(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 2:00 P.M. or later as a cutoff hour for the handling of money and items and the making of entries on its books. (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.
810 ILCS 5/4-108
Time of receipt of items
Known as the Uniform Commercial Code
The act spans §§ 810-5-1-101 to 810-5-9-150 (132 sections).
P.A. 87-582; 87-1135.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.