{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4-213","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4-213","heading":"Medium and Time of Settlement by Bank","body":"MEDIUM AND TIME OF SETTLEMENT BY BANK\n\n(a) With respect to settlement by a bank, the medium and time\n\nof settlement may be prescribed by Federal Reserve regulations or\n\ncirculars, clearing-house rules, and the like, or agreement. In the\n\nabsence of such prescription:\n\n(1) The medium of settlement is cash or credit to an\n\naccount in a Federal Reserve bank of or specified by\n\nthe person to receive settlement; and\n\n(2) The time of settlement, is:\n\n(i) with respect to tender of settlement by cash, a\n\ncashier's check, or teller's check, when the cash\n\nor check is sent or delivered;\n\n(ii) with respect to tender of settlement by credit in\n\nan account in a Federal Reserve bank, when the\n\ncredit is made;\n\n(iii) with respect to tender of settlement by a credit\n\nor debit to an account in a bank, when the credit\n\nor debit is made or, in the case of tender of\n\nsettlement by authority to charge an account,\n\nwhen the authority is sent or delivered; or\n\n(iv) with respect to tender of settlement by a funds\n\ntransfer, when payment is made pursuant to\n\nsubsection (a) of Section 4A-406 of this title to\n\nthe person receiving settlement.\n\n(b) If the tender of settlement is not by a medium authorized\n\nby subsection (a) of this section or the time of settlement is not\n\nfixed by subsection (a) of this section, no settlement occurs until\n\nthe tender or settlement is accepted by the person receiving\n\nsettlement.\n\n(c) If settlement for an item is made by cashier's check or\n\nteller's check and the person receiving settlement, before its\n\nmidnight deadline:\n\n(1) Presents or forwards the check for collection,\n\nsettlement is final when the check is finally paid; or\n\n(2) Fails to present or forward the check for collection,\n\nsettlement is final at the midnight deadline of the\n\nperson receiving settlement.\n\n(d) If settlement for an item is made by giving authority to\n\ncharge the account of the bank giving settlement in the bank\n\nreceiving settlement, settlement is final when the charge is make by\n\nthe bank receiving settlement if there are funds available in the\n\naccount for the amount of the item.","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":"a78776dee76a06478d5655abed22452b592e62ee7ec19d056ebd1f11c2cf0968","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4-212","next":"us-ok/okla.-stat.-tit.-12a-12a-4-214"},"notice":"GroundRules: Original legal text. Not legal advice."}