Time of Receipt of Items

  1. Law
  2. Georgia Code
  3. Commercial Code
  4. Bank Deposits and Collections
  5. General Provisions and Definitions
  6. Time of Receipt of Items

Checkout our iOS App for a better way to browser and research.

  1. 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.
  2. 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.

(Code 1933, § 109A-4 - 107, enacted by Ga. L. 1962, p. 156, § 1; Code 1981, §11-4-108, as redesignated by Ga. L. 1996, p. 1306, § 5.)

Editor's notes.

- Ga. L. 1996, p. 1306, § 5, effective July 1, 1996, renumbered former Code Section 11-4-107 as present Code Section 11-4-108 and renumbered former Code Section 11-4-108 as present Code Section 11-4-109.

RESEARCH REFERENCES

Am. Jur. 2d.

- 11 Am. Jur. 2d, Banks and Financial Institutions, §§ 699, 987, 988.

C.J.S.

- 9 C.J.S., Banks and Banking, §§ 273, 274, 383.

U.L.A.

- Uniform Commercial Code (U.L.A.) § 4-108.


Download our app to see the most-to-date content.