Marcus Wiley, James Tate and James Irby, a Partnership Doing Business as Wiley, Tate & Irby v. The Peoples Bank and Trust Company

On Petition For Rehearing

CLARK, Circuit Judge:

The hands on the clock had turned past the midnight deadline fixed by the Mississippi Uniform Commercial Code (MUCC), 1 not once, but many times before the Payor Bank returned unpaid the demand instruments sued on here. In such a circumstance, the only avenue of escape from the Code’s automatic visitation of accountability upon the bank was for it to establish that the instruments were documentary drafts, which are excepted from the deadline. A trial before the lower court, sitting without a jury, resulted in a determination that the instruments…