Sec. 50a-51. Definitions.
Sec. 50a-51. Definitions. As used in this chapter:
(1) "Action" means a judicial or arbitration proceeding in which an order or award
for a money payment may be tendered or enforced;
(2) "Conversion date" means, except as provided in section 50a-58, the banking
day next before the date on which money or an award is, in accordance with this chapter;
(i) paid to a judgment creditor, (ii) paid to the designated official enforcing a judgment
on behalf of the judgment creditor or (iii) used to effect a set-off of claims in different
moneys in an action;
(3) "Distribution proceeding" means a judicial or nonjudicial proceeding for an
accounting, an assignment for the benefit of creditors, a foreclosure, or for the distribution, liquidation, or rehabilitation of a corporation, other entity, an estate, trust, or other
fund in or against which the share of a foreign-money claim is asserted;
(4) "Foreign money" means money other than money of the United States of
America;
(5) "Foreign-money claim" means a claim upon an obligation to pay, or a claim for
recovery of a loss, expressed in or measured by a foreign money;
(6) "Money" means a medium of exchange for the payment of debts or other obligations, or a store of value authorized or adopted by a domestic or foreign government or
by intergovernmental agreement;
(7) "Money of the claim" means the money determined as proper by section 50a-54;
(8) "Party" means an individual, a corporation, government or governmental subdivision or agency, business trust, partnership or association of two or more persons having
a joint or common interest or any other legal or commercial entity asserting or defending
against a foreign-money claim;
(9) "Rate of exchange" means the rate at which the money of one country may be
converted into another money in a free financial market convenient to or usable by
the party to pay or to state a conversion. If separate exchange rates apply to different
transactions or events, the term means the rate applicable to the particular transaction
or event giving rise to the foreign-money claim;
(10) "Spot rate" means the rate of exchange at which foreign money is sold by a
bank or foreign-currency trader, for settlement by immediate payment, by charge to an
account, or by an agreed delayed settlement not exceeding two days. "Bank-offered
spot rate" means the rate at which a bank will issue its draft in the foreign currency or
will cause credit to become available on a next-day basis in the foreign money.
(P.A. 89-134, S. 1.)