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0 chapters · 331 sections in this title.
6 O.S. § 802 Limitations on maximum indebtedness to bank - Exceptions
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A. 1. The total obligations to any bank or trust company of any person, copartnership, association or corporation shall at no time exceed thirty percent (30%) of the capital, less intangible assets, of the bank or trust company. For purposes of this section, the calculation of ca…
6 O.S. § 803 Real estate loans
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Any bank may make, arrange, purchase, sell in whole or in part real estate loans or extension of credit secured by liens on interests in real estate, subject to such terms, conditions and limitations as may be prescribed by the Commission or by order, rule or regulation. Added by…
6 O.S. § 805 Prohibition on bank employing funds in trade or commerce -
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Sale of personal property - Leasing of personal property - Acquisition of leased personal property. A. Bank prohibited from employing its funds in trade or commerce - Exception. 1. Except as permitted in other sections of this Code, a state bank shall not invest its funds in trad…
6 O.S. § 806 Investments - Underwriting - Limitations
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A. A bank may purchase and sell equity and investment securities without recourse, solely on the order and for the account of a customer, and may not underwrite an issue of securities except as otherwise provided by the Banking Code or rules adopted thereunder. B. Except as other…
6 O.S. § 807 Sale and purchase of loans
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Subject to its legal loan limits, a bank may sell or purchase obligations which satisfy the Banking Code for loans and may sell and acquire such loans in full or in part. Added by Laws 1965, c. 161, § 807. Amended by Laws 1982, c. 223, § 12; Laws 1997, c. 111, § 74, eff. July 1, …
6 O.S. § 808 Banks prohibited from making political contributions -
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Penalties. A. Prohibition against political expenditures. It is unlawful for any bank to make a contribution or expenditure in connection with any election to any political office, or in connection with any primary election or political convention or caucus held to select candida…
6 O.S. § 809 Prohibited acts - Penalties - Injunctions
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A. Except as provided in Section 411 of this title, no bank, banker or bank official shall give preference to any depositor, borrower, or creditor by pledging the assets of the bank as collateral security. No bank, banker or bank official shall sell or transfer any of the assets …
6 O.S. § 901 Deposits in name of two or more persons – "Payable on
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Death" deposit accounts - Forms of deposit accounts included. A. When a deposit has been made or shall hereafter be made in any bank in the names of two or more persons, payable to any of them or payable to any of them or the survivor, such deposit, or any part thereof, or any in…
6 O.S. § 902 Trustee deposit accounts
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A. Whenever any deposit shall be made in a bank by any person which is in form in trust for another, and no other or further notice of the existence and terms of a legal and valid trust shall have been given in writing to the bank, in the event of the death of the trustee, the sa…
6 O.S. § 903.1 Deposit accounts for minors
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A. Except as otherwise provided by this section, a bank or credit union lawfully doing business in this state may enter into a deposit account with a minor as the sole and absolute owner of the account and may pay checks and withdrawals and otherwise act with respect to the accou…
6 O.S. § 904 Stockholder, director, officer or employee of bank as
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notary public - Administration of oaths - Protests - Notary fee. It shall be lawful for any notary public who is a stockholder, director, officer or employee of a bank to take the acknowledgment of any party to any written instrument executed to or by such bank, or to administer …
6 O.S. § 905 Adverse claims to deposits - Restraining order or
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injunction - Indemnity bond. Notice to any bank or trust company doing business in this state of an adverse claim to a deposit standing on its books to the credit of any person shall not be effectual to cause said bank or trust company to recognize said adverse claimant unless sa…
6 O.S. § 906 Transfer to known heirs of deceased without designated
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beneficiary — Affidavit — Release and discharge — False affidavit. A. 1. When a deposit has been made in a bank or credit union in the name of a sole individual without designation of a payable- on-death beneficiary, upon the death of the sole owner of the account if the amount o…
6 O.S. § 907 Husband and wife deposit for business purpose - Sole
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proprietorship account. A deposit made in any bank or credit union by a husband and wife which is primarily for a business purpose may be treated, at the option of the depositors, as a sole proprietorship account, rather than a partnership account unless a formal partnership has …
6 O.S. § 908 Banks and credit unions authorized to offer savings
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promotion raffles. A. As used in this section, the term "savings promotion raffle" means a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings pr…
6 O.S. § 909 Powers of authorized signer
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A. Unless the deposit account agreement states otherwise, an authorized signer on a deposit account shall have the following powers, regardless of whether the account is a consumer or commercial account: 1. Sign checks; 2. Make deposits of checks payable to the account owner into…
6 O.S. § 910 Short title — Uniform Special Deposits Act
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This act shall be known and may be cited as the “Uniform Special Deposits Act”. Added by Laws 2024, c. 174, § 1, eff. Nov. 1, 2024.
