§ 26-1-4-108 — 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 2:00 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.
Formerly: Acts 1963, c.317, s.4-108. As amended by
P.L.152-1986, SEC.212; P.L.222-1993, SEC.13.