Connecticut § 50a-57 Judgments on foreign-money claims. Form.

Connecticut Statutes

§ 50a-57 — Judgments on foreign-money claims. Form.

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

(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)

Free access — add to your briefcase to read the full text and ask questions with AI

(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.

Connecticut § 50a-57 (Judgments on foreign-money claims. Form.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.