N.Y. Uniform Commercial Code Law § 3-506: 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.