Alabama Statutes
§ 7-3-107 — Instrument Payable in Foreign Money
Alabama·Title 7 Commercial Code·Art. 3 Negotiable Instruments·Part 1 General Provisions and Definitions
Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchase of dollars on the day on which the instrument is paid.
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Legislative History
(Acts 1965, No. 549, p. 811; repealed by Acts 1995, No. 95-668, p. 1381, §1; added by Acts 1995, No. 95-668, p. 1381, §1.)
Nearby Sections
15
§ 7-1-101
Short Titles§ 7-1-102
Scope of Article§ 7-1-104
Construction Against Implied Repeal§ 7-1-105
Severability§ 7-1-106
Use of Singular and Plural; Gender§ 7-1-107
Section Captions§ 7-1-109
Section Captions§ 7-1-201
General Definitions§ 7-1-202
Notice; Knowledge§ 7-1-204
Value§ 7-1-205
Reasonable Time; Seasonableness§ 7-1-206
Presumptions