(a) For a foreign-money judgment, the United States dollar amount needed for the limited purpose of (1) the value of assets to be seized or restrained pursuant to a writ of attachment, garnishment, execution or other legal process, (2) the amount at issue for assessing costs, or (3) the amount involved for a required surety bond shall be determined as follows: The party seeking the writ, costs or bond shall compute the dollar amount of the foreign money claimed from a bank-offered spot rate of exchange prevailing at or near the close of business on the banking day next preceding the filing of a request for the issuance of process or for the determination of costs, or an application requiring a bond.
Terms Used In Connecticut General Statutes 50a-61
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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
- Foreign money: means money other than money of the United States of America. See Connecticut General Statutes 50a-51
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- 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
- 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
- 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
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
(b) The party seeking the process or the award of costs, or filing an application for a bond, shall file with the request or application, an affidavit or certificate executed in good faith by its counsel or a bank officer, stating the market quotation used, how obtained, and setting forth the calculation. Court officials shall incur no liability, after a filing of the affidavit or certificate, for acting during the following two months as if the judgment was in the amount of United States dollars stated in the affidavit or certificate.
(c) A filed affidavit or certificate may be renewed for another two months with a current exchange rate at any time as long as the judgment remains unsatisfied.
(d) Computations under this section are for the limited purposes of the section and do not affect the money of the judgment for payment purposes.