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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

004

:
Bank Deposits and Collections











 

§

4-108. Time of receipt of items

(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. (Added 1993, No. 158 (Adj. Sess.), § 13, eff. Jan. 1, 1995.)