North Carolina General Statutes 25-4-107. Time of receipt of items
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(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 2:00 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. (1965, c. 700, s. 1; 1995, c. 232, s. 2.)
Terms Used In North Carolina General Statutes 25-4-107
- Afternoon: means the period of a day between noon and midnight. See North Carolina General Statutes 25-4-104
- 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 North Carolina General Statutes 25-4-104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See North Carolina General Statutes 25-4-104