§ 9-32.1-2 - Definitions.
SECTION 9-32.1-2
§ 9-32.1-2 Definitions. – The following words and terms shall have the following respective meanings,unless the context clearly indicates otherwise:
(1) "Action" means a judicial proceeding or arbitration inwhich a payment in money may be awarded or enforced with respect to a foreignmoney claim.
(2) "Bank-offered spot rate" means the spot rate of exchangeat which a bank will sell foreign money at a spot rate.
(3) "Conversion date" means the banking day next precedingthe date on which money, in accordance with this chapter, is:
(i) Paid to a claimant in an action or distributionproceeding;
(ii) Paid to the official designated by law to enforce ajudgment or award on behalf of a claimant; or
(iii) Used to recoup, set-off, or counterclaim in differentmoneys in an action or distribution proceeding.
(4) "Distribution proceeding" means a judicial ornon-judicial proceeding for the distribution of a fund in which one or moreforeign money claims is asserted and includes an accounting, an assignment forthe benefit of creditors, a foreclosure, the liquidation or rehabilitation of acorporation or other entity, and the distribution of an estate, trust or otherfund.
(5) "Foreign money" means money other than money of theUnited States of America.
(6) "Foreign money claim" means a claim upon an obligation topay, or a claim for recovery of a loss, expressed in or measured by foreignmoney.
(7) "Money" means a medium of exchange for the payment ofobligations or a store of value authorized or adopted by a government or byinter-governmental agreement.
(8) "Money of the claim" means the money determined as properpursuant to § 9- 32.1-4.
(9) "Person" means an individual, a corporation, governmentor governmental subdivision or agency, business trust, estate, trust, jointventure, partnership, association, two or more persons having a joint or commoninterest, or any other legal or commercial entity.
(10) "Rate of exchange" means the rate at which money of onecountry may be converted into money of another country in a free financialmarket convenient to or reasonably usable by a person obligated to pay or tostate a rate of conversion. If separate rates of exchange apply to differentkinds of transactions, the term means the rate applicable to the particulartransaction giving rise to the foreign money claim.
(11) "Spot rate" means the rate of exchange at which foreignmoney is sold by a bank or other dealer in foreign exchange for immediate ornext day availability or for settlement by immediate payment in cash orequivalent, by charge to an account, or by an agreed delayed settlement notexceeding two (2) days.
(12) "State" means a state of the United States, the Districtof Columbia, the Commonwealth of Puerto Rico, or a territory or insularpossession subject to the jurisdiction of the United States.