State Codes and Statutes

Statutes > California > Ccp > 676-676.16

CODE OF CIVIL PROCEDURE
SECTION 676-676.16



676.  This title shall be known and may be cited as the Uniform
Foreign-Money Claims Act.



676.1.  As used in this title:
   (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 title, 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, setoff, or counterclaim in
different moneys in an action or distribution proceeding.
   (4) "Distribution proceeding" means a judicial or nonjudicial
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 a
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 intergovernmental agreement.
   (8) "Money of the claim" means the money determined as proper
pursuant to Section 676.4.
   (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 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.



676.2.  (a) This title applies only to a foreign-money claim in an
action or distribution proceeding.
   (b) This title applies to foreign-money issues even if other law
under the conflict-of-laws rules of this state applies to other
issues in the action or distribution proceeding.



676.3.  (a) The effect of this title may be varied by agreement of
the parties made before or after commencement of an action or
distribution proceeding or the entry of judgment.
   (b) Parties to a transaction may agree upon the money to be used
in a transaction giving rise to a foreign-money claim and may agree
to use different moneys for different aspects of the transaction.
Stating the price in a foreign money for one aspect of a transaction
does not alone require the use of that money for other aspects of the
transaction.


676.4.  (a) The money in which the parties to a transaction have
agreed that payment is to be made is the proper money of the claim
for payment.
   (b) If the parties to a transaction have not otherwise agreed, the
proper money of the claim, as in each case may be appropriate, is
one of the following:
   (1) The money regularly used between the parties as a matter of
usage or course of dealing.
   (2) The money used at the time of a transaction in international
trade, by trade usage or common practice, for valuing or settling
transactions in the particular commodity or service involved.
   (3) The money in which the loss was ultimately felt or will be
incurred by the party claimant.



676.5.  (a) If an amount contracted to be paid in a foreign money is
measured by a specified amount of a different money, the amount to
be paid is determined on the conversion date.
   (b) If an amount contracted to be paid in a foreign money is to be
measured by a different money at the rate of exchange prevailing on
a date before default, that rate of exchange applies only to payments
made within a reasonable time after default, not exceeding 30 days.
Thereafter, conversion is made at the bank-offered spot rate on the
conversion date.
   (c) A monetary claim is neither usurious nor unconscionable
because the agreement on which it is based provides that the amount
of the debtor's obligation to be paid in the debtor's money, when
received by the creditor, shall equal a specified amount of the
foreign money of the country of the creditor. If, because of
unexcused delay in payment of a judgment or award, the amount
received by the creditor does not equal the amount of the foreign
money specified in the agreement, the court or arbitrator shall amend
the judgment or award accordingly.



676.6.  (a) A person may assert a claim in a specified foreign
money. If a foreign-money claim is not asserted, the claimant makes
the claim in United States dollars.
   (b) An opposing party may allege and prove that a claim, in whole
or in part, is in a different money than that asserted by the
claimant.
   (c) A person may assert a defense, setoff, recoupment, or
counterclaim in any money without regard to the money of other
claims.
   (d) The determination of the proper money of the claim is a
question of law.



676.7.  (a) Except as provided in subdivision (c), a judgment or
award on a foreign-money claim shall be stated in an amount of the
money of the claim.
   (b) A judgment or award on a foreign-money claim is payable in
that foreign money or, at the option of the debtor, in the amount of
United States dollars which will purchase that foreign money on the
conversion date at a bank-offered spot rate.
   (c) Assessed costs shall be entered in United States dollars.
   (d) Each payment in United States dollars shall be accepted and
credited on a judgment or award on a foreign-money claim in the
amount of the foreign money that could be purchased by the dollars at
a bank-offered spot rate of exchange at or near the close of
business on the conversion date for that payment.
   (e) A judgment or award made in an action or distribution
proceeding on both (1) a defense, setoff, recoupment, or counterclaim
and (2) the adverse party's claim, shall be netted by converting the
money of the smaller into the money of the larger, and by
subtracting the smaller from the larger, and specify the rates of
exchange used.
   (f) A judgment substantially in the following form complies with
subdivision (a):
   "IT IS ADJUDGED AND ORDERED, that Defendant __________(insert
name) pay to Plaintiff __________(insert name) the sum of __________
(insert amount in the foreign money) plus interest on that sum at the
rate of __________(insert rate--see Section 676.9) percent a year
or, at the option of the judgment debtor, the number of United States
dollars which will purchase the __________(insert name of foreign
money) with interest due, at a bank-offered spot rate at or near the
close of business on the banking day next before the day of payment,
together with assessed costs of __________(insert amount) United
States dollars."
   (g) If a contract claim is of the type covered by subdivision (a)
or (b) of Section 676.5, the judgment or award shall be entered for
the amount of money stated to measure the obligation to be paid in
the money specified for payment or, at the option of the debtor, the
number of United States dollars which will purchase the computed
amount of the money of payment on the conversion date at a
bank-offered spot rate.
   (h) A judgment shall be entered in foreign money in the same
manner, and has the same effect as a lien, as other judgments. It may
be discharged by payment.



