midnight deadline

midnight deadline
With respect to a bank, midnight on the next banking day following the banking day on which the bank involved receives the relevant item or notice or from which the time for taking action commences to run, whichever is later. UCC §§ 4-104(1) (h).

Ballentine's law dictionary. . 1998.

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  • midnight deadline — A term of the check collection process applicable to a bank, meaning midnight on its next banking day following the banking day on which it receives the relevant item or notice or from which the time for taking action commences to run, whichever… …   Black's law dictionary

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