§4-107. Time of receipt of items
(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 p.m. or later as a cutoff hour for the handling of money and items and the making of entries on its books.
[PL 1979, c. 541, Pt. A, §106 (AMD).]
(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.
[PL 1993, c. 293, Pt. B, §13 (AMD).]
SECTION HISTORY
PL 1979, c. 541, §A106 (AMD). PL 1993, c. 293, §B13 (AMD).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 4: BANK DEPOSITS AND COLLECTIONS
Part 1: GENERAL PROVISIONS AND DEFINITIONS
11 §4-103. Variation by agreement; measure of damages; action constituting ordinary care
11 §4-104. Definitions and index of definitions
11 §4-105-A. Payable through or payable at bank; collecting bank
11 §4-106. Separate office of a bank
11 §4-107. Time of receipt of items
11 §4-109. Process of posting (REPEALED)