{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4a-405","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4A-405","heading":"Payment by beneficiary's bank to beneficiary","body":"PAYMENT BY BENEFICIARY'S BANK TO BENEFICIARY\n\n(a) If the beneficiary's bank credits an account of the\n\nbeneficiary of a payment order, payment of the bank's obligation\n\nunder subsection (a) of Section 29 of this act occurs when and to\n\nthe extent (i) the beneficiary is notified of the right to withdraw\n\nthe credit, (ii) the bank lawfully applies the credit to a debt of\n\nthe beneficiary, or (iii) funds with respect to the order are\n\notherwise made available to the beneficiary by the bank.\n\n(b) If the beneficiary's bank does not credit an account of the\n\nbeneficiary of a payment order, the time when payment of the bank's\n\nobligation under subsection (a) of Section 29 of this act occurs is\n\ngoverned by principles of law that determine when an obligation is\n\nsatisfied.\n\n(c) Except as stated in subsections (d) and (e) of this\n\nsection, if the beneficiary's bank pays the beneficiary of a payment\n\norder under a condition to payment or agreement of the beneficiary\n\ngiving the bank the right to recover payment from the beneficiary if\n\nthe bank does not receive payment of the order, the condition to\n\npayment or agreement is not enforceable.\n\n(d) A funds-transfer system rule may provide that payments made\n\nto beneficiaries of funds transfers made through the system are\n\nprovisional until receipt of payment by the beneficiary's bank of\n\nthe payment order it accepted. A beneficiary's bank that makes a\n\npayment that is provisional under the rule is entitled to refund\n\nfrom the beneficiary if (i) the rule requires that both the\n\nbeneficiary and the originator be given notice of the provisional\n\nnature of the payment before the funds transfer is initiated, (ii)\n\nthe beneficiary, the beneficiary's bank and the originator's bank\n\nagreed to be bound by the rule, and (iii) the beneficiary's bank did\n\nnot receive payment of the payment order that it accepted. If the\n\nbeneficiary is obliged to refund payment to the beneficiary's bank,\n\nacceptance of the payment order by the beneficiary's bank is\n\nnullified and no payment by the originator of the funds transfer to\n\nthe beneficiary occurs under Section 31 of this act.\n\n(e) This subsection applies to a funds transfer that includes a\n\npayment order transmitted over a funds-transfer system that (i) nets\n\nobligations multilaterally among participants, and (ii) has in\n\neffect a loss-sharing agreement among participants for the purpose\n\nof providing funds necessary to complete settlement of the\n\nobligations of one or more participants that do not meet their\n\nsettlement obligations. If the beneficiary's bank in the funds\n\ntransfer accepts a payment order and the system fails to complete\n\nsettlement pursuant to its rules with respect to any payment order\n\nin the funds transfer, (i) the acceptance by the beneficiary's bank\n\nis nullified and no person has any right or obligation based on the\n\nacceptance, (ii) the beneficiary's bank is entitled to recover\n\npayment from the beneficiary, (iii) no payment by the originator to\n\nthe beneficiary occurs under Section 31 of this act, and (iv)\n\nsubject to subsection (e) of Section 27 of this act, each sender in\n\nthe funds transfer is excused from its obligation to pay its payment\n\norder under subsection (c) of Section 27 of this act because the\n\nfunds transfer has not been completed.","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":"bbb12e94712ffb9fcb72f15facc0947d8974f443f25845b8ae39f64d215f9039","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4a-404","next":"us-ok/okla.-stat.-tit.-12a-12a-4a-406"},"notice":"GroundRules: Original legal text. Not legal advice."}