Rhode Island § 9-32.1-13 § 9-32.1-13. Effect of currency revalorization.

Rhode Island Statutes

§ 9-32.1-13 — § 9-32.1-13. Effect of currency revalorization.

Rhode Island·Title 9 COURTS and CIVIL PROCEDURE–PROCEDURE GENERALLY·Ch. 9-32.1 Uniform Foreign Money Claims Act

§ 9-32.1-13. Effect of currency revalorization.
(a) 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.
         
(b) If substitution under subsection (a) occurs after a judgment or award is entered on
            a foreign money claim, the court or arbitrator shall amend the judgment or award by

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§ 9-32.1-13. Effect of currency revalorization.

(a) 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.

(b) If substitution under subsection (a) 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.

Rhode Island § 9-32.1-13 (§ 9-32.1-13. Effect of currency revalorization.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.