Utah Code 78B-5-409. Conversions of foreign money in a distribution proceeding
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Terms Used In Utah Code 78B-5-409
- 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
- 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
- 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
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
The rate of exchange prevailing at or near the closing of business on the day the proceeding is initiated shall govern all exchanges of foreign money in a distribution proceeding. A foreign-money claimant in a distribution proceeding must assert its claim in the named foreign money and show the amount of United States dollars resulting from a conversion as of the date the proceeding was initiated.
Renumbered and Amended by Chapter 3, 2008 General Session