Method of monitoring timeout conditions and device therefor

A maximum timeout time for a communication between devices is determined. A time period is determined for a plurality of time zones based upon the maximum timeout time. A current time zone is updated every time period. A timeout zone for an outstanding transaction is associated with a first time zone to indicate when the outstanding transaction will timeout if not completed. In one embodiment, the time period for each time zone is approximately equal to the maximum timeout period divided by a predetermined number of time zones, which may be the total number of time zones, e.g. eight or sixteen.