Pennsylvania § 4108 Time of receipt of items

Pennsylvania Statutes

§ 4108 — Time of receipt of items

Pennsylvania·Title 13 COMMERCIAL CODE·Ch. 41 GENERAL PROVISIONS AND DEFINITIONS

(a)Cutoff hour for handling and book entries.--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)Items or deposits received after cutoff hour.--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.

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(a) Cutoff hour for handling and book entries.--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) Items or deposits received after cutoff hour.--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.

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Legislative History

(July 9, 1992, P.L.507, No.97, eff. one year) 1992 Amendment.Act 97 amended and renumbered former section 4107 to present section 4108 and renumbered former section 4108 to present section 4109.