Section 440.1210 - Definitions; subject or medium of payment as euro or ECU.
UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962
440.1210 Definitions; subject or medium of payment as euro or ECU.
Sec. 1210.
(1) As used in this section and section 1211:
(a) “ECU” or “European currency unit” means the currency basket that is from time to time used as the unit of account of the European union as defined in European council regulation no. 3320/94.
(b) “Euro” or “euros” means the currency of participating member states of the European union that adopt a single currency in accordance with the treaty on European union signed February 7, 1992. Member states are those that have decided to adopt the Euro, and other member states that may choose to participate.
(c) “Introduction of the euro” means, but is not limited to, the implementation from time to time of an economic and monetary union in member states of the European union under the treaty on European union of February 7, 1992.
(2) If a subject or medium of payment of a contract, security, or instrument is a currency that has been substituted or replaced by the euro, the euro shall be a commercially reasonable substitute and substantial equivalent that may be either of the following:
(a) Used in determining the value of that currency.
(b) Tendered at the conversion rate specified in and calculated according to the regulations adopted by the council of the European union.
(3) If a subject or medium of payment of a contract, security, or instrument is the ECU, the euro shall be a commercially reasonable substitute and substantial equivalent that may be either of the following:
(a) Used in determining the value of that currency.
(b) Tendered at the conversion rate specified in and calculated according to the regulations adopted by the council of the European union.
(4) Unless the parties to a contract, security, or instrument described in subsection (2) or (3) agree otherwise, the tendering of money under that contract, security, or instrument may only be made in either of the following:
(a) Euros.
(b) The currency originally designated by the contract, security, or instrument, if that originally designated currency remains legal tender at the time of performance.
History: Add. 1998, Act 395, Imd. Eff. Dec. 17, 1998