§ 6A-4-109 - Delays. - Rhode Island Statutes

SECTION 6A-4-109

   § 6A-4-109  Delays. – (a) Unless otherwise instructed, a collecting bank in a good faith effort tosecure payment of a specific item drawn on a payor other than a bank, and withor without the approval of any person involved, may waive, modify, or extendtime limits imposed or permitted by this chapter for a period not exceeding twoadditional banking days without discharge of drawers or indorsers or liabilityto its transferor or a prior party.

   (b) Delay by a collecting bank or payor bank beyond timelimits prescribed or permitted by this chapter or by instructions is excused if(i) the delay is caused by interruption of communication or computerfacilities, 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.