§ 9-32.1-2. Definitions.
The following words and terms shall have the following respective meanings, unless
the context clearly indicates otherwise:
(1) "Action� means a judicial proceeding or arbitration in which a payment in money may
be awarded or enforced with respect to a foreign money claim.
(2) "Bank-offered spot rate� means the spot rate of exchange at which a bank will sell
foreign money at a spot rate.
(3) "Conversion date� means the banking day next preceding the date on which money, in
accordance with this chapter, is:
(i) Paid to a claimant in an action or distribution proceeding;
(ii) Paid to the official designated by law to enforce a judgment or award on behalf of
a claimant; or
(iii) Used to recoup, set-off, or counterclaim in different moneys in an action or distribution
proceeding.
(4) "Distribution proceeding� means a judicial or non-judicial proceeding for the distribution
of a fund in which one or more foreign money claims is asserted and includes an accounting,
an assignment for the benefit of creditors, a foreclosure, the liquidation or rehabilitation
of a corporation or other entity, and the distribution of an estate, trust or other
fund.
(5) "Foreign money� means money other than money of the United States of America.
(6) "Foreign money claim� means a claim upon an obligation to pay, or a claim for recovery
of a loss, expressed in or measured by foreign money.
(7) "Money� means a medium of exchange for the payment of obligations or a store of value
authorized or adopted by a government or by inter-governmental agreement.
(8) "Money of the claimâ€� means the money determined as proper pursuant to § 9-32.1-4.
(9) "Person� means an individual, a corporation, government or governmental subdivision
or agency, business trust, estate, trust, joint venture, partnership, association,
two or more persons having a joint or common interest, or any other legal or commercial
entity.
(10) "Rate of exchange� means the rate at which money of one country may be converted into
money of another country in a free financial market convenient to or reasonably usable
by a person obligated to pay or to state a rate of conversion. If separate rates of
exchange apply to different kinds of transactions, the term means the rate applicable
to the particular transaction giving rise to the foreign money claim.
(11) "Spot rate� means the rate of exchange at which foreign money is sold by a bank or
other dealer in foreign exchange for immediate or next day availability or for settlement
by immediate payment in cash or equivalent, by charge to an account, or by an agreed
delayed settlement not exceeding two (2) days.
(12) "State� means a state of the United States, the District of Columbia, the Commonwealth
of Puerto Rico, or a territory or insular possession subject to the jurisdiction of
the United States.