- (a) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the terms of the payment order transmitted to the system and the terms of the payment order transmitted by the system to the bank, the terms of the payment order of the sender are those transmitted by the system. This section does not apply to a funds-transfer system of the Federal Reserve Banks.
(b) This section applies to cancellations and amendments of
payment orders to the same extent it applies to payment orders.
Oklahoma Code Comment
With respect to Official Comment 2, existing Oklahoma law would support the result that the
originator's bank is responsible for the error of the automated clearinghouse. See the introductory comment as to the Oklahoma law of mistake and restitution.
Laws 1990, SB 641, c. 110, § 14, eff. July 1, 1991.