(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.
Section: Previous 11-4-101 11-4-102 11-4-103 11-4-104 11-4-105 11-4-106 11-4-107 11-4-108 11-4-109 11-4-110 11-4-111 NextLast modified: October 14, 2016