8.01-465.24 - Determining United States dollar value of foreign-money claims for limited purposes.

§ 8.01-465.24. Determining United States dollar value of foreign-money claimsfor limited purposes.

For the limited purpose of facilitating the enforcement of provisionalremedies in an action, (i) the value in United States dollars of assets to beseized or restrained pursuant to a writ of attachment, garnishment,execution, or other legal process, (ii) the amount of United States dollarsat issue for assessing costs, or (iii) the amount of United States dollarsinvolved for a surety bond or other court-required undertaking shall beascertained by a party seeking the process, costs, bond or other undertakingas follows:

1. The amount of the foreign money claimed shall be computed from abank-offered spot rate prevailing at or near the close of business on thebanking day next preceding the filing of (i) a request or application for theissuance of process or for the determination of costs, or (ii) an applicationfor a bond or other court-required undertaking.

2. An affidavit or certificate executed in good faith by the party's counselor a bank officer shall be filed with each request or application, statingthe market quotation used and how it was obtained, and setting forth thecalculation. Affected court officials incur no liability, after a filing ofthe affidavit or certificate, for acting as if the judgment were in theamount of United States dollars stated in the affidavit or certificate.

Computations under this section are for the limited purposes of the sectionand do not affect computation of the United States dollar equivalent of themoney of the judgment for the purpose of payment.

(1991, c. 24.)