Section 4A-104 - Funds transfer - DefinitionsIn this Article:
(a) "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator's bank or an intermediary bank intended to carry out the originator's payment order. A fund transfer is completed by acceptance by the beneficiary's bank of a payment order for the benefit of the beneficiary of the originator's payment order.(b) "Intermediary bank" means a receiving bank other than the originator's bank or the beneficiary's bank.(c) "Originator" means the sender of the first payment order in a funds transfer.(d) "Originator's bank" means (i) the receiving bank to which the payment order of the originator is issued if the originator is not a bank, or (ii) the originator if the originator is a bank.Okla. Stat. tit. 12A, § 4A-104
Added by Laws 1990, SB 641, c. 110, § 4, eff. 7/1/1991.Oklahoma Code Comment
The time when the parties must always agree is at the initiation of the funds transfer. When the originator places its payment order, the originator's bank can refuse to accept it. Only after the agreement of the originator's bank to accept the payment order (or after acceptance) is there liability on any party to the funds transfer.