Okla. Stat. tit. 12A, § 12A-4-302
This is the official text of Okla. Stat. tit. 12A, § 12A-4-302, 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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Payor Bank's Responsibility for Late Return of Item
Official statutory text
PAYOR BANK'S RESPONSIBILITY FOR LATE RETURN OF ITEM
(a) If an item is presented to and received by a payor bank,
the bank is accountable for the amount of:
(1) a demand item, other than a documentary draft, whether
properly payable or not, if the bank, in any case in
which it is not also the depositary bank, retains the
item beyond midnight of the banking day of receipt
without settling for it or, whether or not it is also
the depositary bank, does not pay or return the item
or send notice of dishonor until after its midnight
deadline; or
(2) any other properly payable item unless, within the
time allowed for acceptance or payment of that item,
the bank either accepts or pays the item or returns it
and accompanying documents.
(b) The liability of a payor bank to pay an item pursuant to
subsection (a) of this section is subject to defenses based on
breach of presentment warranty (Section 4-208 of this title) or
proof that the person seeking enforcement of the liability presented
or transferred the item for the purpose of defrauding the payor
bank.
(a) If an item is presented to and received by a payor bank,
the bank is accountable for the amount of:
(1) a demand item, other than a documentary draft, whether
properly payable or not, if the bank, in any case in
which it is not also the depositary bank, retains the
item beyond midnight of the banking day of receipt
without settling for it or, whether or not it is also
the depositary bank, does not pay or return the item
or send notice of dishonor until after its midnight
deadline; or
(2) any other properly payable item unless, within the
time allowed for acceptance or payment of that item,
the bank either accepts or pays the item or returns it
and accompanying documents.
(b) The liability of a payor bank to pay an item pursuant to
subsection (a) of this section is subject to defenses based on
breach of presentment warranty (Section 4-208 of this title) or
proof that the person seeking enforcement of the liability presented
or transferred the item for the purpose of defrauding the payor
bank.
Status: in_force · Read it on the official government site
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