1. (a) For the purpose of allowing time to process items, prove balances, and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of 2 P.M. or later as a cutoff hour for the handling of money and items and the making of entries on its books.
2. (b) An item or deposit of money received on any day after a cutoff hour so fixed or after the close of the banking day may be treated as being received at the opening of the next banking day.

HISTORY: 1962 Code Section 10.4-108; 1966 (54) 2716; 2008 Act No. 204, Section 3, eff July 1, 2008. Definitional Cross References: "Afternoon" Section 36-4-104(a)(2) "Bank" Section 36-4-105(1) "Banking Day" Section 36-4-104(a)(2) "Item" Section 36-4-104(a)(9) "Money" Section 36-1-201(24)