Okla. Stat. tit. 6, § 6-910.10
This is the official text of Okla. Stat. tit. 6, § 6-910.10, part of Oklahoma’s Stat. tit. 6, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 6,." Browse the sections below, each linked to its official government source.
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Right of recoupment or set off
Official statutory text
A. Except as provided in subsection B or C of this section, a
bank may not exercise a right of recoupment or set off against a
special deposit.
B. An account agreement may authorize the bank to debit the
special deposit:
1. When the bank becomes obligated to pay a beneficiary, in an
amount that does not exceed the amount necessary to discharge the
obligation;
2. For a fee assessed by the bank that relates to an overdraft
in the special deposit;
3. For costs incurred by the bank that relate directly to the
special deposit; or
4. To reverse an earlier credit posted by the bank to the
balance of the special deposit, if the reversal occurs under an
event or circumstance warranted under other law of this state
governing mistake and restitution.
C. The bank holding a special deposit may exercise a right of
recoupment or set off against an obligation to pay a beneficiary,
even if the bank funds payment from the special deposit.
bank may not exercise a right of recoupment or set off against a
special deposit.
B. An account agreement may authorize the bank to debit the
special deposit:
1. When the bank becomes obligated to pay a beneficiary, in an
amount that does not exceed the amount necessary to discharge the
obligation;
2. For a fee assessed by the bank that relates to an overdraft
in the special deposit;
3. For costs incurred by the bank that relate directly to the
special deposit; or
4. To reverse an earlier credit posted by the bank to the
balance of the special deposit, if the reversal occurs under an
event or circumstance warranted under other law of this state
governing mistake and restitution.
C. The bank holding a special deposit may exercise a right of
recoupment or set off against an obligation to pay a beneficiary,
even if the bank funds payment from the special deposit.
Status: in_force · Read it on the official government site
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