{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4a-305","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4A-305","heading":"Liability for late or improper execution or failure to","body":"execute payment order.\n\nLIABILITY FOR LATE OR IMPROPER EXECUTION OR FAILURE TO\n\nEXECUTE PAYMENT ORDER\n\n(a) If a funds transfer is completed but execution of a payment\n\norder by the receiving bank in breach of Section 22 of this act\n\nresults in delay in payment to the beneficiary, the bank is obliged\n\nto pay interest to either the originator or the beneficiary of the\n\nfunds transfer for the period of delay caused by the improper\n\nexecution. Except as provided in subsection (c) of this section,\n\nadditional damages are not recoverable.\n\n(b) If execution of a payment order by a receiving bank in\n\nbreach of Section 22 of this act results in (i) noncompletion of the\n\nfunds transfer, (ii) failure to use an intermediary bank designated\n\nby the originator, or (iii) issuance of a payment order that does\n\nnot comply with the terms of the payment order of the originator,\n\nthe bank is liable to the originator for its expenses in the funds\n\ntransfer and for incidental expenses and interest losses, to the\n\nextent not covered by subsection (a) of this section, resulting from\n\nthe improper execution. Except as provided in subsection (c) of\n\nthis section, additional damages are not recoverable.\n\n(c) In addition to the amounts payable under subsections (a)\n\nand (b) of this section, damages, including consequential damages,\n\nare recoverable to the extent provided in an express agreement of\n\nthe receiving bank, evidenced by a record.\n\n(d) If a receiving bank fails to execute a payment order it was\n\nobliged by express agreement to execute, the receiving bank is\n\nliable to the sender for its expenses in the transaction and for\n\nincidental expenses and interest losses resulting from the failure\n\nto execute. Additional damages, including consequential damages,\n\nare recoverable to the extent provided in an express agreement of\n\nthe receiving bank, evidenced by a record, but are not otherwise\n\nrecoverable.\n\n(e) Reasonable attorney fees are recoverable if demand for\n\ncompensation under subsection (a) or (b) of this section is made and\n\nrefused before an action is brought on the claim. If a claim is\n\nmade for breach of an agreement under subsection (d) of this section\n\nand the agreement does not provide for damages, reasonable attorney\n\nfees are recoverable if demand for compensation under subsection (d)\n\nof this section is made and refused before an action is brought on\n\nthe claim.\n\n(f) Except as stated in this section, the liability of a\n\nreceiving bank under subsections (a) and (b) of this section may not\n\nbe varied 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":"3fae7dbe1cbd531d975b6a26bd6c48905646fce162d9001be3608d3043ca998b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4a-304","next":"us-ok/okla.-stat.-tit.-12a-12a-4a-401"},"notice":"GroundRules: Original legal text. Not legal advice."}