2009 Iowa Code
Title 13 - Commerce
Subtitle 5 - Regulation of Commercial Enterprises
CHAPTER 554 - UNIFORM COMMERCIAL CODE
554.4109 - DELAYS.

        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 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.
         2.  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.  

         Section History: Early Form

         [C66, 71, 73, 75, 77, 79, 81, §554.4108] 

         Section History: Recent Form

         94 Acts, ch 1167, §85, 120, 122
         C95, §554.4109
         95 Acts, ch 49, §16