Okla. Stat. tit. 12A, § 12A-4A-402
This is the official text of Okla. Stat. tit. 12A, § 12A-4A-402, 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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Obligation of sender to pay receiving bank
Official statutory text
OBLIGATION OF SENDER TO PAY RECEIVING BANK
(a) This section is subject to Sections 13 and 15 of this act.
(b) With respect to a payment order issued to the beneficiary's
bank, acceptance of the order by the bank obliges the sender to pay
the bank the amount of the order, but payment is not due until the
payment date of the order.
(c) This subsection is subject to subsection (e) of this
section and to Section 23 of this act. With respect to a payment
order issued to a receiving bank other than the beneficiary's bank,
acceptance of the order by the receiving bank obliges the sender to
pay the bank the amount of the sender's order. Payment by the
sender is not due until the execution date of the sender's order.
The obligation of that sender to pay its payment order is excused if
the funds transfer is not completed by acceptance by the
beneficiary's bank of a payment order instructing payment to the
beneficiary of that sender's payment order.
(d) If the sender of a payment order pays the order and was not
obliged to pay all or part of the amount paid, the bank receiving
payment is obliged to refund payment to the extent the sender was
not obliged to pay. Except as provided in Sections 12 and 24 of
this act, interest is payable on the refundable amount from the date
of payment.
(e) If a funds transfer is not completed as stated in
subsection (c) of this section and an intermediary bank is obliged
to refund payment as stated in subsection (d) of this section but is
unable to do so because not permitted by applicable law or because
the bank suspends payments, a sender in the funds transfer that
executed a payment order in compliance with an instruction, as
stated in paragraph (1) of subsection (a) of Section 22 of this act,
to route the funds transfer through that intermediary bank is
entitled to receive or retain payment from the sender of the payment
order that it accepted. The first sender in the funds transfer that
issued an instruction requiring routing through that intermediary
bank is subrogated to the right of the bank that paid the
intermediary bank to refund as stated in subsection (d) of this
section.
(f) The right of the sender of a payment order to be excused
from the obligation to pay the order as stated in subsection (c) or
to receive refund under subsection (d) of this section may not be
varied by agreement.
(a) This section is subject to Sections 13 and 15 of this act.
(b) With respect to a payment order issued to the beneficiary's
bank, acceptance of the order by the bank obliges the sender to pay
the bank the amount of the order, but payment is not due until the
payment date of the order.
(c) This subsection is subject to subsection (e) of this
section and to Section 23 of this act. With respect to a payment
order issued to a receiving bank other than the beneficiary's bank,
acceptance of the order by the receiving bank obliges the sender to
pay the bank the amount of the sender's order. Payment by the
sender is not due until the execution date of the sender's order.
The obligation of that sender to pay its payment order is excused if
the funds transfer is not completed by acceptance by the
beneficiary's bank of a payment order instructing payment to the
beneficiary of that sender's payment order.
(d) If the sender of a payment order pays the order and was not
obliged to pay all or part of the amount paid, the bank receiving
payment is obliged to refund payment to the extent the sender was
not obliged to pay. Except as provided in Sections 12 and 24 of
this act, interest is payable on the refundable amount from the date
of payment.
(e) If a funds transfer is not completed as stated in
subsection (c) of this section and an intermediary bank is obliged
to refund payment as stated in subsection (d) of this section but is
unable to do so because not permitted by applicable law or because
the bank suspends payments, a sender in the funds transfer that
executed a payment order in compliance with an instruction, as
stated in paragraph (1) of subsection (a) of Section 22 of this act,
to route the funds transfer through that intermediary bank is
entitled to receive or retain payment from the sender of the payment
order that it accepted. The first sender in the funds transfer that
issued an instruction requiring routing through that intermediary
bank is subrogated to the right of the bank that paid the
intermediary bank to refund as stated in subsection (d) of this
section.
(f) The right of the sender of a payment order to be excused
from the obligation to pay the order as stated in subsection (c) or
to receive refund under subsection (d) of this section may not be
varied by agreement.
Status: in_force · Read it on the official government site
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