{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4a-507","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4A-507","heading":"Choice of law","body":"CHOICE OF LAW\n\n(a) The following rules apply unless the affected parties\n\notherwise agree or subsection (c) of this section applies:\n\n(1) The rights and obligations between the sender of a payment\n\norder and the receiving bank are governed by the law of the\n\njurisdiction in which the receiving bank is located.\n\n(2) The rights and obligations between the beneficiary's bank\n\nand the beneficiary are governed by the law of the jurisdiction in\n\nwhich the beneficiary's bank is located.\n\n(3) The issue of when payment is made pursuant to a funds\n\ntransfer by the originator to the beneficiary is governed by the law\n\nof the jurisdiction in which the beneficiary's bank is located.\n\n(b) If the parties described in each paragraph of subsection\n\n(a) have made an agreement selecting the law of a particular\n\njurisdiction to govern rights and obligations between each other,\n\nthe law of that jurisdiction governs those rights and obligations,\n\nwhether or not the payment order or the funds transfer bears a\n\nreasonable relation to that jurisdiction.\n\n(c) A funds-transfer system rule may select the law of a\n\nparticular jurisdiction to govern (i) rights and obligations between\n\nparticipating banks with respect to payment orders transmitted or\n\nprocessed through the system, or (ii) the rights and obligations of\n\nsome or all parties to a funds transfer any part of which is carried\n\nout by means of the system. A choice of law made pursuant to clause\n\n(i) is binding on participating banks. A choice of law made\n\npursuant to clause (ii) is binding on the originator, other sender,\n\nor a receiving bank having notice that the funds-transfer system\n\nmight be used in the funds transfer and of the choice of law by the\n\nsystem when the originator, other sender, or receiving bank issued\n\nor accepted a payment order. The beneficiary of a funds transfer is\n\nbound by the choice of law if, when the funds transfer is initiated,\n\nthe beneficiary has notice that the funds-transfer system might be\n\nused in the funds transfer and of the choice of law by the system.\n\nThe law of a jurisdiction selected pursuant to this subsection may\n\ngovern, whether or not that law bears a reasonable relation to the\n\nmatter in issue.\n\n(d) In the event of inconsistency between an agreement under\n\nsubsection (b) and a choice-of-law rule under subsection (c) of this\n\nsection, the agreement under subsection (b) of this section\n\nprevails.\n\n(e) If a funds transfer is made by use of more than one funds-\n\ntransfer system and there is inconsistency between choice-of-law\n\nrules of the systems, the matter in issue is governed by the law of\n\nthe selected jurisdiction that has the most significant relationship\n\nto the matter in issue.","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":"c33981065a433ec5b16672a36e1c98d4166a667a0d0b5f62bf50f20b8437777b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4a-506","next":"us-ok/okla.-stat.-tit.-12a-12a-4a-551"},"notice":"GroundRules: Original legal text. Not legal advice."}