Okla. Stat. tit. 12A § 4-407
If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payor bank is subrogated to the rights:
Okla. Stat. tit. 12A, § 4-407
Oklahoma Code Comment
1. This Section may afford recovery to a payor bank for payment of an item not properly payable. It should be read in conjunction with other Sections that relate to the concept of "properly payable," such as Sections 4-4014-403, 4-405 and 4-406. The 1992 UCC revisions added the language "or after an account has been closed," making it dear that this Section applies to a bank that pays an item on a closed account. This offers the bank a possible means of recovery (or a defense, if sued for wrongful payment) when the payment discharged a lawful debt of the customer.
2. If a bank pays an item that is not properly payable, it must recredit the customer's account upon request unless the customer has ratified payment of the item or the bank has a defense or preclusion against the customer; e.g., under Section 3-402, 3-404, 3-405, 3-406, 3-407, 4-406 or 4-407. In addition, Section 4-407 allows the bank to be subrogated to the rights of the party it paid and to assert those rights as a claim against the bank's customer or as a defense against liability to its customer for wrongful payment. For example, if the payment discharged a lawful debt of the bank's customer, the customer has suffered no loss and has no recourse against the bank. See, e.g., Cooper v. Stock Yards Bank of Okla. City, 644 P.2d 123 (Okla. Ct. App. 1981) (customer not damaged by forged checks paid to legitimate creditors); Siegal v. New England Merchants Nat'l Bank, 386 Mass. 672, 437 N.E.2d 218 (1982) (payment of post-dated item). Section 4-407 may be relevant in an action by the customer for damages under Sections 4-401(c), 4-402, or 4-403(c), or may provide the basis for a claim against a former customer whose item was paid after the account had been closed.
Sub section 4-407(3) also allows the payor bank to be subrogated to the rights of the drawer or maker as against the payee or other holder of the item. The payor bank is an agent of the item's drawer (the "customer," under sub section 4-104(a)(5) ), and owes no obligation to the holder of an uncertified personal check or other draft not drawn or accepted by the bank. Therefore the holder of such an item has no right of action against the payor bank for wrongful dishonor under Section 4-402. Nonetheless, sub section 4407(3) offers the bank an additional defense if sued by a holder for wrongful dishonor of any item and, more importantly, affords a basis to recover payment made if the customer could recover payment. See also UCC § 3-418.