§ 336.4-108 — Time of Receipt of Items
Plain-Language Summary
When computing time for bank deadlines, intervening Saturdays, Sundays, and holidays are excluded for a bank that does not normally conduct business on those days.
336.4-108 336.4-109
336.4-108 TIME OF RECEIPT OF ITEMS.
(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.
History:
1965 c 811 s 336.4-107; 1992 c 565 s 79
History: History: 1965 c 811 s 336.4-107; 1992 c 565 s 79