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This entry was published on 2014-09-22
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Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 4, PART 1
Section 4--108. Delays.

(1) Unless otherwise instructed, a collecting bank in a good faith
effort to secure payment may, in the case of specific items and with or
without the approval of any person involved, waive, modify or extend
time limits imposed or permitted by this Act for a period not in excess
of an additional banking day without discharge of secondary parties and
without liability to its transferor or any prior party.

(2) Delay by a collecting bank or payor bank beyond time limits
prescribed or permitted by this Act or by instructions is excused if
caused by interruption of communication facilities, suspension of
payments by another bank, war, emergency conditions or other
circumstances beyond the control of the bank provided it exercises such
diligence as the circumstances require.