Michigan Laws 440.3107 – Payment in foreign money
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 440.3107
- Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201
- Purchase: means taking by sale, lease, discount, negotiation, mortgage, pledge, lien, security interest, issue or reissue, gift, or any other voluntary transaction creating an interest in property. See Michigan Laws 440.1201
Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchase of dollars on the day on which the instrument is paid.