| Time of Receipt of Items - Ucc 4-108.

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Effective: August 19, 1994

Latest Legislation: Senate Bill 147 - 120th General Assembly

(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 two p.m. or later as a cut-off 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 cut-off 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.


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