{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4-201","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4-201","heading":"Status of Collecting Bank as Agent and Provisional","body":"Status of Credits; Applicability of Article; Item Endorsed \"Pay Any\n\nBank\".\n\nSTATUS OF COLLECTING\n\nBANK AS AGENT AND PROVISIONAL STATUS OF CREDITS;\n\nAPPLICABILITY OF ARTICLE; ITEM ENDORSED \"PAY ANY BANK\"\n\n(a) Unless a contrary intent clearly appears and before the\n\ntime that a settlement given by a collecting bank for an item is or\n\nbecomes final, the bank, with respect to the item, is an agent or\n\nsubagent of the owner of the item and any settlement given for the\n\nitem is provisional. This provision applies regardless of the form\n\nof indorsement or lack of indorsement and even though credit given\n\nfor the item is subject to immediate withdrawal as of right or is in\n\nfact withdrawn; but the continuance of ownership of an item by its\n\nowner and any rights of the owner to proceeds of the item are\n\nsubject to rights of a collecting bank, such as those resulting from\n\noutstanding advances on the item and rights of recoupment or setoff.\n\nIf an item is handled by banks for purposes of presentment, payment,\n\ncollection, or return, the relevant provisions of this article apply\n\neven though action of parties clearly establishes that a particular\n\nbank has purchased the item and is the owner of it.\n\n(b) After an item has been indorsed with the words \"pay any\n\nbank\" or the like, only a bank may acquire the rights of a holder\n\nuntil the item has been:\n\n(1) returned to the customer initiating collection; or\n\n(2) specially indorsed by bank to a person who is not\n\na bank.","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":"2de239e325dbb448a954df42eeabed700438a1c180a8888e66951bb8bef8c292","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4-111","next":"us-ok/okla.-stat.-tit.-12a-12a-4-202"},"notice":"GroundRules: Original legal text. Not legal advice."}