{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4a-208","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4A-208","heading":"Misdescription of intermediary bank or beneficiary's","body":"bank.\n\nMISDESCRIPTION OF INTERMEDIARY BANK OR BENEFICIARY'S BANK\n\n(a) This subsection applies to a payment order identifying an\n\nintermediary bank or the beneficiary's bank only by an identifying\n\nnumber.\n\n(1) The receiving bank may rely on the number as the proper\n\nidentification of the intermediary or beneficiary's bank and need\n\nnot determine whether the number identifies a bank.\n\n(2) The sender is obliged to compensate the receiving bank for\n\nany loss and expenses incurred by the receiving bank as a result of\n\nits reliance on the number in executing or attempting to execute the\n\norder.\n\n(b) This subsection applies to a payment order identifying an\n\nintermediary bank or the beneficiary's bank both by name and an\n\nidentifying number if the name and number identify different\n\npersons.\n\n(1) If the sender is a bank, the receiving bank may rely on the\n\nnumber as the proper identification of the intermediary or\n\nbeneficiary's bank if the receiving bank, when it executes the\n\nsender's order, does not know that the name and number identify\n\ndifferent persons. The receiving bank need not determine whether\n\nthe name and number refer to the same person or whether the number\n\nrefers to a bank. The sender is obliged to compensate the receiving\n\nbank for any loss and expenses incurred by the receiving bank as a\n\nresult of its reliance on the number in executing or attempting to\n\nexecute the order.\n\n(2) If the sender is not a bank and the receiving bank proves\n\nthat the sender, before the payment order was accepted, had notice\n\nthat the receiving bank might rely on the number as the proper\n\nidentification of the intermediary or beneficiary's bank even if it\n\nidentifies a person different from the bank identified by name, the\n\nrights and obligations of the sender and the receiving bank are\n\ngoverned by paragraph (1) of subsection (b) of this section, as\n\nthough the sender were a bank. Proof of notice may be made by any\n\nadmissible evidence. The receiving bank satisfies the burden of\n\nproof if it proves that the sender, before the payment order was\n\naccepted, signed a record stating the information to which the\n\nnotice relates.\n\n(3) Regardless of whether the sender is a bank, the receiving\n\nbank may rely on the name as the proper identification of the\n\nintermediary or beneficiary's bank if the receiving bank, at the\n\ntime it executes the sender's order, does not know that the name and\n\nnumber identify different persons. The receiving bank need not\n\ndetermine whether the name and number refer to the same person.\n\n(4) If the receiving bank knows that the name and number\n\nidentify different persons, reliance on either the name or the\n\nnumber in executing the sender's payment order is a breach of the\n\nobligation stated in paragraph (1) of subsection (a) of Section 22\n\nof this act.","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":"e54e583200e85de9e5bfe8d0077bb0002dd8cea35d74b017a58e1b7e0d47255a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4a-207","next":"us-ok/okla.-stat.-tit.-12a-12a-4a-209"},"notice":"GroundRules: Original legal text. Not legal advice."}