New Jersey Statutes 12A:4-108. Time of receipt of items
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Terms Used In New Jersey Statutes 12A:4-108
- Afternoon: means the period of a day between noon and midnight. See New Jersey Statutes 12A:4-104
- Bank: means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company. See New Jersey Statutes 12A:4-105
- Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions. See New Jersey Statutes 12A:4-104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See New Jersey Statutes 12A:4-104
a. 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. 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.
L.1995,c.28,s.2.