District of Columbia § 15-911 Effect of currency revalorization.

District of Columbia Statutes

§ 15-911 — Effect of currency revalorization.

District of Columbia·Title 15 Judgments and Executions; Fees and Costs. [Enacted title]·Ch. 9 Uniform Foreign-Money Claims.

(a)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.

(b)If substitution under subsection (a) of this section occurs after a judgment or award is entered on a foreign-money claim, the court or arbitrator shall amend the judgment or award by a like conversion of the former money.

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(a) 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.

(b) If substitution under subsection (a) of this section occurs after a judgment or award is entered on a foreign-money claim, the court or arbitrator shall amend the judgment or award by a like conversion of the former money.

District of Columbia § 15-911 (Effect of currency revalorization.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.