Okla. Stat. tit. 12A, § 12A-4-213
This is the official text of Okla. Stat. tit. 12A, § 12A-4-213, 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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Medium and Time of Settlement by Bank
Official statutory text
MEDIUM AND TIME OF SETTLEMENT BY BANK
(a) With respect to settlement by a bank, the medium and time
of settlement may be prescribed by Federal Reserve regulations or
circulars, clearing-house rules, and the like, or agreement. In the
absence of such prescription:
(1) The medium of settlement is cash or credit to an
account in a Federal Reserve bank of or specified by
the person to receive settlement; and
(2) The time of settlement, is:
(i) with respect to tender of settlement by cash, a
cashier's check, or teller's check, when the cash
or check is sent or delivered;
(ii) with respect to tender of settlement by credit in
an account in a Federal Reserve bank, when the
credit is made;
(iii) with respect to tender of settlement by a credit
or debit to an account in a bank, when the credit
or debit is made or, in the case of tender of
settlement by authority to charge an account,
when the authority is sent or delivered; or
(iv) with respect to tender of settlement by a funds
transfer, when payment is made pursuant to
subsection (a) of Section 4A-406 of this title to
the person receiving settlement.
(b) If the tender of settlement is not by a medium authorized
by subsection (a) of this section or the time of settlement is not
fixed by subsection (a) of this section, no settlement occurs until
the tender or settlement is accepted by the person receiving
settlement.
(c) If settlement for an item is made by cashier's check or
teller's check and the person receiving settlement, before its
midnight deadline:
(1) Presents or forwards the check for collection,
settlement is final when the check is finally paid; or
(2) Fails to present or forward the check for collection,
settlement is final at the midnight deadline of the
person receiving settlement.
(d) If settlement for an item is made by giving authority to
charge the account of the bank giving settlement in the bank
receiving settlement, settlement is final when the charge is make by
the bank receiving settlement if there are funds available in the
account for the amount of the item.
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 343
(a) With respect to settlement by a bank, the medium and time
of settlement may be prescribed by Federal Reserve regulations or
circulars, clearing-house rules, and the like, or agreement. In the
absence of such prescription:
(1) The medium of settlement is cash or credit to an
account in a Federal Reserve bank of or specified by
the person to receive settlement; and
(2) The time of settlement, is:
(i) with respect to tender of settlement by cash, a
cashier's check, or teller's check, when the cash
or check is sent or delivered;
(ii) with respect to tender of settlement by credit in
an account in a Federal Reserve bank, when the
credit is made;
(iii) with respect to tender of settlement by a credit
or debit to an account in a bank, when the credit
or debit is made or, in the case of tender of
settlement by authority to charge an account,
when the authority is sent or delivered; or
(iv) with respect to tender of settlement by a funds
transfer, when payment is made pursuant to
subsection (a) of Section 4A-406 of this title to
the person receiving settlement.
(b) If the tender of settlement is not by a medium authorized
by subsection (a) of this section or the time of settlement is not
fixed by subsection (a) of this section, no settlement occurs until
the tender or settlement is accepted by the person receiving
settlement.
(c) If settlement for an item is made by cashier's check or
teller's check and the person receiving settlement, before its
midnight deadline:
(1) Presents or forwards the check for collection,
settlement is final when the check is finally paid; or
(2) Fails to present or forward the check for collection,
settlement is final at the midnight deadline of the
person receiving settlement.
(d) If settlement for an item is made by giving authority to
charge the account of the bank giving settlement in the bank
receiving settlement, settlement is final when the charge is make by
the bank receiving settlement if there are funds available in the
account for the amount of the item.
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 343
Status: in_force · Read it on the official government site
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