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 two p.m. or later as a cutoff hour for the handling of money and items and the making of entries on its books.
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.
[C66, 71, 73, 75, 77, 79, 81, § 554.4107]
94 Acts, ch 1167, §84, 120, 122
C95, §554.4108
1994 amendments take effect July 1, 1995; 94 Acts, ch 1167, §122; for law prior to July 1, 1995, see §554.4107, Code 1993
Section transferred from §554.4107 and former §554.4108 transferred to §554.4109 pursuant to directive in 94 Acts, ch 1167, §120
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