6 O.S. § 910.1 Definitions
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As used in this act: 1. “Account agreement” means an agreement that: a. is in a record between a bank and one or more depositors, b. may have one or more beneficiaries as additional parties, and c. states the intention of the parties to establish a special deposit pursuant to thi…
6 O.S. § 910.10 Right of recoupment or set off
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A. Except as provided in subsection B or C of this section, a bank may not exercise a right of recoupment or set off against a special deposit. B. An account agreement may authorize the bank to debit the special deposit: 1. When the bank becomes obligated to pay a beneficiary, in…
6 O.S. § 910.11 Duties of bank
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A. A bank does not have a fiduciary duty to any person with respect to a special deposit. B. When the bank holding a special deposit becomes obligated to pay a beneficiary, a debtor-creditor relationship arises between the bank and beneficiary. C. The bank holding a special depos…
6 O.S. § 910.12 Termination of special deposit
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A. Unless otherwise provided in the account agreement, a special deposit terminates five (5) years after the date the special deposit was first funded. B. Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment w…
6 O.S. § 910.13 Governing law
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Title 12A of the Oklahoma Statutes, consumer protection law, law governing deposits generally, law related to escheat and abandoned or unclaimed property, and the principles of law and equity, including law related to capacity to contract, principle and agent, estoppel, fraud, mi…
6 O.S. § 910.14 Promotion of uniformity
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In applying and construing this uniform act, a court shall consider the promotion of uniformity of the law among jurisdictions that enact it. Added by Laws 2024, c. 174, § 15, eff. Nov. 1, 2024.
6 O.S. § 910.2 Application of act — Dispute resolution
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A. This act shall apply to a special deposit under an account agreement that states the intention of the parties to establish a special deposit governed by this act, regardless of whether a party to the account agreement or a transaction related to the special deposit, or the spe…
6 O.S. § 910.3 Variation by agreement — When permitted
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A. The effect of Sections 2 through 6, 8 through 11, and Section 13 of this act may not be varied by agreement, except as provided in those sections. Subject to subsection B of this section, the effects of Sections 7, 12, and 13 of this act may be varied by agreement. B. A provis…
6 O.S. § 910.4 Special deposit requirements
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A deposit is a special deposit if it is: 1. A deposit of funds in a bank under an account agreement; 2. For the benefit of at least two (2) beneficiaries, one or more of whom may be a depositor; 3. Denominated in a medium of exchange that is currently authorized or adopted by a d…
6 O.S. § 910.5 Special deposit purpose
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A. A special deposit shall serve at least one permissible purpose stated in the account agreement from the time the special deposit is created in the account agreement until termination of the special deposit. B. If, before termination of a special deposit, the bank or a court de…
6 O.S. § 910.6 Payment to beneficiary by bank — Obligation — Discharge
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A. Unless the account agreement provides otherwise, the bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit. B. Except as provided in subsection C of this section, the obligation to pay the bene…
6 O.S. § 910.7 Property interest
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A. Neither a depositor nor a beneficiary has a property interest in a special deposit. B. Any property interest with respect to a special deposit is only in the right to receive payment if the bank is obligated to pay a beneficiary and not in the special deposit itself. Any prope…
6 O.S. § 910.8 Creditor process enforceability against bank
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A. Subject to subsection B of this section, creditor process with respect to a special deposit is not enforceable against the bank holding the special deposit. B. Creditor process is enforceable against the bank holding a special deposit with respect to an amount the bank is obli…
6 O.S. § 910.9 Injunctions or similar relief
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A court may enjoin, or grant similar relief that would have the effect of enjoining, a bank from paying a depositor or beneficiary only if payment would constitute a material fraud or facilitate a material fraud with respect to a special deposit. Added by Laws 2024, c. 174, § 10,…