Okla. Stat. tit. 12A, § 12A-4-216
This is the official text of Okla. Stat. tit. 12A, § 12A-4-216, 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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Insolvency and Preference
Official statutory text
INSOLVENCY AND PREFERENCE
(a) If an item is in or comes into the possession of a payor or
collecting bank that suspends payment and the item has not been
finally paid, the item must be returned by the receiver, trustee, or
agent in charge of the closed bank to the presenting bank or the
closed bank's customer.
(b) If a payor bank finally pays an item and suspends payments
without making a settlement for the item with its customer or the
presenting bank which settlement is or becomes final, the owner of
the item has a preferred claim against the payor bank.
(c) If a payor bank gives or a collecting bank gives or
receives a provisional settlement for an item and thereafter
suspends payments, the suspension does not prevent or interfere with
the settlement's becoming final if the finality occurs automatically
upon the lapse of certain time or the happening of certain events.
(d) If a collecting bank receives from subsequent parties
settlement for an item, which settlement is or becomes final and the
bank suspends payments without making a settlement for the item with
its customer which settlement is or becomes final, the owner of the
item has a preferred claim against the collecting bank.
(a) If an item is in or comes into the possession of a payor or
collecting bank that suspends payment and the item has not been
finally paid, the item must be returned by the receiver, trustee, or
agent in charge of the closed bank to the presenting bank or the
closed bank's customer.
(b) If a payor bank finally pays an item and suspends payments
without making a settlement for the item with its customer or the
presenting bank which settlement is or becomes final, the owner of
the item has a preferred claim against the payor bank.
(c) If a payor bank gives or a collecting bank gives or
receives a provisional settlement for an item and thereafter
suspends payments, the suspension does not prevent or interfere with
the settlement's becoming final if the finality occurs automatically
upon the lapse of certain time or the happening of certain events.
(d) If a collecting bank receives from subsequent parties
settlement for an item, which settlement is or becomes final and the
bank suspends payments without making a settlement for the item with
its customer which settlement is or becomes final, the owner of the
item has a preferred claim against the collecting bank.
Status: in_force · Read it on the official government site
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