§ 9-32.1-6 - Determining the amount of money of certain contract claims.
SECTION 9-32.1-6
§ 9-32.1-6 Determining the amount of moneyof certain contract claims. – (a) If an amount contracted to be paid in a foreign money is measured by aspecified amount of a different money, the amount to be paid is determined onthe conversion date.
(b) If an amount contracted to be paid in foreign money is tobe measured by a different money at the rate of exchange prevailing on a datebefore default, that rate of exchange applies only to payments made within areasonable time after default, not exceeding thirty (30) days. Thereafter,conversion is made at the bank-offered spot rate on the conversion date.
(c) A monetary claim is neither usurious nor unconscionablebecause the agreement on which it is based provides that the amount of thedebtor's obligation to be paid in the debtor's money, when received by thecreditor, must equal a specified amount of the foreign money of the country ofthe creditor. If, because of unexcused delay in payment of a judgment or award,the amount received by the creditor does not equal the amount of the foreignmoney specified in the agreement, the court or arbitrator shall amend thejudgment or award accordingly.