§658B-1 Definitions. In this chapter: “Action” means a judicial proceeding or arbitration in which a money payment may be awarded or enforced in respect of a foreign-money claim. “Conversion date” means the banking day next before the date on which money is, in accordance with this chapter: (1) Paid to a judgment creditor; (2) Paid […]
§658B-10 Enforcement of foreign judgments. (a) Subject to subsections (b) and (c), if an action is brought to enforce a judgment of another jurisdiction expressed in a foreign money and the judgment is recognized in this State as enforceable, the enforcing judgment must be entered as provided in section 658B-7 whether or not the foreign […]
§658B-11 Temporarily determining the United States dollar value of foreign-money claims for limited purposes. (a) For the limited purpose of facilitating the enforcement of provisional remedies in an action, (1) the value in United States dollars of assets to be seized or restrained pursuant to a writ of attachment, garnishment, execution, or other legal process, […]
§658B-12 Effect of currency revalorizations. (a) If, after an obligation is expressed or a loss is incurred in a foreign money, the country issuing or adopting that money substitutes a new money in place of that money, the obligation or the loss is treated as if expressed or incurred in the new money at the […]
§658B-13 Supplementary general principles of law. Unless displaced by particular provisions of this chapter, the principles of law and equity, including the law merchant, and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or other validating or invalidating causes supplement its provisions. [L 1990, c 50, […]
§658B-14 Short title. This chapter may be cited as the Uniform Foreign-Money Claims Act. [L 1990, c 50, pt of §1]
§658B-2 Scope. (a) This chapter applies only to a foreign-money claim in an action or distribution proceeding. (b) This chapter applies to foreign-money issues notwithstanding the law applicable under the conflict of laws rules of this State to other issues in the action or distribution proceeding. [L 1990, c 50, pt of §1]
§658B-3 Variation by agreement. (a) The effect of provisions of this chapter may be varied by agreement of the parties made at any time before or after commencement of an action, commencement of a distribution proceeding, or the entry of judgment. (b) The parties may agree upon the money to be used in a transaction […]
§658B-4 Determining the money of the claim. (a) Except as provided by subsection (b), the proper money of the claim is, as in each case may be appropriate, the money: (1) Regularly used between the parties as a matter of usage or course of dealing; or (2) Used at the time of a transaction in […]
§658B-5 Determining the amount of the money of certain contract claims. (a) If an amount contracted to be paid in a foreign money is measured by a specified amount of a different money, the amount to be paid is determined on the conversion date. (b) If an amount contracted to be paid in a foreign […]
§658B-6 Asserting and defending a foreign-money claim. (a) A claimant may assert a claim in a specified foreign money. If a foreign money is not asserted, the claimant makes a claim for a judgment in United States dollars. (b) An opposing party may allege and prove that the claim is, in whole or in part, […]
§658B-7 Judgments and awards on foreign-money claims; times of money conversion; form of judgment. (a) Except as provided in subsection (c), a judgment or arbitration award on a foreign-money claim must be stated in an amount of the money of the claim. (b) The judgment or award is payable in that foreign money or, at […]
§658B-8 Conversions of foreign money in a distribution proceeding. The rate of exchange prevailing at or near the closing of business on the day the proceeding is initiated shall govern all exchanges of foreign money in a distribution proceeding. A foreign-money claimant in a distribution proceeding must assert its claim in the named foreign money […]
§658B-9 Prejudgment and judgment interest. (a) With respect to a foreign-money claim, recovery of prejudgment interest and the rate of interest to be applied in the action or distribution proceeding are matters of the substantive law governing the right to recovery under the conflict of laws rules of this State. (b) Notwithstanding subsection (a), an […]
