{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4a-207","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4A-207","heading":"Misdescription of beneficiary","body":"MISDESCRIPTION OF BENEFICIARY\n\n(a) Subject to subsection (b) of this section, if, in a payment\n\norder received by the beneficiary's bank, the name, bank account\n\nnumber, or other identification of the beneficiary refers to a\n\nnonexistent or unidentifiable person or account, no person has\n\nrights as a beneficiary of the order and acceptance of the order\n\ncannot occur.\n\n(b) If a payment order received by the beneficiary's bank\n\nidentifies the beneficiary both by name and by an identifying or\n\nbank account number and the name and number identify different\n\npersons, the following rules apply:\n\n(1) Except as otherwise provided in subsection (c) of this\n\nsection, if the beneficiary's bank does not know that the name and\n\nnumber refer to different persons, it may rely on the number as the\n\nproper identification of the beneficiary of the order. The\n\nbeneficiary's bank need not determine whether the name and number\n\nrefer to the same person.\n\n(2) If the beneficiary's bank pays the person identified by\n\nname or knows that the name and number identify different persons,\n\nno person has rights as beneficiary except the person paid by the\n\nbeneficiary's bank if that person was entitled to receive payment\n\nfrom the originator of the funds transfer. If no person has rights\n\nas beneficiary, acceptance of the order cannot occur.\n\n(c) If (i) a payment order described in subsection (b) of this\n\nsection is accepted, (ii) the originator's payment order described\n\nthe beneficiary inconsistently by name and number, and (iii) the\n\nbeneficiary's bank pays the person identified by number as permitted\n\nby paragraph (1) of subsection (b) of this section, the following\n\nrules apply:\n\n(1) If the originator is a bank, the originator is obliged to\n\npay its order.\n\n(2) If the originator is not a bank and proves that the person\n\nidentified by number was not entitled to receive payment from the\n\noriginator, the originator is not obliged to pay its order unless\n\nthe originator's bank proves that the originator, before acceptance\n\nof the originator's order, had notice that payment of a payment\n\norder issued by the originator might be made by the beneficiary's\n\nbank on the basis of an identifying or bank account number even if\n\nit identifies a person different from the named beneficiary. Proof\n\nof notice may be made by any admissible evidence. The originator's\n\nbank satisfies the burden of proof if it proves that the originator,\n\nbefore the payment order was accepted, signed a record stating the\n\ninformation to which the notice relates.\n\n(d) In a case governed by paragraph (1) of subsection (b) of\n\nthis section, if the beneficiary's bank rightfully pays the person\n\nidentified by number and that person was not entitled to receive\n\npayment from the originator, the amount paid may be recovered from\n\nthat person to the extent allowed by the law governing mistake and\n\nrestitution as follows:\n\n(1) If the originator is obliged to pay its payment order as\n\nstated in subsection (c) of this section, the originator has the\n\nright to recover.\n\n(2) If the originator is not a bank and is not obliged to pay\n\nits payment order, the originator's bank has the right to recover.","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":"35620f7e8759350b84ee9c642913b968e8cf2a4686e1a4bd266356481e179364","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4a-206","next":"us-ok/okla.-stat.-tit.-12a-12a-4a-208"},"notice":"GroundRules: Original legal text. Not legal advice."}