§ 4-4-108 — Time of receipt of items

(a) For the purpose of allowing time to
process items, prove balances, and make the necessary entries on its books to
determine its position for the day, a bank may fix an afternoon hour of 2 p.m. or
later as a cutoff hour for the handling of money and items and the making of entries
on its books.

(b) An item or deposit of money received on any day after a cutoff hour so
fixed or after the close of the banking day may be treated as being received at the
opening of the next banking day.

Legislative History

Source: L. 94: Entire article amended with relocations, p. 884, � 2, effective January 1, 1995.