N.Y. UCC Law § 4-108

Section 4--108. Delays.\n (1) Unless otherwise instructed, a collecting bank in a good faith\neffort to secure payment may, in the case of specific items and with or\nwithout the approval of any person involved, waive, modify or extend\ntime limits imposed or permitted by this Act for a period not in excess\nof an additional banking day without discharge of secondary parties and\nwithout liability to its transferor or any prior party.\n (2) Delay by a collecting bank or payor bank beyond time limits\nprescribed or permitted by this Act or by instructions is excused if\ncaused by interruption of communication facilities, suspension of\npayments by another bank, war, emergency conditions or other\ncircumstances beyond the control of the bank provided it exercises such\ndiligence as the circumstances require.\n