. (a) Except as provided in subsection (c) of this section, a judgment or award on a foreign-money claim must be stated in an amount of the money of the claim.
(b)  A judgment or award on a foreign-money claim is payable in that foreign money or, at the option of the debtor, in the amount of United States dollars which will purchase that foreign money on the conversion date at a bank-offered spot rate.

Terms Used In Idaho Code 10-1507

  • Action: means a judicial proceeding or arbitration in which a payment in money may be awarded or enforced with respect to a foreign-money claim. See Idaho Code 10-1501
  • Bank-offered spot rate: means the spot rate of exchange at which a bank will sell foreign money at a spot rate. See Idaho Code 10-1501
  • Contract: A legal written agreement that becomes binding when signed.
  • Conversion date: means the banking day next preceding the date on which money, in accordance with this chapter, is:
Idaho Code 10-1501
  • 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.
  • Distribution proceeding: means a judicial or nonjudicial proceeding for the distribution of a fund in which one (1) or more foreign-money claims is asserted and includes an accounting, an assignment for the benefit of creditors, a foreclosure, the liquidation or rehabilitation of a corporation or other entity, and the distribution of an estate, trust or other fund. See Idaho Code 10-1501
  • Foreign money: means money other than money of the United States of America. See Idaho Code 10-1501
  • 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 Idaho Code 10-1501
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Money: means a medium of exchange for the payment of obligations or a store of value authorized or adopted by a government or by inter-governmental agreement. See Idaho Code 10-1501
  • 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.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Rate of exchange: means the rate at which money of one (1) country may be converted into money of another country in a free financial market convenient to or reasonably usable by a person obligated to pay or to state a rate of conversion. See Idaho Code 10-1501
  • Spot rate: means the rate of exchange at which foreign money is sold by a bank or other dealer in foreign exchange for immediate or next day availability or for settlement by immediate payment in cash or equivalent, by charge to an account, or by an agreed delayed settlement not exceeding two (2) days. See Idaho Code 10-1501
    • (c)  Assessed costs must be entered in United States dollars.
    (d)  Each payment in United States dollars must be accepted and credited on a judgment or award on a foreign-money claim 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)  A judgment or award made in an action or distribution proceeding on both (i) a defense, set-off, recoupment or counterclaim and (ii) the adverse party’s claim, must be netted by converting the money of the smaller into the money of the larger, and by subtracting the smaller from the larger, and specify 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 – see section SECTsp1/>10-1509.htm">10-1509, Idaho Code) ……. percent a year or, at the option of the judgment debtor, the number of United States dollars which 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)  If a contract claim is of the type covered by section SECTsp1/>10-1505.htm">10-1505(a) or (b), Idaho Code, the judgment or award must be entered for the amount of money stated to measure the obligation to be paid in the money specified for payment or, at the option of the debtor, the number of United States dollars which will purchase the computed amount of the money of payment on the conversion date at a bank-offered spot rate.
    (h)  A judgment must be filed with the district court, and recorded with the county recorder, in foreign money in the same manner, and has the same effect as a lien, as other judgments. It may be discharged by payment.