(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. Acts 1961, No. 185, § 4-107; reen. 1967, No. 303, § 12 (4-107); A.S.A. 1947, § 85-4-107; Acts 1991, No. 572, § 6.
A.C.R.C. Notes. This section was formerly codified as § 4-4-107. Former § 4-4-108 has been renumbered as § 4-4-109.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 1 - Uniform Commercial Code
Chapter 4 - Bank Deposits and Collections
Part 1 - General Provisions and Definitions
§ 4-4-103. Variation by agreement — Measure of damages — Action constituting ordinary care
§ 4-4-104. Definitions and index of definitions
§ 4-4-105. Definitions of types of banks
§ 4-4-106. Payable through or payable at bank — Collecting bank
§ 4-4-107. Separate office of a bank
§ 4-4-108. Time of receipt of items