{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4-214","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4-214","heading":"Right of Charge-Back or Refund; Liability of Collecting","body":"Bank; Return of Item.\n\nRIGHT OF CHARGE-BACK OR REFUND;\n\nLIABILITY OF COLLECTING BANK; RETURN OF ITEM\n\n(a) If a collecting bank has made provisional settlement with\n\nits customer for an item and fails by reason of dishonor, suspension\n\nof payments by a bank, or otherwise to receive settlement for the\n\nitem which is or becomes final, the bank may revoke the settlement\n\ngiven by it, charge back the amount of any credit given for the item\n\nto its customer's account, or obtain refund from its customer,\n\nwhether or not it is able to return the item, if by its midnight\n\ndeadline or within a longer reasonable time after it learns the\n\nfacts it returns the item or sends notification of the facts. If\n\nthe return or notice is delayed beyond the bank's midnight deadline\n\nor a longer reasonable time after it learns the facts, the bank may\n\nrevoke the settlement, charge back the credit, or obtain refund from\n\nits customer, but it is liable for any loss resulting from the\n\ndelay. These rights to revoke, charge back, and obtain refund\n\nterminate if and when a settlement for the item received by the bank\n\nis or becomes final.\n\n(b) A collecting bank returns an item when it is sent or\n\ndelivered to the bank's customer or transferor or pursuant to its\n\ninstructions.\n\n(c) A depositary bank that is also the payor may charge back\n\nthe amount of an item to its customer's account or obtain refund in\n\naccordance with the section governing return of an item received by\n\na payor bank for credit on its books (Section 4-301 of this title).\n\n(d) The right to charge back is not affected by:\n\n(1) Previous use of a credit given for the item; or\n\n(2) Failure by any bank to exercise ordinary care with\n\nrespect to the item, but a bank so failing remains\n\nliable.\n\n(e) A failure to charge back or claim refund does not affect\n\nother rights of the bank against the customer or any other party.\n\n(f) If credit is given in dollars as the equivalent of the\n\nvalue of an item payable in foreign money, the dollar amount of any\n\ncharge-back or refund must be calculated on the basis of the bank-\n\noffered spot rate for the foreign money prevailing on the day when\n\nthe person entitled to the charge-back or refund learns that it will\n\nnot receive payment in ordinary course.","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":"073a7a6d9faea5a757c9b591f97b9eb5e86205359e7c1fb4782ac9062f9e1605","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4-213","next":"us-ok/okla.-stat.-tit.-12a-12a-4-215"},"notice":"GroundRules: Original legal text. Not legal advice."}