(1)  If an amount contracted to be paid in a foreign money is measured by a specified amount of a different money, the amount to be paid is determined on the conversion date.

Terms Used In Utah Code 78B-5-406

  • Conversion date: means the banking day next before the date on which money is, in accordance with this part:
(a) paid to a judgment creditor;
(b) paid to the designated official enforcing a judgment on behalf of the judgment creditor; or
(c) used to effect a recoupment or set-off of claims in different money in an action. 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
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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
  • 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.
  • Spot rate: means the rate of exchange at which foreign money is sold by a bank or other dealer in foreign exchange for settlement by immediate payment, by charge to an account, or by an agreed delayed settlement not exceeding two days. See Utah Code 78B-5-402
    • (2)  If an amount contracted to be paid in a foreign money is to be measured by a different money at the exchange rate prevailing on a date prior to default, that exchange rate applies only for payments made a reasonable time after default, not to exceed 30 days. Thereafter, conversion is made at the bank-offered spot rate on the conversion date.

    (3) 

    (a)  A monetary claim is neither usurious nor unconscionable because the agreement on which it is based provides that the amount of the debtor’s obligation to be paid in the debtor’s money shall, when received by the creditor, equal a specified amount of the foreign money of the country of the creditor.

    (b)  If because of unexcused delay in payment of a judgment or award the amount received by the creditor does not equal the amount of the foreign money specified in the agreement, the court or arbitrator, as the case may be, has jurisdiction to and may amend the judgment or award accordingly.

    Renumbered and Amended by Chapter 3, 2008 General Session

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