{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4a-406","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4A-406","heading":"Payment by originator to beneficiary; discharge of","body":"underlying obligation.\n\nPAYMENT BY ORIGINATOR TO BENEFICIARY; DISCHARGE OF\n\nUNDERLYING OBLIGATION\n\n(a) Subject to subsection (e) of Section 19 and subsections (d)\n\nand (e) of Section 30 of this act, the originator of a funds\n\ntransfer pays the beneficiary of the originator's payment order (i)\n\nat the time a payment order for the benefit of the beneficiary is\n\naccepted by the beneficiary's bank in the funds transfer and (ii) in\n\nan amount equal to the amount of the order accepted by the\n\nbeneficiary's bank, but not more than the amount of the originator's\n\norder.\n\n(b) If payment under subsection (a) of this section is made to\n\nsatisfy an obligation, the obligation is discharged to the same\n\nextent discharge would result from payment to the beneficiary of the\n\nsame amount in money, unless (i) the payment under subsection (a) of\n\nthis section was made by a means prohibited by the contract of the\n\nbeneficiary with respect to the obligation, (ii) the beneficiary,\n\nwithin a reasonable time after receiving notice of receipt of the\n\norder by the beneficiary's bank, notified the originator of the\n\nbeneficiary's refusal of the payment, (iii) funds with respect to\n\nthe order were not withdrawn by the beneficiary or applied to a debt\n\nof the beneficiary, and (iv) the beneficiary would suffer a loss\n\nthat could reasonably have been avoided if payment had been made by\n\na means complying with the contract. If payment by the originator\n\ndoes not result in discharge under this section, the originator is\n\nsubrogated to the rights of the beneficiary to receive payment from\n\nthe beneficiary's bank under subsection (a) of Section 29 of this\n\nact.\n\n(c) For the purpose of determining whether discharge of an\n\nobligation occurs under subsection (b), if the beneficiary's bank\n\naccepts a payment order in an amount equal to the amount of the\n\noriginator's payment order less charges of one or more receiving\n\nbanks in the funds transfer, payment to the beneficiary is deemed to\n\nbe in the amount of the originator's order unless upon demand by the\n\nbeneficiary the originator does not pay the beneficiary the amount\n\nof the deducted charges.\n\n(d) Rights of the originator or of the beneficiary of a funds\n\ntransfer under this section may be varied only by agreement of the\n\noriginator and the beneficiary.","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":"581871861eb00314ed982202dc7b40e7c71d02a9c851cb7c59dc1a0089cd2f41","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4a-405","next":"us-ok/okla.-stat.-tit.-12a-12a-4a-501"},"notice":"GroundRules: Original legal text. Not legal advice."}