Oklahoma § 6-910.6 - Payment to beneficiary by bank — Obligation — Discharge

§ 6-910.6. Payment to beneficiary by bank — Obligation — Discharge

A. Unless the account agreement provides otherwise, the bank is

obligated to pay a beneficiary if there are sufficient actually and

finally collected funds in the balance of the special deposit.

B. Except as provided in subsection C of this section, the

obligation to pay the beneficiary is excused if the funds available

in the special deposit are insufficient to cover such payment.

C. Unless the account agreement provides otherwise, if the

funds available in the special deposit are insufficient to cover an

obligation to pay a beneficiary, a beneficiary may elect to be paid

the funds that are available or, if there is more than one

beneficiary, a pro rata share of the funds available. Payment to

Oklahoma Statutes - Title 6. Banks and Trust Companies

the beneficiary making the election under this subsection discharges

the bank’s obligation to pay a beneficiary and does not constitute

an accord and satisfaction with respect to another person obligated

to the beneficiary.

D. Unless the account agreement provides otherwise, the

obligation of the bank obligated to pay a beneficiary is immediately

due and payable.

E. The bank may discharge its obligation under this section by:

1. Crediting another transaction account of the beneficiary; or

2. Taking other action that:

a.

is permitted under the account agreement for the bank

to obtain a discharge, or

b.

otherwise would constitute a discharge under law.

F. If the bank obligated to pay a beneficiary has incurred an

obligation to discharge that obligation of another person, the

obligation of the other person is discharged if action by the bank

under subsection E of this section would constitute a discharge of

the obligation of the other person under law that determined whether

an obligation is satisfied.

Added by Laws 2024, c. 174, § 7, eff. Nov. 1, 2024.