§ 32-41-01 — Definitions

As used in this chapter, unless the context otherwise requires:
1. "Action" means a judicial proceeding or arbitration in which a payment in money may
be awarded or enforced with respect to a foreign-money claim.
2. "Bank-offered spot rate" means the spot rate of exchange at which a bank will sell
foreign money at a spot rate.
3. "Conversion date" means the banking day before the date on which money, in
accordance with this chapter, is:
a. Paid to a claimant in an action or distribution proceeding;
b. Paid to the official designated by law to enforce a judgment or award on behalf of
a claimant; or
c. Used to recoup, set off, or counterclaim in different moneys in an action or
distribution proceeding.
4. "Distribution proceeding" means a judicial or nonjudicial proceeding for the distribution
of a fund in which one or more foreign-money claims is asserted and includes an
accounting, an assignment for the benefit of creditors, a foreclosure, the liquidation or
rehabilitation of a corporation, limited liability company, or other entity, and the
distribution of an estate, trust, or other fund.
5. "Foreign money" means money other than money of the United States.
6. "Foreign-money claim" means a claim upon an obligation to pay, or a claim for
recovery of a loss, expressed in or measured by a foreign money.
7. "Money" means a medium of exchange for the payment of obligations or a store of
value authorized or adopted by a government or by intergovernmental agreement.
8. "Money of the claim" means the money determined as proper pursuant to section