§ 1C-1820. Definitions.
Article19
The North CarolinaForeign‑Money Claims Act.
§ 1C‑1820. Definitions.
As used in this Article:
(1) "Action"means a judicial proceeding or arbitration in which a payment in money may beawarded or enforced with respect to a foreign‑money claim.
(2) "Bank‑offeredspot rate" means the spot rate of exchange at which a bank will sellforeign money at a spot rate.
(3) "Conversiondate" means the banking day next preceding the date on which money, inaccordance with this Article, is:
a. Paid to a claimantin an action or distribution proceeding;
b. Paid to the officialdesignated by law to enforce a judgment or award on behalf of a claimant; or
c. Used to recoup, setoff, or counterclaim in different moneys in an action or distributionproceeding.
(4) "Distributionproceeding" means a judicial or nonjudicial proceeding for thedistribution of a fund in which one or more foreign‑money claims isasserted and includes an accounting, an assignment for the benefit ofcreditors, a foreclosure, the liquidation or rehabilitation of a corporation orother entity, and the distribution of an estate, trust, or other fund.
(5) "Foreignmoney" means money other than money of the United States.
(6) "Foreign‑moneyclaim" means a claim upon an obligation to pay, or a claim for recovery ofa loss, expressed in or measured by a foreign money.
(7) "Money"means a medium of exchange for the payment of obligations or a store of valueauthorized or adopted by a government or by intergovernmental agreement.
(8) "Money of theclaim" means the money determined as proper for payment of the claimpursuant to G.S. 1C‑1823.
(9) "Person"means an individual, a corporation, government or governmental subdivision oragency, business trust, estate, trust, joint venture, partnership, association,two or more persons having a joint or common interest, or any other legal orcommercial entity.
(10) "Rate ofexchange" means the rate at which money of one country may be convertedinto money of another country in a free financial market convenient to orreasonably usable by a person obligated to pay or to state a rate ofconversion. "Rate of exchange" means, if separate rates of exchangeapply to different kinds of transactions, the rate applicable to the particulartransaction giving rise to the foreign‑money claim.
(11) "Spot rate"means the rate of exchange at which foreign money is sold by a bank or otherdealer in foreign exchange for immediate or next day availability or forsettlement by immediate payment in cash or its equivalent, by charge to anaccount, or by an agreed delayed settlement not exceeding two days.
(12) "State"means a state of the United States, the District of Columbia, the Commonwealthof Puerto Rico, or a territory or insular possession subject to thejurisdiction of the United States. (1995, c. 213, s. 1.)