1. (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.

2. (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.

   Oklahoma Code Comment

   This Section was pre-revision Section

   4-108. Subsection (a) is now limited to permitting good faith efforts to secure payment to extend deadlines if the payor is not a bank and the time has been increased by a day. Subsection (b) has been extended to excuse delay caused by interruption of computer facilities or by failure of equipment in addition to those reasons set out in the pre-revision section. This is consistent with prior interpretation. See Port City State Bank v. American Nat'l Bank Lawton, Okla., 486 F.2d 196 (1Oth Cir. 1973).

Laws 1991, SB 25, c. 117, § 102, eff. January 1, 1992.