§ 5-1601 — Definitions

New York § 5-1601

• Jurisdiction: New York
• Law GOB: General Obligations
• Title 16: Continuity of Contract
• Art. 5: Creation, Definition and Enforcement of Contractual Obligations

Text

§ 5-1601. Definitions. As used in this title the following terms shall\nhave the following meanings:\n 1. "Euro" shall mean the currency of participating member states of\nthe European Union that adopt a single currency in accordance with the\ntreaty on European Union signed February seventh, nineteen hundred\nninety-two.\n 2. "Introduction of the euro" shall mean and include the\nimplementation from time to time of economic and monetary union in\nmember states of the European Union in accordance with the treaty on\nEuropean Union signed February seventh, nineteen hundred ninety-two.\n 3. "ECU" or "European Currency Unit" shall mean the currency basket\nthat is from time to time used as the unit of account of the European\nCommunity as defined in European Council Regulation No. 3320/94. When\nthe euro first becomes the monetary unit of participating member states\nof the European Union, references to the ECU in a contract, security or\ninstrument that also refers to such definition of the ECU shall be\nreplaced by references to the euro at a rate of one euro to one ECU.\nReferences to the ECU in a contract, security or instrument without such\na definition of the ECU shall be presumed, unless either demonstrated or\nproven to the contrary by the intention of the parties, to be references\nto the currency basket that is from time to time used as the unit of\naccount of the European Community.\n