(a) Except as provided in subsection (c) of this section, in a successful foreign-money claim, a judgment or arbitration award shall be stated in an amount of the money of the claim.
Terms Used In Connecticut General Statutes 50a-57
- Bank-offered spot rate: means the rate at which a bank will issue its draft in the foreign currency or will cause credit to become available on a next-day basis in the foreign money. See Connecticut General Statutes 50a-51
- Conversion date: means , except as provided in section 50a-58, the banking day next before the date on which money or an award is, in accordance with this chapter. See Connecticut General Statutes 50a-51
- Counterclaim: A claim that a defendant makes against a plaintiff.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Foreign money: means money other than money of the United States of America. See Connecticut General Statutes 50a-51
- 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 Connecticut General Statutes 50a-51
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- Money of the claim: means the money determined as proper by section 50a-54. See Connecticut General Statutes 50a-51
- Party: means an individual, a corporation, government or governmental subdivision or agency, business trust, partnership or association of two or more persons having a joint or common interest or any other legal or commercial entity asserting or defending against a foreign-money claim. See Connecticut General Statutes 50a-51
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Rate of exchange: means the rate at which the money of one country may be converted into another money in a free financial market convenient to or usable by the party to pay or to state a conversion. 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) The judgment is payable in that foreign money or, at the option of the judgment debtor, in the amount of United States dollars which will purchase that foreign money on the conversion date.
(c) Assessed costs shall be entered in United States dollars.
(d) Each payment in United States dollars shall be accepted and credited on the judgment in the amount of the foreign money that could be purchased by the dollars at a bank-offered spot rate of exchange at or near the close of business on the conversion date for that payment.
(e) Awards made on both (1) a defense, set-off, recoupment or counterclaim, and (2) the adverse party‘s claim, shall be netted by converting the moneys of the smaller award into the money of the larger and by subtracting the smaller from the larger, as if a payment had occurred on the date of the most recent award, and shall provide in the judgment the rates of exchange used.
(f) A judgment substantially in the following form complies with subsection (a) of this section:
IT IS ADJUDGED AND ORDERED, THAT Defendant (insert name) pay to Plaintiff (insert name) the sum of (insert amount in the foreign money) plus interest on that sum at the rate of (insert rate as provided in section 50a-59) per cent a year or, at the option of the judgment debtor, such number of United States dollars as will purchase the (insert name of foreign money) with interest due, at a bank-offered spot rate at or near the close of business on the banking day next before the day of payment, together with assessed costs of (insert amount) United States dollars.
(g) A judgment shall be recorded and indexed in the foreign money in the same manner and shall have the same effect as a lien as other judgments. It may be discharged by payment.