N.Y. Uniform Commercial Code Law § 4-108: 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.