47-4109. 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 title for a period not exceeding two 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 title or by instructions is excused if:
1. 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
2. The bank exercises such diligence as the circumstances require.
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