{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4a-404","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4A-404","heading":"Obligation of beneficiary's bank to pay and give","body":"notice to beneficiary.\n\nOBLIGATION OF BENEFICIARY'S BANK TO PAY AND GIVE NOTICE TO\n\nBENEFICIARY\n\n(a) Subject to subsection (e) of Section 19 and subsections (d)\n\nand (e) of Section 30 of this act, if a beneficiary's bank accepts a\n\npayment order, the bank is obliged to pay the amount of the order to\n\nthe beneficiary of the order. Payment is due on the payment date of\n\nthe order, but if acceptance occurs on the payment date after the\n\nclose of the funds-transfer business day of the bank, payment is due\n\non the next funds-transfer business day. If the bank refuses to pay\n\nafter demand by the beneficiary and receipt of notice of particular\n\ncircumstances that will give rise to consequential damages as a\n\nresult of nonpayment, the beneficiary may recover damages resulting\n\nfrom the refusal to pay to the extent the bank had notice of the\n\ndamages, unless the bank proves that it did not pay because of a\n\nreasonable doubt concerning the right of the beneficiary to payment.\n\n(b) If a payment order accepted by the beneficiary's bank\n\ninstructs payment to an account of the beneficiary, the bank is\n\nobliged to notify the beneficiary of receipt of the order before\n\nmidnight of the next funds-transfer business day following the\n\npayment date. If the payment order does not instruct payment to an\n\naccount of the beneficiary, the bank is required to notify the\n\nbeneficiary only if notice is required by the order. Notice may be\n\ngiven by first class mail or any other means reasonable in the\n\ncircumstances. If the bank fails to give the required notice, the\n\nbank is obliged to pay interest to the beneficiary on the amount of\n\nthe payment order from the day notice should have been given until\n\nthe day the beneficiary learned of receipt of the payment order by\n\nthe bank. No other damages are recoverable. Reasonable attorney's\n\nfees are also recoverable if demand for interest is made and refused\n\nbefore an action is brought on the claim.\n\n(c) The right of a beneficiary to receive payment and damages\n\nas stated in subsection (a) of this section may not be varied by\n\nagreement or a funds-transfer system rule. The right of a\n\nbeneficiary to be notified as stated in subsection (b) of this\n\nsection may be varied by agreement of the beneficiary or by a funds-\n\ntransfer system rule if the beneficiary is notified of the rule\n\nbefore initiation of the funds transfer.","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":"7fec221d2113331155137366d727244e1e1ea1ae9ffd2d34af27f6384f6afdcb","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4a-403","next":"us-ok/okla.-stat.-tit.-12a-12a-4a-405"},"notice":"GroundRules: Original legal text. Not legal advice."}