Connecticut § 50a-55 Determination of amount of payment of certain contract claims.

Connecticut Statutes

§ 50a-55 — Determination of amount of payment of certain contract claims.

Connecticut·Title 50a International Law·Ch. 861a Uniform Foreign-Money Claims Act

(a)If an amount contracted to be paid in a foreign money is measured by a specified amount of a different money, unless otherwise agreed, the amount to be paid shall be determined on the appropriate conversion date.

(b)If an amount contracted to be paid in a foreign money is to be measured by conversion from a different money at the exchange rate prevailing on a date prior to default, unless a longer time is agreed, that exchange rate applies only for payments made in a reasonable time after default, not to exceed thirty days. Conversion thereafter will be made at the bank-offered spot rate on the conversion date.

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(a) If an amount contracted to be paid in a foreign money is measured by a specified amount of a different money, unless otherwise agreed, the amount to be paid shall be determined on the appropriate conversion date. (b) If an amount contracted to be paid in a foreign money is to be measured by conversion from a different money at the exchange rate prevailing on a date prior to default, unless a longer time is agreed, that exchange rate applies only for payments made in a reasonable time after default, not to exceed thirty days. Conversion thereafter will be made at the bank-offered spot rate on the conversion date.

Connecticut § 50a-55 (Determination of amount of payment of certain contract claims.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.