North Dakota § 32-41-05 Determining amount of the money of certain contract claims

North Dakota Statutes

§ 32-41-05 — Determining amount of the money of certain contract claims

North Dakota § 32-41-05

Title 32Judicial Remedies

Ch. 32-41Uniform Foreign-Money Claims Act

This text of North Dakota § 32-41-05 (Determining amount of the money of certain contract claims) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 32-41-05 (2026).

Text

1.If an amount contracted to be paid in a foreign money is measured by a specified amount of a different money, the amount to be paid is determined on the conversion date.

2.If an amount contracted to be paid in a foreign money is to be measured by a different money at the rate of exchange prevailing on a date before default, that rate of exchange applies only to payments made within a reasonable time after default, not exceeding thirty days. Thereafter, conversion is made at the bank-offered spot rate on the conversion date.

3.A monetary claim is neither usurious nor unconscionable because the agreement on which it is based provides that the amount of the debtor's obligation to be paid in the debtor's money, when received by the creditor, must equal a specified amount of the foreign mo

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1. If an amount contracted to be paid in a foreign money is measured by a specified
amount of a different money, the amount to be paid is determined on the conversion
date.
2. If an amount contracted to be paid in a foreign money is to be measured by a different
money at the rate of exchange prevailing on a date before default, that rate of
exchange applies only to payments made within a reasonable time after default, not
exceeding thirty days. Thereafter, conversion is made at the bank-offered spot rate on
the conversion date.
3. A monetary claim is neither usurious nor unconscionable because the agreement on
which it is based provides that the amount of the debtor's obligation to be paid in the
debtor's money, when received by the creditor, must equal a specified amount of the
foreign money of the country of the creditor. If, because of unexcused delay in
payment of a judgment or award, the amount received by the creditor does not equal
the amount of the foreign money specified in the agreement, the court or arbitrator
shall amend the judgment or award accordingly.