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Alaska Statutes.

Title 45. Trade and Commerce

Chapter 4. Bank Deposits and Collections

Section 108. Time of Receipt of Items.

AS 45.04.108. Time of Receipt of Items.

(a) To allow time to process items, prove balances, and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of two o'clock in the afternoon or later as a cutoff hour for the handling of money and items and the making of entries on the books of the bank.

(b) An item or deposit of money received on a day after a cutoff hour so fixed or after the close of the banking day may be treated as received at the opening of the next banking day.

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Last modified 9/3/2005