Maine Revised Statutes Title 11 Sec. 4-107 – Time of receipt of items
Current as of: 2023 | Check for updates
|
Other versions
(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).