676.8.  The rate of exchange prevailing at or near the close of
business on the day the distribution proceeding is initiated governs
all exchanges of foreign money in a distribution proceeding. A
foreign-money claimant in a distribution proceeding shall assert its
claim in the named foreign money and show the amount of United States
dollars resulting from a conversion as of the date the proceeding
was initiated.



676.9.  (a) With respect to a foreign-money claim, recovery of
prejudgment or pre-award interest and the rate of interest to be
applied in the action or distribution proceeding, except as provided
in subdivision (b), are matters of the substantive law governing the
right to recovery under the conflict-of-laws rules of this state.
   (b) The court or arbitrator shall increase or decrease the amount
of prejudgment or pre-award interest otherwise payable in a judgment
or award in foreign money to the extent required by the law of this
state governing a failure to make or accept an offer of settlement or
offer of judgment, or conduct by a party or its attorney causing
undue delay or expense.
   (c) A judgment or award on a foreign-money claim bears interest at
the rate applicable to judgments of this state.



676.10.  (a) If an action is brought to enforce a judgment of
another jurisdiction expressed in a foreign money and the judgment is
recognized in this state as enforceable, the enforcing judgment
shall be entered as provided in Section 676.7, whether or not the
foreign judgment confers an option to pay in an equivalent amount of
United States dollars.
   (b) A foreign judgment may be enforced in accordance with Title 11
(commencing with Section 1710.10) of Part 3.
   (c) A satisfaction or partial payment made upon the foreign
judgment, on proof thereof, shall be credited against the amount of
foreign money specified in the judgment, notwithstanding the entry of
judgment in this state.
   (d) A judgment entered on a foreign-money claim only in United
States dollars in another state shall be enforced in this state in
United States dollars only.



676.11.  (a) Computations under this section are for the limited
purposes of the section and do not affect computation of the United
States dollar equivalent of the money of the judgment for the purpose
of payment.
   (b) For the limited purpose of facilitating the enforcement of
provisional remedies in an action, the value in United States dollars
of assets to be seized or restrained pursuant to a writ of
attachment, garnishment, execution, or other legal process, the
amount of United States dollars at issue for assessing costs, or the
amount of United States dollars involved for a surety bond or other
court-required undertaking, shall be ascertained as provided in
subdivisions (c) and (d).
   (c) A party seeking process, costs, bond, or other undertaking
under subdivision (b) shall compute in United States dollars the
amount of the foreign money claimed from a bank-offered spot rate
prevailing at or near the close of business on the banking day next
preceding the filing of a request or application for the issuance of
process or for the determination of costs, or an application for a
bond or other court-required undertaking.
   (d) A party seeking the process, costs, bond, or other undertaking
under subdivision (b) shall file with each request or application an
affidavit or certificate executed in good faith by its counsel or a
bank officer, stating the market quotation used and how it was
obtained, and setting forth the calculation. Affected court officials
incur no liability, after a filing of the affidavit or certificate,
for acting as if the judgment were in the amount of United States
dollars stated in the affidavit or certificate.



676.12.  (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 subdivision (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.


676.13.  Unless displaced by particular provisions of this title,
the principles of law and equity, including the law merchant, and the
law relative to capacity to contract, principal and agent, estoppel,
fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or
other validating or invalidating causes supplement its provisions.




676.14.  This title shall be applied and construed to effectuate its
general purpose to make uniform the law with respect to the subject
of this title among states enacting it.



676.15.  If any provision of this title or its application to any
person or circumstance is held invalid, that invalidity does not
affect other provisions or applications of this title which can be
given effect without the invalid provision or application, and to
this end the provisions of this title are severable.



676.16.  This title applies to actions and distribution proceedings
commenced on or after January 1, 1992.


State Codes and Statutes

Statutes > California > Ccp > 676-676.16

CODE OF CIVIL PROCEDURE
SECTION 676-676.16



676.  This title shall be known and may be cited as the Uniform
Foreign-Money Claims Act.



676.1.  As used in this title:
   (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 title, 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, setoff, or counterclaim in
different moneys in an action or distribution proceeding.
   (4) "Distribution proceeding" means a judicial or nonjudicial
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 a
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 intergovernmental agreement.
   (8) "Money of the claim" means the money determined as proper
pursuant to Section 676.4.
   (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 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.



