355.4 -109 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 of any person involved, may waive, modify, or extend time limits imposed or perm itted by this chapter for a period not exceeding two (2) additional banking days without discharge of drawers or indorsers or liability to its transferor or a prior party. (2) Delay by a collecting bank or payor bank beyond time limits prescribed or permit ted by this chapter 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 th e control of the bank; and (b) The bank exercises such diligence as the circumstances require. Effective: January 1, 1997 History: Repealed, reenacted, renumbered as KRS 355.4 -109, and amended, 1996 Ky. Acts ch. 130, sec. 80, effective January 1, 1997. -- Created 1958 Ky. Acts ch. 77, sec. 4-108, effective July 1, 1960. Formerly codified as KRS 355.4 -108. ed as KRS 355.4 -109, and amended, 1996 Ky. Acts ch. 130, sec. 80, effective January 1, 1997. -- Created 1958 Ky. Acts ch. 77, sec. 4-108, effective July 1, 1960. Formerly codified as KRS 355.4 -108. History for former 355.4 -109: Repealed 1996 Ky. Acts ch. 130, sec. 182, effective January 1, 1997. -- Created 1964 Ky. Acts ch. 130, sec. 8, effective Ju ly 1, 1964.
Kentucky Legal Code