Okla. Stat. tit. 12A, § 12A-4-503
This is the official text of Okla. Stat. tit. 12A, § 12A-4-503, 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 of Presenting Bank for Documents and
Official statutory text
Goods; Report of Reasons for Dishonor; Referee in Case of Need.
RESPONSIBILITY OF PRESENTING BANK FOR DOCUMENTS AND GOODS;
REPORT OF REASONS FOR DISHONOR; REFEREE IN CASE OF NEED
Unless otherwise instructed and except as provided in Article 5
of this title, a bank presenting a documentary draft:
(1) Must deliver the documents to the drawee on acceptance
of the draft if it is payable more than three (3) days
after presentment; otherwise, only on payment; and
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 353
(2) Upon dishonor, either in the case of presentment for
acceptance or presentment for payment, may seek and
follow instructions from any referee in case of need
designated in the draft or, if the presenting bank
does not choose to utilize the referee's services, it
must use diligence and good faith to ascertain the
reason for dishonor, must notify its transferor of the
dishonor and of the results of its effort to ascertain
the reasons therefor, and must request instructions.
However, the presenting bank is under no obligation with respect to
goods represented by the documents except to follow any reasonable
instructions seasonably received; it has a right to reimbursement
for any expense incurred in following instructions and to prepayment
of or indemnity for those expenses.
RESPONSIBILITY OF PRESENTING BANK FOR DOCUMENTS AND GOODS;
REPORT OF REASONS FOR DISHONOR; REFEREE IN CASE OF NEED
Unless otherwise instructed and except as provided in Article 5
of this title, a bank presenting a documentary draft:
(1) Must deliver the documents to the drawee on acceptance
of the draft if it is payable more than three (3) days
after presentment; otherwise, only on payment; and
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 353
(2) Upon dishonor, either in the case of presentment for
acceptance or presentment for payment, may seek and
follow instructions from any referee in case of need
designated in the draft or, if the presenting bank
does not choose to utilize the referee's services, it
must use diligence and good faith to ascertain the
reason for dishonor, must notify its transferor of the
dishonor and of the results of its effort to ascertain
the reasons therefor, and must request instructions.
However, the presenting bank is under no obligation with respect to
goods represented by the documents except to follow any reasonable
instructions seasonably received; it has a right to reimbursement
for any expense incurred in following instructions and to prepayment
of or indemnity for those expenses.
Status: in_force · Read it on the official government site
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