Okla. Stat. tit. 12A, § 12A-4A-209

ACCEPTANCE OF PAYMENT ORDER

(a) Subject to subsection (d) of this section, a receiving bank

other than the beneficiary's bank accepts a payment order when it

executes the order.

(b) Subject to subsections (c) and (d) of this section, a

beneficiary's bank accepts a payment order at the earliest of the

following times:

(1) When the bank (i) pays the beneficiary as stated in

subsection (a) or (b) of Section 30 of this act, or (ii) notifies

the beneficiary of receipt of the order or that the account of the

beneficiary has been credited with respect to the order unless the

notice indicates that the bank is rejecting the order or that funds

with respect to the order may not be withdrawn or used until receipt

of payment from the sender of the order;

(2) When the bank receives payment of the entire amount of the

sender's order pursuant to paragraph (1) or (2) of subsection (a) of

Section 28 of this act; or

(3) The opening of the next funds-transfer business day of the

bank following the payment date of the order if, at that time, the

amount of the sender's order is fully covered by a withdrawable

credit balance in an authorized account of the sender or the bank

has otherwise received full payment from the sender, unless the

order was rejected before that time or is rejected within (i) one

hour after that time, or (ii) one hour after the opening of the next

business day of the sender following the payment date if that time

is later. If notice of rejection is received by the sender after

the payment date and the authorized account of the sender does not

bear interest, the bank is obliged to pay interest to the sender on

the amount of the order for the number of days elapsing after the

payment date to the day the sender receives notice or learns that

the order was not accepted, counting that day as an elapsed day. If

the withdrawable credit balance during that period falls below the

amount of the order, the amount of interest payable is reduced

accordingly.

(c) Acceptance of a payment order cannot occur before the order

is received by the receiving bank. Acceptance does not occur under

paragraph (2) or (3) of subsection (b) of this section if the

beneficiary of the payment order does not have an account with the

receiving bank, the account has been closed, or the receiving bank

Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 365

is not permitted by law to receive credits for the beneficiary's

account.

(d) A payment order issued to the originator's bank cannot be

accepted until the payment date if the bank is the beneficiary's

bank, or the execution date if the bank is not the beneficiary's

bank. If the originator's bank executes the originator's payment

order before the execution date or pays the beneficiary of the

originator's payment order before the payment date and the payment

order is subsequently canceled pursuant to subsection (b) of Section

19 of this act, the bank may recover from the beneficiary any

payment received to the extent allowed by the law governing mistake

and restitution.