Okla. Stat. tit. 12A, § 12A-4-109
This is the official text of Okla. Stat. tit. 12A, § 12A-4-109, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Delays
Official statutory text
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 any person
involved, may waive, modify, or extend time limits imposed or
permitted by this article for a period not exceeding two (2)
additional banking days without discharge of drawers or indorsers 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 this article or by instructions is
excused if (i) 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 (ii) the bank exercises such
diligence as the circumstances require.
(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 any person
involved, may waive, modify, or extend time limits imposed or
permitted by this article for a period not exceeding two (2)
additional banking days without discharge of drawers or indorsers 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 this article or by instructions is
excused if (i) 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 (ii) the bank exercises such
diligence as the circumstances require.
Status: in_force · Read it on the official government site
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