Sec. 102.7. Timeliness of action

If, because of circumstances beyond its control, the State, the originating depository financial institution or any financial institution shall be delayed beyond the time prescribed for the action (including the payment date) provided by this Part, by the operating circulars of the Federal Reserve Banks, or by applicable law with respect to a payment, the time within which such action shall be completed shall be extended for such time after the cause of the delay ceases to operate as shall be necessary to take or complete the action, provided the State, the originating depository financial institution, or the financial institution exercises such diligence as the circumstances require.