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§ 4-302. Payor Bank's Responsibility for Late Return of Item

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 4. Bank Deposits and Collections (Refs & Annos)
Part 3. Collection of Items: Payor Banks
12A Okl.St.Ann. § 4-302
§ 4-302. Payor Bank's Responsibility for Late Return of Item
Currentness
PAYOR BANK'S RESPONSIBILITY FOR LATE RETURN OF ITEM
(a) If an item is presented to and received by a payor bank, the bank is accountable for the amount of:
(1) a demand item, other than a documentary draft, whether properly payable or not, if the bank, in any case in which it is not also the depositary bank, retains the item beyond midnight of the banking day of receipt without settling for it or, whether or not it is also the depositary bank, does not pay or return the item or send notice of dishonor until after its midnight deadline; or
(2) any other properly payable item unless, within the time allowed for acceptance or payment of that item, the bank either accepts or pays the item or returns it and accompanying documents.
(b) The liability of a payor bank to pay an item pursuant to subsection (a) of this section is subject to defenses based on breach of presentment warranty (Section 4-208 of this title) or proof that the person seeking enforcement of the liability presented or transferred the item for the purpose of defrauding the payor bank.

Credits

Laws 1991, c. 117, § 122, eff. Jan. 1, 1992.
12A Okl. St. Ann. § 4-302, OK ST T. 12A § 4-302
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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