554.4109 Delays. 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 ofany person involved, may waive, modify, or extend time limits imposed or permitted by thischapter for a period not exceeding two additional banking days without discharge of drawersor endorsers or liability to its transferor or a prior party. 2. Delay by a collecting bank or payor bank beyond time limits prescribed or permitted by this chapter or by instructions is excused if the delay is caused by interruption ofcommunication or computer facilities, suspension of payments by another bank, war,emergency conditions, failure of equipment, or other circumstances beyond the control ofthe bank, and the bank exercises such diligence as the circumstances require. [C66, 71, 73, 75, 77, 79, 81, §554.4108]94 Acts, ch 1167, §85, 120, 122C95, §554.410995 Acts, ch 49, §16; 2013 Acts, ch 30, §261 Sat Dec 23 01:57:18 2023 Iowa Code 2024, Section 554.4109 (25, 0)
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