Connecticut General Statutes 50a-62 – Effect of currency revalorizations
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(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 and for the same purposes, the obligation or the loss shall be 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.
Terms Used In Connecticut General Statutes 50a-62
- Action: means a judicial or arbitration proceeding in which an order or award for a money payment may be tendered or enforced. See Connecticut General Statutes 50a-51
- 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
- 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
- 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.
(b) If due to delay in payment, the amount of a judgment does not yield the required amount of the creditor’s money, the obligation to pay an additional sum will support another action for the amount remaining unpaid, and that obligation is not merged in the judgment.