70A-4-108 - Time of receipt of items. - Utah Statutes

70A-4-108. Time of receipt of items.
(1) For the purpose of allowing time to process items, prove balances, and make thenecessary entries on the books to determine its position for the day, a bank may fix an afternoonhour of 2 p.m. or later as a cutoff hour for the handling of money and items and the making ofentries on its books.
(2) An item or deposit of money received on any day after a cutoff hour so fixed or afterthe close of the banking day may be treated as being received at the opening of the next bankingday.

Repealed and Re-enacted by Chapter 237, 1993 General Session