8.4-107 - Time of receipt of items. - Virginia Statutes

§ 8.4-107. Time of receipt of items.

(a) For the purpose of allowing time to process items, prove balances andmake the necessary entries on its books to determine its position for theday, a bank may fix an afternoon hour of 2 p.m. or later as a cutoff hour forthe 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 sofixed or after the close of the banking day may be treated as being receivedat the opening of the next banking day.

(1964, c. 219; 1992, c. 693.)