78B-5-413 - Effect of currency revalorizations.
78B-5-413. Effect of currency revalorizations.
(1) If, after an obligation is expressed or a loss is incurred in a foreign money, thecountry issuing or adopting that money substitutes a new money in place of that money, theobligation or the loss is treated as if expressed or incurred in the new money at the rate ofconversion the issuing country establishes for the payment of like obligations or lossesdenominated in the former money.
(2) If substitution under Subsection (1) occurs after a judgment or award is entered on aforeign-money claim, the court or arbitrator shall have jurisdiction to, and shall, amend thejudgment or award by a like conversion of the former money.
Renumbered and Amended by Chapter 3, 2008 General Session