548.40 DEFINITIONS. For purposes of sections 548.40 to 548.53: (1) “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. (2) “Bank-offered spot rate” means the spot rate of exchange at which a bank will sell foreign money at a spot […]
548.41 SCOPE. (a) Sections 548.40 to 548.53 apply only to a foreign-money claim in an action or distribution proceeding. (b) Sections 548.40 to 548.53 apply 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. History: 1991 c 156 […]
548.42 VARIATION BY AGREEMENT. (a) The effect of sections 548.40 to 548.53 may be varied by agreement of the parties made before or after commencement of an action or distribution proceeding or the entry of judgment. (b) Parties to a transaction may agree upon the money to be used in a transaction giving rise to […]
548.43 DETERMINING MONEY OF THE CLAIM. (a) 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. (b) If the parties to a transaction have not otherwise agreed, the proper money of the claim, as in each case may […]
548.44 DETERMINING 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 money […]
548.45 ASSERTING AND DEFENDING FOREIGN-MONEY CLAIM. (a) 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. (b) An opposing party may allege and prove that a claim, in whole or in part, is in a different money […]
548.46 JUDGMENTS AND AWARDS ON FOREIGN-MONEY CLAIMS; TIMES OF MONEY CONVERSION; FORM OF JUDGMENT. (a) Except as provided in paragraph (c), a judgment or award on a foreign-money claim must be stated in an amount of the money of the claim. (b) A judgment or award on a foreign-money claim is payable in the amount […]
548.47 CONVERSIONS OF FOREIGN MONEY IN DISTRIBUTION PROCEEDING. 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 […]
548.48 PREJUDGMENT AND JUDGMENT INTEREST. (a) With respect to a foreign-money claim, recovery of prejudgment or preaward interest and the rate of interest to be applied in the action or distribution proceeding, except as provided in subsection (b), are matters of the substantive law governing the right to recovery under the conflict-of-laws rules of this […]
548.49 ENFORCEMENT OF FOREIGN JUDGMENTS. (a) 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 548.46, whether or not the foreign judgment confers an option to pay […]
548.50 DETERMINING UNITED STATES DOLLAR VALUE OF FOREIGN-MONEY CLAIMS FOR LIMITED PURPOSES. (a) 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. (b) For the limited purpose of facilitating the […]
548.51 EFFECT OF CURRENCY REVALORIZATION. (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 […]
548.52 SUPPLEMENTARY GENERAL PRINCIPLES OF LAW. Unless displaced by particular provisions of sections 548.40 to 548.53, 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 the provisions of sections […]
548.53 SHORT TITLE. Sections 548.40 to 548.53 may be cited as the Uniform Foreign-Money Claims Act. History: 1991 c 156 s 14
