(1)  If, after an obligation is expressed or a loss is incurred in a foreign money, the country issuing or adopting that money substitutes a new money in place of that money, the obligation or the loss is treated as if expressed or incurred in the new money at the rate of conversion the issuing country establishes for the payment of like obligations or losses denominated in the former money.

Terms Used In Utah Code 78B-5-413

  • 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
  • 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.
(2)  If substitution under Subsection (1) occurs after a judgment or award is entered on a foreign-money claim, the court or arbitrator shall have jurisdiction to, and shall, amend the judgment or award by a like conversion of the former money.

Renumbered and Amended by Chapter 3, 2008 General Session

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