Oklahoma § 6-910.11 - Duties of bank
Full text of Oklahoma Oklahoma Statutes § 6-910.11 — Duties of bank, with citation guidance and answers to common questions.
§ 6-910.11. Duties of bank
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
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.
Added by Laws 2024, c. 174, § 12, eff. Nov. 1, 2024.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 6-910.11
What does Oklahoma Statutes § 6-910.11 cover?
Section 6-910.11 ("Duties of bank") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 6-910.11?
A common citation format is "Oklahoma Statutes § 6-910.11" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 6-910.11 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.