United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 11, § 4-108: Delays

A collecting bank may, in good faith and for up to 2 additional banking days, change certain time limits to secure payment of a specific item, and some delays by collecting or payor banks are excused when caused by…

Source excerpt

bank delaypayment processingtime limits

Jurisdiction: United States — Maine
Structure: 1 provisions
Dates: Source version 1 Oct 2025

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“A collecting bank may, in good faith and for up to 2 additional banking days, change certain time limits to secure payment of a specific item, and some delays by collecting or payor banks are excused when caused by listed disruptions and when the bank acts with required diligence.”

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Delays

Section 4-108

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Source record from legislature.maine.gov · Source version 1 Oct 2025

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Part 1

part 1 GENERAL PROVISIONS AND DEFINITIONS

§ 4-108DelaysProvision

Source excerpt

(1). 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 Title for a period not exceeding 2 additional banking days without discharge of drawers or indorsers or liability to its transferor or a prior party. [PL 1993, c. 293, Pt. B, §14 (AMD).] (2). Delay by a collecting bank or payor bank beyond time limits prescribed or permitted by this Title or by instructions is excused if: (a). 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 [PL 1993, c. 293, Pt. B, §14 (NEW).] (b). The bank exercises such diligence as the circumstances require. [PL 1993, c. 293, Pt. B, §14 (NEW).] [PL 1993, c. 293, Pt. B, §14 (AMD).]

Section 4-108Verify source

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1 Oct 2025 · currentEnglish

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