BILLS AND NOTES-THE MEANING OF "NEXT BUSINESS DAY"

Authors

Richard B. Gushée S.Ed., University of Michigan Law SchoolFollow

Abstract

Two checks, payable to the plaintiff, were forwarded to the defendant drawee for payment on February 13, 1949. After the close of banking hours on February 14, the defendant telegraphed the presenting bank advising that it would not pay the checks. The applicable Illinois statute allowed banks until the end of the "next business day" following the day of presentation to decide whether or not they would pay checks. The plaintiff argued that "business" qualified "day" and that defendant therefore should have indicated its decision within business hours on the day following the day of presentation, and that since it had not done so there was an implied acceptance. A summary judgment was entered in favor of defendant. On appeal, held, affirmed. The phrase ''business day" is not limited to business hours but contemplates a full twenty-four hour period other than a Sunday or holiday. Rock Finance Co. v. Central National Bank of Sterling, (Ill. App. 1950) 89 N.E. (2d) 828.

Recommended Citation

Richard B. Gushée S.Ed., BILLS AND NOTES-THE MEANING OF "NEXT BUSINESS DAY", 49 Mich. L. Rev. 126 (1950).
Available at: https://repository.law.umich.edu/mlr/vol49/iss1/10