{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4-503","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4-503","heading":"Responsibility of Presenting Bank for Documents and","body":"Goods; Report of Reasons for Dishonor; Referee in Case of Need.\n\nRESPONSIBILITY OF PRESENTING BANK FOR DOCUMENTS AND GOODS;\n\nREPORT OF REASONS FOR DISHONOR; REFEREE IN CASE OF NEED\n\nUnless otherwise instructed and except as provided in Article 5\n\nof this title, a bank presenting a documentary draft:\n\n(1) Must deliver the documents to the drawee on acceptance\n\nof the draft if it is payable more than three (3) days\n\nafter presentment; otherwise, only on payment; and\n\n(2) Upon dishonor, either in the case of presentment for\n\nacceptance or presentment for payment, may seek and\n\nfollow instructions from any referee in case of need\n\ndesignated in the draft or, if the presenting bank\n\ndoes not choose to utilize the referee's services, it\n\nmust use diligence and good faith to ascertain the\n\nreason for dishonor, must notify its transferor of the\n\ndishonor and of the results of its effort to ascertain\n\nthe reasons therefor, and must request instructions.\n\nHowever, the presenting bank is under no obligation with respect to\n\ngoods represented by the documents except to follow any reasonable\n\ninstructions seasonably received; it has a right to reimbursement\n\nfor any expense incurred in following instructions and to prepayment\n\nof or indemnity for those expenses.","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":"7e829745d09597622964f082cc89a2a2d069b5c3dec1e65a81292794b7fee41d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4-502","next":"us-ok/okla.-stat.-tit.-12a-12a-4-504"},"notice":"GroundRules: Original legal text. Not legal advice."}