CHAPTER 861a
UNIFORM FOREIGN-MONEY CLAIMS ACT

Table of Contents

Sec. 50a-54. Determination of proper money of claim.
Sec. 50a-57. Judgments on foreign-money claims. Form.
Sec. 50a-59. Prejudgment and judgment interest.

      Sec. 50a-54. Determination of proper money of claim. (a) Except as provided in subsection (b) of this section, proper money of the claim is, as the case may be, the money: (1) Regularly used between the parties as a matter of usage or course of dealing; (2) 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 (3) in which the loss was ultimately felt or will be incurred by a party.

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

      (P.A. 89-134, S. 4; P.A. 07-217, S. 183.)

      History: P.A. 07-217 made technical changes in Subsec. (a), effective July 12, 2007.

(Return to
Chapter Table of Contents)
(Return to
List of Chapters)
(Return to
List of Titles)

      Sec. 50a-57. Judgments on foreign-money claims. Form. (a) Except as provided in subsection (c) of this section, in a successful foreign-money claim, a judgment or arbitration award shall be stated in an amount of the money of the claim.

      (b) The judgment is payable in that foreign money or, at the option of the judgment debtor, in the amount of United States dollars which will purchase that foreign money on the conversion date.

      (c) Assessed costs shall be entered in United States dollars.

      (d) Each payment in United States dollars shall be accepted and credited on the judgment 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.

      (e) Awards made on both (1) a defense, set-off, recoupment or counterclaim, and (2) the adverse party's claim, shall be netted by converting the moneys of the smaller award into the money of the larger and by subtracting the smaller from the larger, as if a payment had occurred on the date of the most recent award, and shall provide in the judgment the rates of exchange used.

      (f) A judgment substantially in the following form complies with subsection (a) of this section:

      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 as provided in section 50a-59) per cent a year or, at the option of the judgment debtor, such 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.

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

      (P.A. 89-134, S. 7; P.A. 07-217, S. 184.)

      History: P.A. 07-217 made technical changes, effective July 12, 2007.

(Return to
Chapter Table of Contents)
(Return to
List of Chapters)
(Return to
List of Titles)

      Sec. 50a-59. Prejudgment and judgment interest. (a) With respect to a foreign-money claim, recovery of prejudgment interest and the rate of interest to be applied in the case are matters of the substantive law governing the right to recovery under the conflict of laws rules of this state.

      (b) Notwithstanding subsection (a) of this section, an increase or decrease in calculated prejudgment interest may be made in a foreign-money claim to the extent required by the law of this state applicable in an action or distribution proceeding for United States dollars, if there is a failure to make or accept an offer of settlement, an offer of judgment, or conduct by a party or its attorney causing undue delay or expense.

      (c) A judgment shall bear interest at the rate applicable for a judgment under the law of this state.

      (P.A. 89-134, S. 9; P.A. 07-217, S. 185.)

      History: P.A. 07-217 made a technical change in Subsec. (b), effective July 12, 2007.

(Return to
Chapter Table of Contents)
(Return to
List of Chapters)
(Return to
List of Titles)