Utah Code 78B-5-404. Variation by agreement
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(1) The effect of provisions of this part may be varied by agreement of the parties made at any time before or after commencement of an action, distribution proceeding, or the entry of judgment.
Terms Used In Utah Code 78B-5-404
- Action: means a judicial proceeding or arbitration in which a money payment may be awarded or enforced in respect of a foreign-money claim. See Utah Code 78B-5-402
- Distribution proceeding: means a judicial or nonjudicial proceeding for an accounting, an assignment for the benefit of creditors, a foreclosure, for the liquidation or rehabilitation of a corporation or other entity, for the distribution of an estate, trust, or other fund in or against which a foreign-money claim is asserted. See Utah Code 78B-5-402
- Foreign money: means money other than money of the United States of America. See Utah Code 78B-5-402
- 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 Utah Code 78B-5-402
- 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 Utah Code 78B-5-402
(2) The parties may agree upon the money to be used in a transaction giving rise to a foreign-money claim and may use different money for different aspects of the transaction. Stating the price in a foreign money or for a particular transaction does not require, of itself, the use of that money for other aspects of the transaction.