Mississippi Code
Part 2 - . Collection of Items: Depositary and Collecting Banks
§ 75-4-202. Responsibility for collection or return; when action timely

A collecting bank must exercise ordinary care in:
A collecting bank exercises ordinary care under subsection (a) by taking proper action before its midnight deadline following receipt of an item, notice, or settlement. Taking proper action within a reasonably longer time may constitute the exercise of ordinary care, but the bank has the burden of establishing timeliness.
Subject to subsection (a)(1), a bank is not liable for the insolvency, neglect, misconduct, mistake, or default of another bank or person or for loss or destruction of an item in the possession of others or in transit.

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