Okla. Stat. tit. 12A, § 12A-3-420
This is the official text of Okla. Stat. tit. 12A, § 12A-3-420, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Conversion of Instrument
Official statutory text
CONVERSION OF INSTRUMENT
(a) The law applicable to conversion of personal property
applies to instruments. An instrument is also converted if it is
taken by transfer, other than a negotiation, from a person not
entitled to enforce the instrument or a bank makes or obtains
payment with respect to the instrument for a person not entitled to
enforce the instrument or receive payment. An action for conversion
of an instrument may not be brought by (i) the issuer or acceptor of
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 319
the instrument or (ii) a payee or indorsee who did not receive
delivery of the instrument either directly or through delivery to an
agent or a co-payee.
(b) In an action under subsection (a) of this section, the
measure of liability is presumed to be the amount payable on the
instrument, but recovery may not exceed the amount of the
plaintiff's interest in the instrument.
(c) A representative, other than a depositary bank, who has in
good faith dealt with an instrument or its proceeds on behalf of one
who was not the person entitled to enforce the instrument is not
liable in conversion to that person beyond the amount of any
proceeds that it has not paid out.
(a) The law applicable to conversion of personal property
applies to instruments. An instrument is also converted if it is
taken by transfer, other than a negotiation, from a person not
entitled to enforce the instrument or a bank makes or obtains
payment with respect to the instrument for a person not entitled to
enforce the instrument or receive payment. An action for conversion
of an instrument may not be brought by (i) the issuer or acceptor of
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 319
the instrument or (ii) a payee or indorsee who did not receive
delivery of the instrument either directly or through delivery to an
agent or a co-payee.
(b) In an action under subsection (a) of this section, the
measure of liability is presumed to be the amount payable on the
instrument, but recovery may not exceed the amount of the
plaintiff's interest in the instrument.
(c) A representative, other than a depositary bank, who has in
good faith dealt with an instrument or its proceeds on behalf of one
who was not the person entitled to enforce the instrument is not
liable in conversion to that person beyond the amount of any
proceeds that it has not paid out.
Status: in_force · Read it on the official government site
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