{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-3-404","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-3-404","heading":"Impostors; Fictitious Payees","body":"IMPOSTORS; FICTITIOUS PAYEES\n\n(a) If an impostor, by use of the mails or otherwise, induces\n\nthe issuer of an instrument to issue the instrument to the impostor,\n\nor to a person acting in concert with the impostor, by impersonating\n\nthe payee of the instrument or a person authorized to act for the\n\npayee, an indorsement of the instrument by any person in the name of\n\nthe payee is effective as the indorsement of the payee in favor of a\n\nperson who, in good faith, pays the instrument or takes it for value\n\nor for collection.\n\n(b) If (i) a person whose intent determines to whom an\n\ninstrument is payable (subsection (a) or (b) of Section 3-110 of\n\nthis title) does not intend the person identified as payee to have\n\nany interest in the instrument, or (ii) the person identified as\n\npayee of an instrument is a fictitious person, the following rules\n\napply until the instrument is negotiated by special indorsement:\n\n(1) Any person in possession of the instrument is its\n\nholder; and\n\n(2) An indorsement by any person in the name of the payee\n\nstated in the instrument is effective as the\n\nindorsement of the payee in favor of a person who, in\n\ngood faith, pays the instrument or takes it for value\n\nor for collection.\n\n(c) Under subsection (a) or (b) of this section, an indorsement\n\nis made in the name of a payee if (i) it is made in a name\n\nsubstantially similar to that of the payee or (ii) the instrument,\n\nwhether or not indorsed, is deposited in a depositary bank to an\n\naccount in a name substantially similar to that of the payee.\n\n(d) With respect to an instrument to which subsection (a) or\n\n(b) of this section applies, if a person paying the instrument or\n\ntaking it for value or for collection fails to exercise ordinary\n\ncare in paying or taking the instrument and that failure\n\nsubstantially contributes to loss resulting from payment of the\n\ninstrument, the person bearing the loss may recover from the person\n\nfailing to exercise ordinary care to the extent the failure to\n\nexercise ordinary care contributed to the loss.","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":"c04dfa218297fabc3ca3300264fb49959bb288a45bb43ea2958a2100e446f958","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-3-403","next":"us-ok/okla.-stat.-tit.-12a-12a-3-405"},"notice":"GroundRules: Original legal text. Not legal advice."}