1. (a) Reasonable time.— Whether a time for taking an action required by this title is reasonable depends on the nature, purpose and circumstances of the action.
2. (b) Seasonableness.— An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.

Cross References. Section 1205 is referred to in section 4A204 of this title.