{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4a-211","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4A-211","heading":"Cancellation and amendment of payment order","body":"CANCELLATION AND AMENDMENT OF PAYMENT ORDER\n\n(a) A communication of the sender of a payment order canceling\n\nor amending the order may be transmitted to the receiving bank\n\norally or in a record. If a security procedure is in effect between\n\nthe sender and the receiving bank, the communication is not\n\neffective to cancel or amend the order unless the communication is\n\nverified pursuant to the security procedure or the bank agrees to\n\nthe cancellation or amendment.\n\n(b) Subject to subsection (a) of this section, a communication\n\nby the sender canceling or amending a payment order is effective to\n\ncancel or amend the order if notice of the communication is received\n\nat a time and in a manner affording the receiving bank a reasonable\n\nopportunity to act on the communication before the bank accepts the\n\npayment order.\n\n(c) After a payment order has been accepted, cancellation or\n\namendment of the order is not effective unless the receiving bank\n\nagrees or a funds-transfer system rule allows cancellation or\n\namendment without agreement of the bank.\n\n(1) With respect to a payment order accepted by a receiving\n\nbank other than the beneficiary's bank, cancellation or amendment is\n\nnot effective unless a conforming cancellation or amendment of the\n\npayment order issued by the receiving bank is also made.\n\n(2) With respect to a payment order accepted by the\n\nbeneficiary's bank, cancellation or amendment is not effective\n\nunless the order was issued in execution of an unauthorized payment\n\norder, or because of a mistake by a sender in the funds transfer\n\nwhich resulted in the issuance of a payment order (i) that is a\n\nduplicate of a payment order previously issued by the sender, (ii)\n\nthat orders payment to a beneficiary not entitled to receive payment\n\nfrom the originator, or (iii) that orders payment in an amount\n\ngreater than the amount the beneficiary was entitled to receive from\n\nthe originator. If the payment order is canceled or amended, the\n\nbeneficiary's bank is entitled to recover from the beneficiary any\n\namount paid to the beneficiary to the extent allowed by the law\n\ngoverning mistake and restitution.\n\n(d) An unaccepted payment order is canceled by operation of law\n\nat the close of the fifth funds-transfer business day of the\n\nreceiving bank after the execution date or payment date of the\n\norder.\n\n(e) A canceled payment order cannot be accepted. If an\n\naccepted payment order is canceled, the acceptance is nullified and\n\nno person has any right or obligation based on the acceptance.\n\nAmendment of a payment order is deemed to be cancellation of the\n\noriginal order at the time of amendment and issue of a new payment\n\norder in the amended form at the same time.\n\n(f) Unless otherwise provided in an agreement of the parties or\n\nin a funds-transfer system rule, if the receiving bank, after\n\naccepting a payment order, agrees to cancellation or amendment of\n\nthe order by the sender or is bound by a funds-transfer system rule\n\nallowing cancellation or amendment without the bank's agreement, the\n\nsender, whether or not cancellation or amendment is effective, is\n\nliable to the bank for any loss and expenses, including reasonable\n\nattorney fees, incurred by the bank as a result of the cancellation\n\nor amendment or attempted cancellation or amendment.\n\n(g) A payment order is not revoked by the death or legal\n\nincapacity of the sender unless the receiving bank knows of the\n\ndeath or of an adjudication of incapacity by a court of competent\n\njurisdiction and has reasonable opportunity to act before acceptance\n\nof the order.\n\n(h) A funds-transfer system rule is not effective to the extent\n\nit conflicts with paragraph (2) of subsection (c) of this section.","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":"bbc4eac5762ce827fed2118c38d70e6685d141e4e0fcd60dbf5af15ab02e1432","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4a-210","next":"us-ok/okla.-stat.-tit.-12a-12a-4a-212"},"notice":"GroundRules: Original legal text. Not legal advice."}