Sec. 50a-57. Judgments on foreign-money claims. Form.
Sec. 50a-57. Judgments on foreign-money claims. Form. (a) Except as provided
in subsection (c) of this section, in a successful foreign-money claim, a judgment or
arbitration award shall be stated in an amount of the money of the claim.
(b) The judgment is payable in that foreign money or, at the option of the judgment
debtor, in the amount of United States dollars which will purchase that foreign money
on the conversion date.
(c) Assessed costs shall be entered in United States dollars.
(d) Each payment in United States dollars shall be accepted and credited on the
judgment in the amount of the foreign money that could be purchased by the dollars at
a bank-offered spot rate of exchange at or near the close of business on the conversion
date for that payment.
(e) Awards made on both (1) a defense, set-off, recoupment or counterclaim, and
(2) the adverse party's claim, shall be netted by converting the moneys of the smaller
award into the money of the larger and by subtracting the smaller from the larger, as if
a payment had occurred on the date of the most recent award, and shall provide in the
judgment the rates of exchange used.
(f) A judgment substantially in the following form complies with subsection (a) of
this section:
IT IS ADJUDGED AND ORDERED, THAT Defendant (insert name) pay to Plaintiff
(insert name) the sum of (insert amount in the foreign money) plus interest on that sum
at the rate of (insert rate as provided in section 50a-59) per cent a year or, at the option
of the judgment debtor, such number of United States dollars as will purchase the (insert
name of foreign money) with interest due, at a bank-offered spot rate at or near the close
of business on the banking day next before the day of payment, together with assessed
costs of (insert amount) United States dollars.
(g) A judgment shall be recorded and indexed in the foreign money in the same
manner and shall have the same effect as a lien as other judgments. It may be discharged
by payment.
(P.A. 89-134, S. 7; P.A. 07-217, S. 184.)
History: P.A. 07-217 made technical changes, effective July 12, 2007.