North Carolina General Statutes 1C-1827. Conversions of foreign money in distribution proceedings
Current as of: 2023 | Check for updates
|
Other versions
The rate of exchange prevailing at or near the close of business on the day the distribution proceeding is initiated shall govern all exchanges of foreign money in a distribution proceeding.? A foreign-money claimant in a distribution proceeding shall assert its claim in the named foreign money and show the amount of United States dollars resulting from a conversion as of the date the proceeding was initiated. (1995, c. 213, s. 1.)
Terms Used In North Carolina General Statutes 1C-1827
- Distribution proceeding: means a judicial or nonjudicial proceeding for the distribution of a fund in which one 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 North Carolina General Statutes 1C-1820
- Foreign money: means money other than money of the United States. See North Carolina General Statutes 1C-1820
- Money: means a medium of exchange for the payment of obligations or a store of value authorized or adopted by a government or by intergovernmental agreement. See North Carolina General Statutes 1C-1820
- Rate of exchange: means the rate at which money of one 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 North Carolina General Statutes 1C-1820
- United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3