- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 4. Bank Deposits and Collections
- Section 109. Delays.
previous: Section 108
. Time of Receipt of Items.
next: Section 110
. Electronic Presentment.
AS 45.04.109. Delays.
- (a) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a
payor other than a bank, and with or without the approval of a person involved, may waive, modify, or extend time
limits imposed or permitted by the code for a period not exceeding two additional banking days without discharge of
drawers or endorsers or liability to its transferor or a prior party.
- (b) Delay by a collecting bank or payor bank beyond time limits prescribed or permitted by the code or by instructions is
excused if the delay is caused by interruption of communication or computer facilities, suspension of payments by
another bank, war, emergency conditions, failure of equipment, or other circumstances beyond the control of the bank,
and if the bank exercises the diligence circumstances require.
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.