Okla. Stat. tit. 12A § 3-102

Current through Laws 2024, c. 453.

Section 3-102 - Subject Matter

(a) This article applies to negotiable instruments. It does not apply to money, to payment orders governed by Article 4A of this title, or to securities governed by Article 8 of this title.

(b) If there is conflict between this article and Article 4 or 9, Articles 4 and 9 govern.

(c) Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supercede any inconsistent provision of this article to the extent of the inconsistency.

Okla. Stat. tit. 12A, § 3-102

Amended by Laws 1988, c. 39, § 1, emerg. eff. 3/21/1988; Amended by Laws 1991, SB 25, c. 117, § 27, eff. 1/1/1992.

Oklahoma Code Comment

Sub section 3-102(a), as interpreted by Official Comment 2, rejects the interpretation rendered in Victory National Bank of Nowata v. Oklahoma State Bank Vinita, 520 P.2d 675 (Okla. 1973), which held that Article 8 of the Code, and not Article 3, is applicable to an ordinary certificate of deposit However, to the extent a certificate of deposit does not meet the form requirements of Section 3-104, it may not be governed by Article 3 either. In that case, the provisions of Article 3 may be applied by analogy, or the parties may have contracted for the application of Article 3. See also Oklahoma Comment to Section 3-104.