{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-5-117","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-5-117","heading":"Subrogation of Issuer, Applicant, and Nominated Person","body":"Subrogation of Issuer, Applicant, and Nominated Person.\n\n(a) An issuer that honors a beneficiary's presentation is\n\nsubrogated to the rights of the beneficiary to the same extent as if\n\nthe issuer were a secondary obligor of the underlying obligation\n\nowed to the beneficiary and of the applicant to the same extent as\n\nif the issuer were the secondary obligor of the underlying\n\nobligation owed to the applicant.\n\n(b) An applicant that reimburses an issuer is subrogated to the\n\nrights of the issuer against any beneficiary, presenter, or\n\nnominated person to the same extent as if the applicant were the\n\nsecondary obligor of the obligations owed to the issuer and has the\n\nrights of subrogation of the issuer to the rights of the beneficiary\n\nstated in subsection (a) of this section.\n\n(c) A nominated person who pays or gives value against a draft\n\nor demand presented under a letter of credit is subrogated to the\n\nrights of:\n\n(1) The issuer against the applicant to the same extent as\n\nif the nominated person were a secondary obligor of\n\nthe obligation owed to the issuer by the applicant;\n\n(2) The beneficiary to the same extent as if the nominated\n\nperson were a secondary obligor of the underlying\n\nobligation owed to the beneficiary; and\n\n(3) The applicant to the same extent as if the nominated\n\nperson were a secondary obligor of the underlying\n\nobligation owed to the applicant.\n\n(d) Notwithstanding any agreement or term to the contrary, the\n\nrights of subrogation stated in subsections (a) and (b) of this\n\nsection do not arise until the issuer honors the letter of credit or\n\notherwise pays and the rights in subsection (c) of this section do\n\nnot arise until the nominated person pays or otherwise gives value.\n\nUntil then, the issuer, nominated person, and the applicant do not\n\nderive under this section present or prospective rights forming the\n\nbasis of a claim, defense, or excuse.","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":"9e1cd15a828fb41453d08e9f24a896e2f8c71e89fe9da860da8535e2659409dd","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-5-116","next":"us-ok/okla.-stat.-tit.-12a-12a-5-118"},"notice":"GroundRules: Original legal text. Not legal advice."}