§ 4108. Time of receipt of items.
(a) Cutoff hour for handling and book entries.--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.
(b) Items or deposits received after cutoff hour.--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. (July 9, 1992, P.L.507, No.97, eff. one year)
1992 Amendment. Act 97 amended and renumbered former section 4107 to present section 4108 and renumbered former section 4108 to present section 4109.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 41 - General Provisions and Definitions
Section 4101 - Short title of division
Section 4103 - Variation by agreement; measure of damages; action constituting ordinary care
Section 4104 - Definitions and index of definitions
Section 4106 - Payable through or payable at bank; collecting bank
Section 4107 - Separate office of a bank
Section 4108 - Time of receipt of items