{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4a-403","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4A-403","heading":"Payment by sender to receiving bank","body":"PAYMENT BY SENDER TO RECEIVING BANK\n\n(a) Payment of the sender's obligation under Section 27 of this\n\nact to pay the receiving bank occurs as follows:\n\n(1) If the sender is a bank, payment occurs when the receiving\n\nbank receives final settlement of the obligation through a Federal\n\nReserve Bank or through a funds-transfer system.\n\n(2) If the sender is a bank and the sender (i) credited an\n\naccount of the receiving bank with the sender, or (ii) caused an\n\naccount of the receiving bank in another bank to be credited,\n\npayment occurs when the credit is withdrawn or, if not withdrawn, at\n\nmidnight of the day on which the credit is withdrawable and the\n\nreceiving bank learns of that fact.\n\n(3) If the receiving bank debits an account of the sender with\n\nthe receiving bank, payment occurs when the debit is made to the\n\nextent the debit is covered by a withdrawable credit balance in the\n\naccount.\n\n(b) If the sender and receiving bank are members of a funds-\n\ntransfer system that nets obligations multilaterally among\n\nparticipants, the receiving bank receives final settlement when\n\nsettlement is complete in accordance with the rules of the system.\n\nThe obligation of the sender to pay the amount of a payment order\n\ntransmitted through the funds-transfer system may be satisfied, to\n\nthe extent permitted by the rules of the system, by setting off and\n\napplying against the sender's obligation the right of the sender to\n\nreceive payment from the receiving bank of the amount of any other\n\npayment order transmitted to the sender by the receiving bank\n\nthrough the funds-transfer system. The aggregate balance of\n\nobligations owed by each sender to each receiving bank in the funds-\n\ntransfer system may be satisfied, to the extent permitted by the\n\nrules of the system, by setting off and applying against that\n\nbalance the aggregate balance of obligations owed to the sender by\n\nother members of the system. The aggregate balance is determined\n\nafter the right of setoff stated in the second sentence of this\n\nsubsection has been exercised.\n\n(c) If two banks transmit payment orders to each other under an\n\nagreement that settlement of the obligations of each bank to the\n\nother under Section 27 of this act will be made at the end of the\n\nday or other period, the total amount owed with respect to all\n\norders transmitted by one bank shall be set off against the total\n\namount owed with respect to all orders transmitted by the other\n\nbank. To the extent of the setoff, each bank has made payment to\n\nthe other.\n\n(d) In a case not covered by subsection (a) of this section,\n\nthe time when payment of the sender's obligation under subsections\n\n(b) or (c) of Section 27 of this act occurs is governed by\n\napplicable principles of law that determine when an obligation is\n\nsatisfied.","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":"1136248b47aaabb1bced27e9b4a502238b7480b3b63b1b6a68fe808e708d1121","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4a-402","next":"us-ok/okla.-stat.-tit.-12a-12a-4a-404"},"notice":"GroundRules: Original legal text. Not legal advice."}