(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, 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 established for the payment of like obligations or losses denominated in the former money.

(b)        If substitution under subsection (a) of this section occurs after a judgment or award is entered on a foreign-money claim, the court or arbitrator shall amend the judgment or award by a like conversion of the former money. (1995, c. 213, s. 1.)

Terms Used In North Carolina General Statutes 1C-1831

  • Foreign money: means money other than money of the United States. See North Carolina General Statutes 1C-1820
  • 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 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
  • 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.
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