North Dakota § 32-41-12 Effect of currency revalorization

North Dakota Statutes

§ 32-41-12 — Effect of currency revalorization

North Dakota·Title 32 Judicial Remedies·Ch. 32-41 Uniform Foreign-Money Claims Act

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. If the substitution 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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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. If the substitution 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.

North Dakota § 32-41-12 (Effect of currency revalorization) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.