Okla. Stat. tit. 12A, § 12A-4-214

Bank; Return of Item.

RIGHT OF CHARGE-BACK OR REFUND;

LIABILITY OF COLLECTING BANK; RETURN OF ITEM

(a) If a collecting bank has made provisional settlement with

its customer for an item and fails by reason of dishonor, suspension

of payments by a bank, or otherwise to receive settlement for the

item which is or becomes final, the bank may revoke the settlement

given by it, charge back the amount of any credit given for the item

to its customer's account, or obtain refund from its customer,

whether or not it is able to return the item, if by its midnight

deadline or within a longer reasonable time after it learns the

facts it returns the item or sends notification of the facts. If

the return or notice is delayed beyond the bank's midnight deadline

or a longer reasonable time after it learns the facts, the bank may

revoke the settlement, charge back the credit, or obtain refund from

its customer, but it is liable for any loss resulting from the

delay. These rights to revoke, charge back, and obtain refund

terminate if and when a settlement for the item received by the bank

is or becomes final.

(b) A collecting bank returns an item when it is sent or

delivered to the bank's customer or transferor or pursuant to its

instructions.

(c) A depositary bank that is also the payor may charge back

the amount of an item to its customer's account or obtain refund in

accordance with the section governing return of an item received by

a payor bank for credit on its books (Section 4-301 of this title).

(d) The right to charge back is not affected by:

(1) Previous use of a credit given for the item; or

(2) Failure by any bank to exercise ordinary care with

respect to the item, but a bank so failing remains

liable.

(e) A failure to charge back or claim refund does not affect

other rights of the bank against the customer or any other party.

(f) If credit is given in dollars as the equivalent of the

value of an item payable in foreign money, the dollar amount of any

charge-back or refund must be calculated on the basis of the bank-

offered spot rate for the foreign money prevailing on the day when

the person entitled to the charge-back or refund learns that it will

not receive payment in ordinary course.