§ 9-32.1-8 - Judgments and awards on foreign money claims – Times of money conversion – Form of judgment.
SECTION 9-32.1-8
§ 9-32.1-8 Judgments and awards on foreignmoney claims – Times of money conversion – Form of judgment. –(a) Except as provided in subsection (c), a judgment or award on aforeign-money claim must be stated in an amount of the money of the claim.
(b) A judgment or award on a foreign money claim is payablein that foreign money or, at the option of the debtor, in the amount of UnitedStates dollars which will purchase that foreign money on the conversion date ata bank-offered spot rate.
(c) Assessed costs must be entered in United States dollars.
(d) Each payment in United States dollars must be acceptedand credited on a judgment or award on a foreign money claim in the amount ofthe foreign money that could be purchased by the dollars at a bank-offered spotrate of exchange at or near the close of business on the conversion date forthat payment.
(e) A judgment or award made in an action or distributionproceeding on both: (1) A defense, set-off, recoupment, or counterclaim and (2)The adverse party's claim, must be netted by converting the money of thesmaller into the money of the larger, and by subtracting the smaller from thelarger, and specify the rates of exchange used.
(f) A judgment substantially in the following form complieswith subsection (a):
[IT IS ADJUDGED AND ORDERED, that Defendant (insertname) pay to Plaintiff (insert name) the sum of (insert amount in the foreignmoney) plus interest on that sum at the rate of (insert rate – inaccordance with § 9-32.1-10) percent a year or, at the option of thejudgment debtor, the number of United States dollars which will purchase the(insert name of foreign money) with interest due, at a bank-offered spot rateat or near the close of business on the banking day next before the day ofpayment, together with assessed costs of (insert amount) United Statesdollars.]
(g) If a contract claim is of the type covered by subsection9-32.1-4(a) or (b), the judgment or award must be entered for the amount ofmoney stated to measure the obligation to be paid in the money specified forpayment or, at the option of the debtor, the number of United States dollarswhich will purchase the computed amount of the money of payment on theconversion date at a bank-offered spot rate.
(h) A judgment must be filed and indexed in foreign money inthe same manner, and has the same effect as a lien, as other judgments. It maybe discharged by payment.