Legislation
SECTION 4-107
Time of Receipt of Items
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 4, PART 1
Section 4--107. Time of Receipt of Items.
(1) 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 two P.M. or later as a
cut-off hour for the handling of money and items and the making of
entries on its books.
(2) Any item or deposit of money received on any day after a cut-off
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.
(1) 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 two P.M. or later as a
cut-off hour for the handling of money and items and the making of
entries on its books.
(2) Any item or deposit of money received on any day after a cut-off
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.