2006 New York Code - Delays.

 
  Section 4--108. Delays.
    (1)  Unless  otherwise  instructed,  a collecting bank in a good faith
  effort to secure payment may, in the case of specific items and with  or
  without  the  approval  of  any person involved, waive, modify or extend
  time limits imposed or permitted by this Act for a period not in  excess
  of  an additional banking day without discharge of secondary parties and
  without liability to its transferor or any prior party.
    (2) Delay by a collecting  bank  or  payor  bank  beyond  time  limits
  prescribed  or  permitted  by  this Act or by instructions is excused if
  caused  by  interruption  of  communication  facilities,  suspension  of
  payments   by   another   bank,   war,  emergency  conditions  or  other
  circumstances beyond the control of the bank provided it exercises  such
  diligence as the circumstances require.