{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4a-202","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4A-202","heading":"Authorized and verified payment orders","body":"AUTHORIZED AND VERIFIED PAYMENT ORDERS\n\n(a) A payment order received by the receiving bank is the\n\nauthorized order of the person identified as sender if that person\n\nauthorized the order or is otherwise bound by it under the law of\n\nagency.\n\n(b) If a bank and its customer have agreed that the\n\nauthenticity of payment orders issued to the bank in the name of the\n\ncustomer as sender will be verified pursuant to a security\n\nprocedure, a payment order received by the receiving bank is\n\neffective as the order of the customer, whether or not authorized,\n\nif (i) the security procedure is a commercially reasonable method of\n\nproviding security against unauthorized payment orders, and (ii) the\n\nbank proves that it accepted the payment order in good faith and in\n\ncompliance with the bank's obligations under the security procedure\n\nand any agreement or instruction of the customer, evidenced by a\n\nrecord, restricting acceptance of payment orders issued in the name\n\nof the customer. The bank is not required to follow an instruction\n\nthat violates an agreement with the customer, evidenced by a record,\n\nor notice of which is not received at a time and in a manner\n\naffording the bank a reasonable opportunity to act on it before the\n\npayment order is accepted.\n\n(c) Commercial reasonableness of a security procedure is a\n\nquestion of law to be determined by considering the wishes of the\n\ncustomer expressed to the bank, the circumstances of the customer\n\nknown to the bank, including the size, type, and frequency of\n\npayment orders normally issued by the customer to the bank,\n\nalternative security procedures offered to the customer, and\n\nsecurity procedures in general use by customers and receiving banks\n\nsimilarly situated. A security procedure is deemed to be\n\ncommercially reasonable if (i) the security procedure was chosen by\n\nthe customer after the bank offered, and the customer refused, a\n\nsecurity procedure that was commercially reasonable for that\n\ncustomer, and (ii) the customer expressly agreed in a record to be\n\nbound by any payment order, whether or not authorized, issued in its\n\nname and accepted by the bank in compliance with the bank's\n\nobligations under the security procedure chosen by the customer.\n\n(d) The term \"sender\" in this article includes the customer in\n\nwhose name a payment order is issued if the order is the authorized\n\norder of the customer under subsection (a), or it is effective as\n\nthe order of the customer under subsection (b).\n\n(e) This section applies to amendments and cancellations of\n\npayment orders to the same extent it applies to payment orders.\n\n(f) Except as provided in this section and in paragraph (1) of\n\nsubsection (a) of Section 11 of this act rights and obligations\n\narising under this section or Section 11 of this act may not be\n\nvaried by agreement.","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":"c603f12c0fd8c79e64e464f73ec3b51455883d9979967ea78357fa210b5d97ff","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4a-201","next":"us-ok/okla.-stat.-tit.-12a-12a-4a-203"},"notice":"GroundRules: Original legal text. Not legal advice."}