(a) In this article unless the context otherwise requires: (1) "Account" means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit;(2) "Afternoon" means the period of a day between noon and midnight;(3) "Banking day" means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions;(4) "Clearing house" means an association of banks or other payors regularly clearing items;(5) "Customer" means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank;(6) "Documentary draft" means a draft to be presented for acceptance or payment if specified documents, certified securities (Section 8-102 of this title) or instructions for uncertificated securities (Section 8-102 of this title) or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft;(7) "Draft" means a draft as defined in Section 3-104 of this title or an item, other than an instrument, that is an order;(8) "Drawee" means a person ordered in a draft to make payment;(9) "Item" means an instrument or a promise or order to pay money handled by a bank for collection or payment. The term does not include a payment order governed by Article 4A of this title or a credit or debit card slip;(10) "Midnight deadline" with respect to a bank is midnight on its next banking day following the banking day on which it receives the relevant item or notice or from which the time for taking action commences to run, whichever is later;(11) "Settle" means to pay in cash, by clearing-house settlement, in a charge or credit or by remittance, or otherwise as agreed. A settlement may be either provisional or final; and(12) "Suspends payments" with respect to a bank means that it has been closed by order of the supervisory authorities, that a public officer has been appointed to take it over or that it ceases or refuses to make payments in the ordinary course of business.(b) Other definitions applying to this article and the sections of this title in which they appear are: "Agreement for electronic presentment" Section 4-110.
"Collecting bank" Section 4-105.
"Depositary bank" Section 4-105.
"Intermediary bank" Section 4-105.
"Payor bank" Section 4-105.
"Presenting bank" Section 4-105.
"Presentment Notice" Section 4-110.
(c) "Control" as provided in Section 7-106 of this title and the following definitions in other articles of this title apply to this article: "Acceptance" Section 3-409.
"Alteration" Section 3-407.
"Cashier's check" Section 3-104.
"Certificate of deposit" Section 3-104.
"Certified check" Section 3-409.
"Check" Section 3-104.
"Draft" Section 3-104.
"Good faith" Section 3-103.
"Holder in due course" Section 3-302.
"Instrument" Section 3-104.
"Notice of dishonor" Section 3-503.
"Order" Section 3-103.
"Ordinary care" Section 3-103.
"Person entitled to enforce" Section 3-301.
"Presentment" Section 3-501.
"Promise" Section 3-103.
"Prove" Section 3-103.
"Record" Section 3-103
"Teller's check" Section 3-104.
"Unauthorized signature" Section 3-403.
(d) In addition, Article 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this article.Okla. Stat. tit. 12A, § 4-104
Added by Laws 1961, SB 36, p. 121, § 4-104; Amended by Laws 1988, HB 1659, c. 39, § 2, emerg. eff. 3/21/1988; Amended by Laws 1991, SB 25, c. 117, § 97, eff. 1/1/1992; Amended by Laws 1995, SB 522, c. 242, § 54, eff. 2/1/1996; Amended by Laws 2005, HB 2035, c. 140, §56, eff. 1/1/2006; Amended by Laws 2008, SB 1708, c. 382, §14, eff. 11/1/2008 (Laws 2008, SB 1708, c. 382 held unconstitutional and void by Weddington v. Henry, 2008 OK 102, 202 P.3d 143, and repealed by Laws 2009, SB 991, c. 208, §22, eff. 11/1/2009); Amended by Laws 2009, SB 991, c. 208, §14, eff. 11/1/2009.Oklahoma Code Comment
The new definition of "item" in subsection (a)(9) is clarified, eliminating the argument that credit or debit card skip may be subject to Article 4. Under the definition, an "item" includes an "order," which is defined in sub section 3-103(a)(6) as "a written instruction to pay money signed by the person giving the instruction." Thus, something other than a negotiable instrument may qualify as an "item." This continues the rub expressed in Shaw v. Union D Bank & Trust Co., 640 P.2d 953 (Okla 1981), which held that a savings withdrawal slip was an item and, as a result, could be wrongfully dishonored.
For an item to be a documentary draft, it is no longer necessary for the documents to accompany the draft. UCC § 4-104(a)(6). The holding of Reynolds-Wilson Lumber Co. V. Peoples National Bank 699 P.2d 146 (Okla. 1985), would be altered if documents were to be received by the payer before acceptance or payment without regard to whether the documents accompanied the draft .
The definition of a "banking day" is still unclear and depends on the bank's operations. See UCC § 4-104(a)(3); Security Rank & Trust Co. V. Federal Nat'l D Bank l' & Trust Co. of Shawnee, 554 P.2d 119 (Okla Ct. App. 1976); Pracht v. Oklahoma State Bank, 592 P.2d 976 (Okla. 1979). For transactions governed by Reg. CC, Saturdays, Sundays and legal holidays are no' "banking days." See 12 C.F.R. §229.2(f) and (g).