Oklahoma § 12A-4-202 Responsibility for Collection or Return; When Action

Oklahoma Statutes

§ 12A-4-202 — Responsibility for Collection or Return; When Action

Oklahoma § 12A-4-202

Title 12AUniform Commercial Code

This text of Oklahoma § 12A-4-202 (Responsibility for Collection or Return; When Action) is published on Counsel Stack Legal Research, covering Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Okla. Stat. tit. 12A, § 12A-4-202 (2026).

Text

Timely. RESPONSIBILITY FOR COLLECTION OR RETURN; WHEN ACTION TIMELY (a) A collecting bank must exercise ordinary care in:

(1)Presenting an item or sending it for presentment;

(2)Sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank's transferor after learning that the item has not been paid or accepted, as the case may be;

(3)Settling for an item when the bank receives final settlement; and (4) Notifying its transferor of any loss or delay in transit within a reasonable time after discovery thereof.

(b)A collecting bank exercises ordinary care under subsection (a) of this section by taking proper action before its midnight deadline following receipt of an item, notice, or settlement. Taking proper action within a reasonably longer time

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Timely. RESPONSIBILITY FOR COLLECTION OR RETURN; WHEN ACTION TIMELY (a) A collecting bank must exercise ordinary care in: (1) Presenting an item or sending it for presentment; (2) Sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank's transferor after learning that the item has not been paid or accepted, as the case may be; (3) Settling for an item when the bank receives final settlement; and (4) Notifying its transferor of any loss or delay in transit within a reasonable time after discovery thereof. (b) A collecting bank exercises ordinary care under subsection (a) of this section by taking proper action before its midnight deadline following receipt of an item, notice, or settlement. Taking proper action within a reasonably longer time may constitute the exercise of ordinary care, but the bank has the burden of establishing timeliness. (c) Subject to paragraph (1) of subsection (a) of this section, a bank is not liable for the insolvency, neglect, misconduct, mistake or default of another bank or person or for loss or destruction of an item in the possession of others or in transit.