78B-5-402 - Definitions.
78B-5-402. Definitions.
As used in this part:
(1) "Action" means a judicial proceeding or arbitration in which a money payment maybe awarded or enforced in respect of a foreign-money claim.
(2) "Conversion date" means the banking day next before the date on which money is, inaccordance with this part:
(a) paid to a judgment creditor;
(b) paid to the designated official enforcing a judgment on behalf of the judgmentcreditor; or
(c) used to effect a recoupment or set-off of claims in different money in an action.
(3) "Distribution proceeding" means a judicial or nonjudicial proceeding for anaccounting, an assignment for the benefit of creditors, a foreclosure, for the liquidation orrehabilitation of a corporation or other entity, for the distribution of an estate, trust, or other fundin or against which a foreign-money claim is asserted.
(4) "Foreign money" means money other than money of the United States of America.
(5) "Foreign-money claim" means a claim upon an obligation to pay, or a claim forrecovery of a loss, expressed in or measured by a foreign money.
(6) "Money" means a medium of exchange for the payment of obligations or a store ofvalue authorized or adopted by a government or by intergovernmental agreement.
(7) "Money of the claim" means the money determined as proper by Section 78B-5-405.
(8) "Party" means an individual, a corporation, government or governmental subdivisionor agency, business trust, partnership or association of two or more persons having a joint orcommon interest or any other legal or commercial entity asserting or defending against aforeign-money claim.
(9) "Rate of exchange" means the rate at which the money of one country may beconverted into money of another country in a free financial market convenient to or reasonablyusable by the party obliged to pay or to state a rate of conversion. If separate exchange ratesapply to different kinds of transactions or events, the term means the rate applicable to theparticular transaction or event giving rise to the foreign-money claim.
(10) (a) "Spot rate" means the rate of exchange at which foreign money is sold by a bankor other dealer in foreign exchange for settlement by immediate payment, by charge to anaccount, or by an agreed delayed settlement not exceeding two days.
(b) "Bank-offered spot rate" means the rate of exchange at which a bank will issue itsdraft in the foreign money or will cause credit to become available in the foreign money on anext-day basis.
(11) "State" means a state, territory, or possession of the United States, the District ofColumbia, the Commonwealth of Puerto Rico, or the United States Virgin Islands.
Renumbered and Amended by Chapter 3, 2008 General Session