Texas Business & Commerce Code - Section 4.109. Delays
Legal Research Home >
Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Section 4.109. Delays
§ 4.109. DELAYS. (a) Unless otherwise instructed, a
collecting bank in a good faith effort to secure payment of a
specific item drawn on a payor other than a bank, and with or
without the approval of any person involved, may waive, modify, or
extend time limits imposed or permitted by this title for a period
not exceeding two additional banking days without discharge of
drawers or indorsers or liability to its transferor or a prior
party.
(b) Delay by a collecting bank or payor bank beyond time
limits prescribed or permitted by this title or by instructions is
excused if:
(1) the delay is caused by interruption of
communication or computer facilities, suspension of payments by
another bank, war, emergency conditions, failure of equipment, or
other circumstances beyond the control of the bank; and
(2) the bank exercises such diligence as the
circumstances require.
Acts 1967, 60th Leg., p. 2343, ch. 785, § 1, eff. Sept. 1, 1967.
Renumbered from § 4.108 and amended by Acts 1995, 74th Leg., ch.
921, § 4, eff. Jan. 1, 1996.
Section: 4.102 4.103 4.104 4.105 4.106 4.107 4.108 4.109 4.110 4.111 4.112 4.201 4.202 4.203 4.204
Last modified: August 10, 2007
|
