§ 62A.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 (i) 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 (ii) the bank exercises such diligence as the circumstances require.
[1993 c 229 § 85; 1965 ex.s. c 157 § 4-109.]
Notes:
Recovery of attorneys' fees -- Effective date -- 1993 c 229: See RCW 62A.11-111 and 62A.11-112.
Sections: Previous 62A.4-102 62A.4-103 62A.4-104 62A.4-105 62A.4-106 62A.4-107 62A.4-108 62A.4-109 62A.4-110 62A.4-111 62A.4-201 62A.4-202 62A.4-203 62A.4-204 62A.4-205 Next
Last modified: April 7, 2009