In this article: “Action” means a judicial proceeding or arbitration in which a payment in money may be awarded or enforced with respect to a foreign-money claim. “Bank-offered spot rate” means the spot rate of exchange at which a bank will sell foreign money at a spot rate. “Conversion date” means the banking day next […]
This article applies only to a foreign-money claim in an action or distribution proceeding. This article applies to foreign-money issues even if other law under the conflict of laws rules of this state applies to other issues in the action or distribution proceeding. Source: L. 90: Entire article added, p. 878, § 1, effective January […]
The effect of this article may be varied by agreement of the parties made before or after commencement of an action or distribution proceeding or the entry of judgment. Parties to a transaction may agree upon the money to be used in a transaction giving rise to a foreign-money claim and may agree to use […]
The money in which the parties to a transaction have agreed that payment is to be made is the proper money of the claim for payment. If the parties to a transaction have not otherwise agreed, the proper money of the claim, as in each case may be appropriate, is the money: Regularly used between […]
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. If an amount contracted to be paid in a foreign money is to be measured by a different money at the rate of […]
A person may assert a claim in a specified foreign money. If a foreign-money claim is not asserted, the claimant makes the claim in United States dollars. An opposing party may allege and prove that a claim, in whole or in part, is in a different money than that asserted by the claimant. A person […]
Except as provided in subsection (3) of this section, a judgment or award on a foreign-money claim must be stated in an amount of the money of the claim. A judgment or award on a foreign-money claim is payable in that foreign money or, at the option of the debtor, in the amount of United […]
The rate of exchange prevailing at or near the close of business on the day the distribution proceeding is initiated governs all exchanges of foreign money in a distribution proceeding. A foreign-money claimant in a distribution proceeding shall assert its claim in the named foreign money and show the amount of United States dollars resulting […]
With respect to a foreign-money claim, recovery of pre-judgment or pre-award interest and the rate of interest to be applied in the action or distribution proceeding, except as provided in subsection (2) of this section, are matters of the substantive law governing the right to recovery under the conflict-of-laws rules of this state. The court […]
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 13-62.1-107, whether or not the foreign judgment confers an option to pay in an equivalent amount of United […]
Computations under this section are for the limited purposes of the section and do not affect computation of the United States dollar equivalent of the money of the judgment for the purpose of payment. For the limited purpose of facilitating the enforcement of provisional remedies in an action, the value in United States dollars of […]
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 rate of conversion the issuing country […]
Unless displaced by particular provisions of this article, 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. Source: L. 90: Entire article added, p. 882, § 1, […]
This article shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this article among states enacting it. Source: L. 90: Entire article added, p. 882, § 1, effective January 1, 1991.
This article may be cited as the “Uniform Foreign-Money Claims Act”. Source: L. 90: Entire article added, p. 882, § 1, effective January 1, 1991.
If any provision of this article or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this article which can be given effect without the invalid provision or application, and to this end the provisions of this article are severable. Source: L. 90: Entire […]
This article becomes effective on January 1, 1991. Source: L. 90: Entire article added, p. 882, § 1, effective January 1, 1991.
This article applies to actions and distribution proceedings commenced after January 1, 1991. Source: L. 90: Entire article added, p. 882, § 1, effective January 1, 1991.
