47-4109. 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.
Section: Previous 47-4102 47-4103 47-4104 47-4105 47-4106 47-4107 47-4108 47-4109 47-4110 47-4111 47-4201 47-4202 47-4203 47-4204 47-4205 NextLast modified: October 13, 2016