MS 1990 [Repealed, 1992 c 565 s 114
(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 chapter
for a period not exceeding two additional banking days without discharge of drawers or endorsers
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 chapter or by instructions is excused if (i) 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 (ii)
the bank exercises such diligence as the circumstances require.
History: 1965 c 811 s 336.4-108; 1992 c 565 s 80