Sec. 50a-55. Determination of amount of payment of certain contract claims.
Sec. 50a-55. Determination of amount of payment 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, unless otherwise agreed, the amount to be paid shall be
determined on the appropriate conversion date.
(b) If an amount contracted to be paid in a foreign money is to be measured by
conversion from a different money at the exchange rate prevailing on a date prior to
default, unless a longer time is agreed, that exchange rate applies only for payments
made in a reasonable time after default, not to exceed thirty days. Conversion thereafter
will be made at the bank-offered spot rate on the conversion date.
(P.A. 89-134, S. 5.)