78B-5-408.  Judgments and awards on foreign-money claims — Time of money conversion — Form of judgment.

(1)  Except as provided in Subsection (3), a judgment or arbitration award on a foreign-money claim must be stated in an amount of the money of the claim.

Terms Used In Utah Code 78B-5-408

  • 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
  • Bank-offered spot rate: means the rate of exchange at which a bank will issue its draft in the foreign money or will cause credit to become available in the foreign money on a next-day basis. See Utah Code 78B-5-402
  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Docket: A log containing brief entries of court proceedings.
  • 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
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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
  • 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.
  • 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
  • Person: means :Utah Code 68-3-12.5
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Rate of exchange: means the rate at which the money of one country may be converted into money of another country in a free financial market convenient to or reasonably usable by the party obliged to pay or to state a rate of conversion. See Utah Code 78B-5-402
  • 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
  • United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
    • (2)  The judgment or award is payable in that foreign money or at the option of the debtor in the amount of United States dollars which will purchase that foreign money on the conversion date at a bank-offered spot rate.

    (3)  Assessed costs must be entered in United States dollars.

    (4)  Each payment in United States dollars must be accepted and credited on the judgment or award in the amount of the foreign money that could be purchased by the dollars at a bank-offered spot rate of exchange at or near the close of business on the conversion date for that payment.

    (5)  Judgments or awards made in an action on both:

    (a)  a defense, set-off, recoupment, or counterclaim; and

    (b)  the adverse party‘s claim, must be netted by converting the money of the smaller into the money of the larger, and by subtracting the smaller from the larger, and must specify the rates of exchange used.

    (6)  A judgment substantially in the following form complies with Subsection (1):
         IT IS ADJUDGED AND ORDERED that Defendant (insert name) pay to Plaintiff (insert name) the sum of (insert amount in the foreign money) plus interest on that sum at the rate of (insert rate – see Section 78B-5-410) percent a year or, at the option of the judgment debtor, the number of United States dollars as will purchase the (insert name of foreign money) with interest due, at a bank-offered spot rate at or near the close of business on the banking day next before the day of payment, together with assessed costs of (insert amount) United States dollars.

    (7)  If a contract claim is of the type covered by Subsection 78B-5-406(1) or (2), the judgment or award shall be entered for the amount of the money stated to measure the obligation to be paid in the money specified for payment or, at the option of the debtor, the number of United States dollars as will purchase the computed amount of the money of payment on the conversion date at a bank-offered spot rate.

    (8)  A judgment shall be filed in the judgment docket and indexed in foreign money in the same manner, and shall have the same effect as a lien as other judgments. It may be discharged by payment.

    (9)  A person shall record a judgment lien, or assignment, release, renewal, or extension of a judgment lien, in the county recorder’s office in accordance with the following provisions, as applicable:

    (a)  Sections 17-21-10, 78B-5-201, and 78B-5-202; and

    (b)  Title 38, Chapter 9, Wrongful Lien Act.

    Amended by Chapter 114, 2014 General Session

      Previous section
    Next section  
     Part 4 Contents