New Mexico Statutes 39-4C-2. Definitions
As used in the Uniform Foreign-Money Claims Act:
Terms Used In New Mexico Statutes 39-4C-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Counterclaim: A claim that a defendant makes against a plaintiff.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
A. “action” means a judicial proceeding or arbitration in which a payment in money may be awarded or enforced with respect to a foreign-money claim;
B. “bank-offered spot rate” means the spot rate of exchange at which a bank will sell foreign money at a spot rate;
C. “conversion date” means the banking day next preceding the date on which money, in accordance with the Uniform Foreign-Money Claims Act, is:
(1) paid to a claimant in an action or distribution proceeding;
(2) paid to the official designated by law to enforce a judgment or award on behalf of a claimant; or
(3) used to recoup, set-off or counterclaim in different moneys in an action or distribution proceeding;
D. “distribution proceeding” means a judicial or nonjudicial proceeding for the distribution of a fund in which one or more foreign-money claims is asserted and includes an accounting, an assignment for the benefit of creditors, a foreclosure, the liquidation or rehabilitation of a corporation or other entity and the distribution of an estate, trust or other fund;
E. “foreign money” means money other than money of the United States of America;
F. “foreign-money claim” means a claim upon an obligation to pay, or a claim for recovery of a loss, expressed in or measured by a foreign money;
G. “money” means a medium of exchange for the payment of obligations or a store of value authorized or adopted by a government or by intergovernmental agreement;
H. “money of the claim” means the money determined as proper pursuant to Section 5 [39-4C-5 N.M. Stat. Ann.] of the Uniform Foreign-Money Claims Act;
I. “person” means an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, joint venture, partnership, association, two or more persons having a joint or common interest or any other legal or commercial entity;
J. “rate of exchange” means the rate at which money of one country may be converted into money of another country in a free financial market convenient to or reasonably usable by a person obligated to pay or to state a rate of conversion; if separate rates of exchange apply to different kinds of transactions, the term means the rate applicable to the particular transaction giving rise to the foreign-money claim;
K. “spot rate” means the rate of exchange at which foreign money is sold by a bank or other dealer in foreign exchange for immediate or next-day availability or for settlement by immediate payment in cash or equivalent, by charge to an account or by an agreed delayed settlement not exceeding two days; and
L. “state” means a state of the United States, the District of Columbia, the commonwealth of Puerto Rico or a territory or insular possession subject to the jurisdiction of the United States.