New York § 5-1602 Continuity of contract

New York Statutes

§ 5-1602 — Continuity of contract

New York § 5-1602

Law GOBGeneral Obligations

Title 16Continuity of Contract

Art. 5Creation, Definition and Enforcement of Contractual Obligations

This text of New York § 5-1602 (Continuity of contract) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. General Obligations § 5-1602 (2026).

Text

§ 5-1602. Continuity of contract. 1.

(a)If a subject or medium of\npayment of a contract, security or instrument is a currency that has\nbeen substituted or replaced by the euro, the euro will be a\ncommercially reasonable substitute and substantial equivalent that may\nbe either:

(i)used in determining the value of such currency; or (ii)\ntendered, in each case at the conversion rate specified in, and\notherwise calculated in accordance with, the regulations adopted by the\ncouncil of the European Union.\n (b) If a subject or medium of payment of a contract, security or\ninstrument is the ECU, the euro will be a commercially reasonable\nsubstitute and substantial equivalent that may be either:

(i)used in\ndetermining the value of the ECU; or (ii) tendered, in each case at the\nconve

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

§ 5-1602. Continuity of contract. 1. (a) If a subject or medium of\npayment of a contract, security or instrument is a currency that has\nbeen substituted or replaced by the euro, the euro will be a\ncommercially reasonable substitute and substantial equivalent that may\nbe either: (i) used in determining the value of such currency; or (ii)\ntendered, in each case at the conversion rate specified in, and\notherwise calculated in accordance with, the regulations adopted by the\ncouncil of the European Union.\n (b) If a subject or medium of payment of a contract, security or\ninstrument is the ECU, the euro will be a commercially reasonable\nsubstitute and substantial equivalent that may be either: (i) used in\ndetermining the value of the ECU; or (ii) tendered, in each case at the\nconversion rate specified in, and otherwise calculated in accordance\nwith, the regulations adopted by the Council of the European Union.\n (c) Performance of any of the obligations described in paragraph (a)\nor (b) of this subdivision may be made in the currency or currencies\noriginally designated in such contract, security or instrument (so long\nas such currency or currencies remain legal tender) or in euro, but not\nin any other currency, whether or not such other currency (i) has been\nsubstituted or replaced by the euro or (ii) is a currency that is\nconsidered a denomination of the euro and has a fixed conversion rate\nwith respect to the euro.\n 2. None of: (a) the introduction of the euro; (b) the tendering of\neuros in connection with any obligation in compliance with paragraph (a)\nor (b) of subdivision one of this section; (c) the determining of the\nvalue of any obligation in compliance with paragraph (a) or (b) of\nsubdivision one of this section; or (d) the calculating or determining\nof the subject or medium of payment of a contract, security or\ninstrument with reference to interest rate or other basis has been\nsubstituted or replaced due to the introduction of the euro and that is\na commercially reasonable substitute and substantial equivalent, shall\neither have the effect of discharging or excusing performance under any\ncontract, security or instrument, or give a party the right to\nunilaterally alter or terminate any contract, security or instrument.\n