Okla. Stat. tit. 6, § 6-910.11
This is the official text of Okla. Stat. tit. 6, § 6-910.11, 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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Duties of bank
Official statutory text
A. A bank does not have a fiduciary duty to any person with
respect to a special deposit.
B. When the bank holding a special deposit becomes obligated to
pay a beneficiary, a debtor-creditor relationship arises between the
bank and beneficiary.
C. The bank holding a special deposit has a duty to a
beneficiary to comply with the account agreement and this act.
D. If the bank holding a special deposit does not comply with
the account agreement or this act, the bank is liable to a depositor
or beneficiary only for damages proximately caused by the
noncompliance. Except as provided by other law of this state, the
bank is not liable for consequential, special, or punitive damages.
Oklahoma Statutes - Title 6. Banks and Trust Companies Page 120
E. The bank holding a special deposit may rely on records
presented in compliance with the account agreement to determine
whether the bank is obligated to pay a beneficiary.
F. If the account agreement requires payment on presentation of
a record, the bank shall determine within a reasonable amount of
time whether the record is sufficient to require payment. If the
agreement requires action by the bank on presentation of a record,
the bank is not liable for relying in good faith on the genuineness
of the record if the record appears on its face to be genuine.
G. Unless the account agreement provides otherwise, the bank is
not required to determine whether a permissible purpose stated in
the agreement continues to exist.
respect to a special deposit.
B. When the bank holding a special deposit becomes obligated to
pay a beneficiary, a debtor-creditor relationship arises between the
bank and beneficiary.
C. The bank holding a special deposit has a duty to a
beneficiary to comply with the account agreement and this act.
D. If the bank holding a special deposit does not comply with
the account agreement or this act, the bank is liable to a depositor
or beneficiary only for damages proximately caused by the
noncompliance. Except as provided by other law of this state, the
bank is not liable for consequential, special, or punitive damages.
Oklahoma Statutes - Title 6. Banks and Trust Companies Page 120
E. The bank holding a special deposit may rely on records
presented in compliance with the account agreement to determine
whether the bank is obligated to pay a beneficiary.
F. If the account agreement requires payment on presentation of
a record, the bank shall determine within a reasonable amount of
time whether the record is sufficient to require payment. If the
agreement requires action by the bank on presentation of a record,
the bank is not liable for relying in good faith on the genuineness
of the record if the record appears on its face to be genuine.
G. Unless the account agreement provides otherwise, the bank is
not required to determine whether a permissible purpose stated in
the agreement continues to exist.
Status: in_force · Read it on the official government site
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