Connecticut General Statutes 50a-55 – Determination of amount of payment of certain contract claims
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(a) If an amount contracted to be paid in a foreign money is measured by a specified amount of a different money, unless otherwise agreed, the amount to be paid shall be determined on the appropriate conversion date.
Terms Used In Connecticut General Statutes 50a-55
- Conversion date: means , except as provided in §. See Connecticut General Statutes 50a-51
- Foreign money: means money other than money of the United States of America. See Connecticut General Statutes 50a-51
- Money: means a medium of exchange for the payment of debts or other obligations, or a store of value authorized or adopted by a domestic or foreign government or by intergovernmental agreement. See Connecticut General Statutes 50a-51
- Spot rate: means the rate of exchange at which foreign money is sold by a bank or foreign-currency trader, for settlement by immediate payment, by charge to an account, or by an agreed delayed settlement not exceeding two days. See Connecticut General Statutes 50a-51
(b) If an amount contracted to be paid in a foreign money is to be measured by conversion from a different money at the exchange rate prevailing on a date prior to default, unless a longer time is agreed, that exchange rate applies only for payments made in a reasonable time after default, not to exceed thirty days. Conversion thereafter will be made at the bank-offered spot rate on the conversion date.