§4-108. Delays
(1). Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than a bank and with or without the approval of any person involved, may waive, modify or extend time limits imposed or permitted by this Title for a period not exceeding 2 additional banking days without discharge of drawers or indorsers or liability to its transferor or a prior party.
[PL 1993, c. 293, Pt. B, §14 (AMD).]
(2). Delay by a collecting bank or payor bank beyond time limits prescribed or permitted by this Title or by instructions is excused if:
(a). The delay is caused by interruption of communication or computer facilities, suspension of payments by another bank, war, emergency conditions, failure of equipment or other circumstances beyond the control of the bank; and [PL 1993, c. 293, Pt. B, §14 (NEW).]
(b). The bank exercises such diligence as the circumstances require. [PL 1993, c. 293, Pt. B, §14 (NEW).]
[PL 1993, c. 293, Pt. B, §14 (AMD).]
SECTION HISTORY
PL 1993, c. 293, §B14 (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 Process of posting (REPEALED)