Okla. Stat. tit. 12A, § 12A-4-202
This is the official text of Okla. Stat. tit. 12A, § 12A-4-202, 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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Responsibility for Collection or Return; When Action
Official statutory text
Timely.
RESPONSIBILITY FOR COLLECTION
OR RETURN; WHEN ACTION TIMELY
(a) A collecting bank must exercise ordinary care in:
(1) Presenting an item or sending it for presentment;
(2) Sending notice of dishonor or nonpayment or returning
an item other than a documentary draft to the bank's
transferor after learning that the item has not been
paid or accepted, as the case may be;
(3) Settling for an item when the bank receives final
settlement; and
(4) Notifying its transferor of any loss or delay in
transit within a reasonable time after discovery
thereof.
(b) A collecting bank exercises ordinary care under subsection
(a) of this section by taking proper action before its midnight
deadline following receipt of an item, notice, or settlement.
Taking proper action within a reasonably longer time may constitute
the exercise of ordinary care, but the bank has the burden of
establishing timeliness.
(c) Subject to paragraph (1) of subsection (a) of this section,
a bank is not liable for the insolvency, neglect, misconduct,
mistake or default of another bank or person or for loss or
destruction of an item in the possession of others or in transit.
RESPONSIBILITY FOR COLLECTION
OR RETURN; WHEN ACTION TIMELY
(a) A collecting bank must exercise ordinary care in:
(1) Presenting an item or sending it for presentment;
(2) Sending notice of dishonor or nonpayment or returning
an item other than a documentary draft to the bank's
transferor after learning that the item has not been
paid or accepted, as the case may be;
(3) Settling for an item when the bank receives final
settlement; and
(4) Notifying its transferor of any loss or delay in
transit within a reasonable time after discovery
thereof.
(b) A collecting bank exercises ordinary care under subsection
(a) of this section by taking proper action before its midnight
deadline following receipt of an item, notice, or settlement.
Taking proper action within a reasonably longer time may constitute
the exercise of ordinary care, but the bank has the burden of
establishing timeliness.
(c) Subject to paragraph (1) of subsection (a) of this section,
a bank is not liable for the insolvency, neglect, misconduct,
mistake or default of another bank or person or for loss or
destruction of an item in the possession of others or in transit.
Status: in_force · Read it on the official government site
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