{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-910.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-910.1","heading":"Definitions","body":"As used in this act:\n\n1. “Account agreement” means an agreement that:\n\na. is in a record between a bank and one or more\n\ndepositors,\n\nb. may have one or more beneficiaries as additional\n\nparties, and\n\nc. states the intention of the parties to establish a\n\nspecial deposit pursuant to this act;\n\n2. “Bank” means a person engaged in the business of banking\n\nincluding, but not limited to, a savings bank, savings and loan\n\nassociation, credit union, trust company, or bank as defined in\n\nSection 102 of Title 6 of the Oklahoma Statutes. Each branch or\n\nseparate office of a bank is a separate bank for the purpose of this\n\nact;\n\n3. “Beneficiary” means a person that:\n\na. is identified as a beneficiary in an account\n\nagreement, or\n\nb. if not identified as a beneficiary in an account\n\nagreement, may be entitled to payment from a special\n\ndeposit:\n\n(1) under the account agreement, or\n\n(2) on termination of the special deposit;\n\n4. “Contingency” means an event or circumstance stated in an\n\naccount agreement that is not certain to occur but shall occur\n\nbefore the bank is obligated to pay a beneficiary;\n\n5. “Creditor process” means attachment, garnishment, levy,\n\nnotice of lien, sequestration, or a similar process issued by or on\n\nbehalf of a creditor or other claimant;\n\n6. “Depositor” means a person that establishes or funds a\n\nspecial deposit;\n\n7. “Good faith” means honesty in fact and observance of\n\nreasonable commercial standards of fair dealing;\n\n8. “Knowledge of a fact” means:\n\na. with respect to a beneficiary, actual knowledge of the\n\nfact, or\n\nb. with respect to a bank holding a special deposit:\n\n(1) if the bank:\n\n(a) has established a reasonable routine for\n\ncommunicating material information to an\n\nindividual to whom the bank has assigned\n\nresponsibility for the special deposit, and\n\n(b) maintains reasonable compliance with the\n\nroutine, actual knowledge of the fact by\n\nthat individual, or\n\n(2) if the bank has not established and maintained\n\nreasonable compliance with a routine described in\n\ndivision (1) of this subparagraph or otherwise\n\nexercised due diligence, implied knowledge of the\n\nfact that would have come to the attention of an\n\nindividual to whom the bank has assigned\n\nresponsibility for the special deposit;\n\n9. “Obligated to pay a beneficiary” means a beneficiary is\n\nentitled under the account agreement to receive from the bank a\n\npayment when:\n\na. a contingency has occurred, and\n\nb. the bank has knowledge the contingency has occurred.\n\nAn “obligation to pay a beneficiary” shall mean the same;\n\n10. “Permissible purpose” means a governmental, regulatory,\n\ncommercial, charitable, or testamentary objective of the parties\n\nstated in an account agreement. The term includes an objective to:\n\na. hold funds:\n\n(1) in escrow, including for a purchase and sale,\n\nlease, buyback, or other transaction,\n\n(2) as a security deposit of a tenant,\n\n(3) that may be distributed to a person as\n\nremuneration, retirement, or other benefit, or\n\ncompensation under a judgment, consent decree,\n\ncourt order, or other decision of a tribunal, or\nated in an account agreement. The term includes an objective to:\n\na. hold funds:\n\n(1) in escrow, including for a purchase and sale,\n\nlease, buyback, or other transaction,\n\n(2) as a security deposit of a tenant,\n\n(3) that may be distributed to a person as\n\nremuneration, retirement, or other benefit, or\n\ncompensation under a judgment, consent decree,\n\ncourt order, or other decision of a tribunal, or\n\n(4) for distribution to a defined class of persons\n\nafter identification of the class members and\n\ntheir interest in the funds,\n\nb. provide assurance with respect to an obligation\n\ncreated by contract, such as earnest money to ensure a\n\ntransaction closes,\n\nc. settle an obligation that arises in the operation of a\n\npayment system, securities settlement system, or other\n\nfinancial market infrastructure,\n\nd. provide assurance with respect to an obligation that\n\narises in the operation of a payment system,\n\nsecurities settlement system, or other financial\n\nmarket infrastructure, or\n\ne. hold margin, other cash collateral, or funds that\n\nsupport the orderly functioning of financial market\n\ninfrastructure or the performance of an obligation\n\nwith respect to the infrastructure;\n\n11. “Person” means an individual, estate, business, or\n\nnonprofit entity, government or governmental subdivision, agency, or\n\ninstrumentality, or other legal entity. The term may include a\n\nprotected series, however denominated, of an entity if the protected\n\nseries is established under law that limits, or limits if conditions\n\nspecified under law are satisfied, the ability of a creditor of the\n\nentity or of any other protected series of the entity to satisfy a\n\nclaim from assets of the protected series;\n\n12. “Record” means information:\n\na. inscribed on a tangible medium, or\n\nb. stored in an electronic or other medium and\n\nretrievable in perceivable form;\n\n13. “Special deposit” means a deposit as specified in Section 5\n\nof this act; and\n\n14. “State” means a state of the United States, the District of\n\nColumbia, Puerto Rico, the U.S. Virgin Islands, or any other\n\nterritory or possession subject to the jurisdiction of the United\n\nStates, including an agency or instrumentality of the state.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"7014ad710e42458b7bb516180fbc879b6f5105aed9b55ae9eab5f55fc7fa744d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-910","next":"us-ok/okla.-stat.-tit.-6-6-910.10"},"notice":"GroundRules: Original legal text. Not legal advice."}