(1)  Except as provided by Subsection (2), the proper money of the claim is, as in each case may be appropriate, the money:

Terms Used In Utah Code 78B-5-405

  • 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
  • Money of the claim: means the money determined as proper by Section 78B-5-405. See Utah Code 78B-5-402
  • Party: means an individual, a corporation, government or governmental subdivision or agency, business trust, partnership or association of two or more persons having a joint or common interest or any other legal or commercial entity asserting or defending against a foreign-money claim. See Utah Code 78B-5-402
(a)  regularly used between the parties as a matter of usage or course of dealing;

(b)  used at the time of a transaction in international trade, by trade usage or common practice, for valuing or settling transactions in the particular commodity or service involved; or

(c)  in which the loss was ultimately felt or will be incurred by a party.

(2)  The money in which the parties have contracted that a payment be made is the proper money of the claim for that payment.

Renumbered and Amended by Chapter 3, 2008 General Session