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

North Carolina Statutes

§ 53-297 — Effect of currency substitution on performance

North Carolina § 53-297

Ch. 53Regulation of Financial Services

Art. 23Continuity of Contract Under European Monetary Union

This text of North Carolina § 53-297 (Effect of currency substitution on performance) is published on Counsel Stack Legal Research, covering North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.C. Gen. Stat. § 53-297 (2026).

Text

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.)

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

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.)