{"data":{"id":"us-ok/okla.-stat.-tit.-2-2-7-22","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 2, § 2-7-22","heading":"Requirement of escrow account - Notice - Deposits -","body":"Commingling of monies.\n\nA. 1. A dairy farmer from whom milk was purchased by a milk\n\nprocessor may require the milk processor to establish an escrow\n\naccount for the benefit of the dairy farmer for the payment of the\n\npurchase price of milk as specified in paragraph 2 of this\n\nsubsection.\n\n2. A dairy farmer may require the milk processor to establish\n\nan escrow account only if:\n\na. the dairy farmer has not received payment of the\n\npurchase price for the milk and has given written\n\nnotice by certified mail, return receipt requested, to\n\nthe milk processor within thirty (30) days following\n\nthe final date the payment is due, or\n\nb. a payment instrument received by the dairy farmer from\n\nthe milk processor has been dishonored and the dairy\n\nfarmer has given written notice by certified mail,\n\nreturn receipt requested, to the milk processor within\n\nfifteen (15) business days after the notice of\n\ndishonor was received.\n\n3. The notice specified by subparagraphs a and b of paragraph 2\n\nof this subsection shall require that an escrow account be\n\nestablished and that the payment received from the sale of any milk\n\nor dairy product as specified in subsection B of this section be\n\ndeposited in the escrow account until the dairy farmer has received\n\nfull payment of the purchase price for the milk.\n\nB. 1. The milk processor shall deposit a share of all payments\n\nreceived from the sale of milk or dairy products by the milk\n\nprocessor which is equal to the amount of the milk sold by the dairy\n\nfarmer to the milk processor in proportion to the total amount of\n\nmilk purchased for the sale of the milk and dairy products by the\n\nmilk processor into the escrow account upon receipt. The payments\n\nshall be deposited in the escrow account until the dairy farmer has\n\nreceived full payment of the purchase price for the milk.\n\n2. The escrow account shall be a segregated interest bearing\n\naccount and shall be established for the benefit of the dairy\n\nfarmer. Upon sufficient proof of identification, the escrow account\n\nagent shall promptly pay to the dairy farmer any sum accumulated for\n\nthe benefit of the dairy farmer in the escrow account.\n\nC. 1. If any milk processor is required to establish more than\n\none escrow account by operation of the provisions of this section,\n\nthen the monies accruing may all be commingled in a single account.\n\n2. The commingled monies accumulated in the account shall be\n\ndistributed to each dairy farmer in the amount due to each.\n\n3. If the commingled monies accumulated in the account are\n\ninsufficient to pay all the dairy farmers, the escrow account agent\n\nshall distribute the monies so accumulated in proportion to the\n\ncurrent amount due each.\n\nD. For the purposes of this section, the monies held by the\n\nescrow account agent shall be the property of the dairy farmer, or\n\ndairy farmers if the monies have been commingled, in the current\n\namount due to each or in proportion to the amount due each.","path":["OK Code","Title 2"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os2.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"1d939de3bfd3a6af63ca22f21db4ff966219be3538be69b1a753997d50053171","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-2-2-7-21","next":"us-ok/okla.-stat.-tit.-2-2-7-23"},"notice":"GroundRules: Original legal text. Not legal advice."}