(a) If, after an obligation is expressed or a loss is incurred in a foreign money, the country issuing or adopting that money substitutes a new money in place of that money, the obligation or the loss is treated as if expressed or incurred in the new money at the rate of conversion the issuing country establishes for the payment of like obligations or losses denominated in the former money.

(b) If substitution under subdivision (a) occurs after a judgment or award is entered on a foreign-money claim, the court or arbitrator shall amend the judgment or award by a like conversion of the former money.

Terms Used In California Code of Civil Procedure 676.12

  • Foreign money: means money other than money of the United States of America. See California Code of Civil Procedure 676.1
  • 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. See California Code of Civil Procedure 676.1
  • 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. See California Code of Civil Procedure 676.1
  • 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.

(Added by Stats. 1991, Ch. 932, Sec. 1.)

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