2006 New York Code - Time Allowed For Acceptance Or Payment.

 
  Section 3--506. Time Allowed for Acceptance or Payment.
    (1) Acceptance may be deferred without dishonor until the close of the
  next  business  day following presentment. The holder may also in a good
  faith effort to obtain acceptance and without  either  dishonor  of  the
  instrument  or  discharge  of  secondary  parties  allow postponement of
  acceptance for an additional business day.
    (2) Except as a longer time is allowed  in  the  case  of  documentary
  drafts  drawn  under  a  letter of credit, and unless an earlier time is
  agreed to by the party to pay, payment of an instrument may be  deferred
  without  dishonor pending reasonable examination to determine whether it
  is properly payable, but payment must be made in any  event  before  the
  close of business on the day of presentment.