78B-5-408 - Judgments and awards on foreign-money claims -- Time of money conversion -- Form of judgment.
78B-5-408. Judgments and awards on foreign-money claims -- Time of moneyconversion -- Form of judgment.
(1) Except as provided in Subsection (3), a judgment or arbitration award on aforeign-money claim must be stated in an amount of the money of the claim.
(2) The judgment or award is payable in that foreign money or at the option of the debtorin the amount of United States dollars which will purchase that foreign money on the conversiondate at a bank-offered spot rate.
(3) Assessed costs must be entered in United States dollars.
(4) Each payment in United States dollars must be accepted and credited on the judgmentor award in the amount of the foreign money that could be purchased by the dollars at abank-offered spot rate of exchange at or near the close of business on the conversion date for thatpayment.
(5) Judgments or awards made in an action on both:
(a) a defense, set-off, recoupment, or counterclaim; and
(b) the adverse party's claim, must be netted by converting the money of the smaller intothe money of the larger, and by subtracting the smaller from the larger, and must specify the ratesof exchange used.
(6) A judgment substantially in the following form complies with Subsection (1):
IT IS ADJUDGED AND ORDERED that Defendant (insert name) pay to Plaintiff (insertname) the sum of (insert amount in the foreign money) plus interest on that sum at the rate of(insert rate - see Section 78B-5-410) percent a year or, at the option of the judgment debtor, thenumber of United States dollars as will purchase the (insert name of foreign money) with interestdue, at a bank-offered spot rate at or near the close of business on the banking day next before theday of payment, together with assessed costs of (insert amount) United States dollars.
(7) If a contract claim is of the type covered by Subsection 78B-5-406(1) or (2), thejudgment or award shall be entered for the amount of the money stated to measure the obligationto be paid in the money specified for payment or, at the option of the debtor, the number ofUnited States dollars as will purchase the computed amount of the money of payment on theconversion date at a bank-offered spot rate.
(8) A judgment shall be filed in the judgment docket and indexed in foreign money in thesame manner, and shall have the same effect as a lien as other judgments. It may be dischargedby payment.
Renumbered and Amended by Chapter 3, 2008 General Session