the fiduciary as such, the taker\n\nhas notice of the breach of fiduciary duty if the\n\ninstrument is (i) taken in payment of or as security\n\nfor a debt known by the taker to be the personal debt\n\nof the fiduciary, (ii) taken in a transaction known by\n\nthe taker to be for the personal benefit of the\n\nfiduciary, or (iii) deposited to an account other than\n\nan account of the fiduciary, as such, or an account of\n\nthe represented person;\n\n(3) If an instrument is issued by the represented person\n\nor the fiduciary as such, and made payable to the\n\nfiduciary personally, the taker does not have notice\n\nof the breach of fiduciary duty unless the taker knows\n\nof the breach of fiduciary duty; and\n\n(4) If an instrument is issued by the represented person\n\nor the fiduciary as such, to the taker as payee, the\n\ntaker has notice of the breach of fiduciary duty if\n\nthe instrument is (i) taken in payment of or as\n\nsecurity for a debt known by the taker to be the\n\npersonal debt of the fiduciary, (ii) taken in a\n\ntransaction known by the taker to be for the personal\n\nbenefit of the fiduciary, or (iii) deposited to an\n\naccount other than an account of the fiduciary, as\n\nsuch, or an account of the represented person.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"9f22803274019769d8bf0423f05d53ea373b2751928889131adefc89613b6971","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-3-306","next":"us-ok/okla.-stat.-tit.-12a-12a-3-308"},"notice":"GroundRules: Original legal text. Not legal advice."}