(a) To allow 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 the books of the bank.
(b) An item or deposit of money received on a day after a cutoff hour so fixed or after the close of the banking day may be treated as received at the opening of the next banking day.
Structure Alaska Statutes
Chapter 04. Bank Deposits and Collections
Article 1. General Provisions and Definitions.
Sec. 45.04.102. Applicability.
Sec. 45.04.104. Definitions and index of definitions.
Sec. 45.04.106. Payable through or payable at bank; collecting bank.
Sec. 45.04.107. Separate office of a bank.
Sec. 45.04.108. Time of receipt of items.