New Jersey § 12a:4-109

§ 12a:4-109.

a. Unless otherwise instructed, a collecting bank in a good faith effort to secure

payment of a specific item drawn on a payor other than a bank, and with or without

the approval of any person involved, may waive, modify, or extend time limits imposed

or permitted by Title 12A for a period not exceeding two additional banking days without

discharge of drawers or indorsers or liability to its transferor or a prior party. b. Delay by a collecting bank or payor bank beyond time limits prescribed or permitted

by Title 12A or by instructions is excused if the delay is caused by interruption

of communication or computer facilities, suspension of payments by another bank, war,

emergency conditions, failure of equipment, or other circumstances beyond the control

of the bank, and the bank exercises such diligence as the circumstances require.