53-295. Definitions. The following definitions shall apply in this Article: (1) Euro. – The currency of participating member states of the European Union that adopt a single currency in accordance with the Treaty on European Union dated February 7, 1992. (2) European Currency Unit (ECU). – The currency as defined in the European Council regulation […]
53-296. Continuity of contract. (a) If a subject of medium of payment of a contract, security, or instrument is a currency that has been substituted or replaced by the euro, the euro shall be a commercially reasonable substitute and substantial equivalent that may either be used in determining the value of that currency, or tendered […]
53-297. Effect of currency substitution on performance. None of the following shall have the effect of discharging or excusing performance under any contract, security, or instrument, or give a party the right unilaterally to alter or terminate any contract, security, or instrument: (1) Introduction of the euro. (2) Tender of euros in connection with any […]
53-298. References to ECU in contracts. (a) References to the ECU in a contract, security, or other instrument that also refers in substance to the definition of the ECU as set forth in G.S. 53-295 shall be replaced by references to the euro at a rate of one euro to one ECU. (b) References to […]
53-299. Application. Notwithstanding any other law, this Article shall apply to all contracts, securities, and instruments, including contracts with respect to commercial transactions. (1999-312, s. 1.)
53-300. No application to other currency alteration. In circumstances of currency alteration other than the introduction of the euro, this Article shall not be interpreted as creating any negative inference or negative presumption regarding the validity or enforceability of contracts, securities, or instruments denominated in whole or in part in a currency affected by that […]
