North Carolina § 53-297 Effect of currency substitution on performance

North Carolina Statutes

§ 53-297 — Effect of currency substitution on performance

North Carolina·Ch. 53 Regulation of Financial Services·Art. 23 Continuity of Contract Under European Monetary Union

None of the following shall have the effect of discharging or excusing performance under any contract, security, or instrument, or give a party the right unilaterally to alter or terminate any contract, security, or instrument:

(1)Introduction of the euro.

(2)Tender of euros in connection with any obligation in compliance with G.S. 53-296.

(3)Determination of the value of any obligation in compliance with G.S. 53-296.

(4)Calculation or determination of the subject or medium of payment of a contract, security, or instrument with reference to an interest rate or other basis that has been substituted or replaced due to the introduction of the euro and that is a commercially reasonable substitute and substantial equivalent. (1999-312, s. 1.)

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None of the following shall have the effect of discharging or excusing performance under any contract, security, or instrument, or give a party the right unilaterally to alter or terminate any contract, security, or instrument:
(1) Introduction of the euro.
(2) Tender of euros in connection with any obligation in compliance with G.S. 53-296.
(3) Determination of the value of any obligation in compliance with G.S. 53-296.
(4) Calculation or determination of the subject or medium of payment of a contract, security, or instrument with reference to an interest rate or other basis that has been substituted or replaced due to the introduction of the euro and that is a commercially reasonable substitute and substantial equivalent. (1999-312, s. 1.)

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