676.2.  (a) This title applies only to a foreign-money claim in an
action or distribution proceeding.
   (b) This title applies to foreign-money issues even if other law
under the conflict-of-laws rules of this state applies to other
issues in the action or distribution proceeding.



676.3.  (a) The effect of this title may be varied by agreement of
the parties made before or after commencement of an action or
distribution proceeding or the entry of judgment.
   (b) Parties to a transaction may agree upon the money to be used
in a transaction giving rise to a foreign-money claim and may agree
to use different moneys for different aspects of the transaction.
Stating the price in a foreign money for one aspect of a transaction
does not alone require the use of that money for other aspects of the
transaction.


676.4.  (a) The money in which the parties to a transaction have
agreed that payment is to be made is the proper money of the claim
for payment.
   (b) If the parties to a transaction have not otherwise agreed, the
proper money of the claim, as in each case may be appropriate, is
one of the following:
   (1) The money regularly used between the parties as a matter of
usage or course of dealing.
   (2) The money used at the time of a transaction in international
trade, by trade usage or common practice, for valuing or settling
transactions in the particular commodity or service involved.
   (3) The money in which the loss was ultimately felt or will be
incurred by the party claimant.



676.5.  (a) If an amount contracted to be paid in a foreign money is
measured by a specified amount of a different money, the amount to
be paid is determined on the conversion date.
   (b) If an amount contracted to be paid in a foreign money is to be
measured by a different money at the rate of exchange prevailing on
a date before default, that rate of exchange applies only to payments
made within a reasonable time after default, not exceeding 30 days.
Thereafter, conversion is made at the bank-offered spot rate on the
conversion date.
   (c) A monetary claim is neither usurious nor unconscionable
because the agreement on which it is based provides that the amount
of the debtor's obligation to be paid in the debtor's money, when
received by the creditor, shall equal a specified amount of the
foreign money of the country of the creditor. If, because of
unexcused delay in payment of a judgment or award, the amount
received by the creditor does not equal the amount of the foreign
money specified in the agreement, the court or arbitrator shall amend
the judgment or award accordingly.



676.6.  (a) A person may assert a claim in a specified foreign
money. If a foreign-money claim is not asserted, the claimant makes
the claim in United States dollars.
   (b) An opposing party may allege and prove that a claim, in whole
or in part, is in a different money than that asserted by the
claimant.
   (c) A person may assert a defense, setoff, recoupment, or
counterclaim in any money without regard to the money of other
claims.
   (d) The determination of the proper money of the claim is a
question of law.



676.7.  (a) Except as provided in subdivision (c), a judgment or
award on a foreign-money claim shall be stated in an amount of the
money of the claim.
   (b) A judgment or award on a foreign-money claim is payable in
that foreign money or, at the option of the debtor, in the amount of
United States dollars which will purchase that foreign money on the
conversion date at a bank-offered spot rate.
   (c) Assessed costs shall be entered in United States dollars.
   (d) Each payment in United States dollars shall be accepted and
credited on a judgment or award on a foreign-money claim in the
amount of the foreign money that could be purchased by the dollars at
a bank-offered spot rate of exchange at or near the close of
business on the conversion date for that payment.
   (e) A judgment or award made in an action or distribution
proceeding on both (1) a defense, setoff, recoupment, or counterclaim
and (2) the adverse party's claim, shall be netted by converting the
money of the smaller into the money of the larger, and by
subtracting the smaller from the larger, and specify the rates of
exchange used.
   (f) A judgment substantially in the following form complies with
subdivision (a):
   "IT IS ADJUDGED AND ORDERED, that Defendant __________(insert
name) pay to Plaintiff __________(insert name) the sum of __________
(insert amount in the foreign money) plus interest on that sum at the
rate of __________(insert rate--see Section 676.9) percent a year
or, at the option of the judgment debtor, the number of United States
dollars which will purchase the __________(insert name of foreign
money) with interest due, at a bank-offered spot rate at or near the
close of business on the banking day next before the day of payment,
together with assessed costs of __________(insert amount) United
States dollars."
   (g) If a contract claim is of the type covered by subdivision (a)
or (b) of Section 676.5, the judgment or award shall be entered for
the amount of money stated to measure the obligation to be paid in
the money specified for payment or, at the option of the debtor, the
number of United States dollars which will purchase the computed
amount of the money of payment on the conversion date at a
bank-offered spot rate.
   (h) A judgment shall be entered in foreign money in the same
manner, and has the same effect as a lien, as other judgments. It may
be discharged by payment.



676.8.  The rate of exchange prevailing at or near the close of
business on the day the distribution proceeding is initiated governs
all exchanges of foreign money in a distribution proceeding. A
foreign-money claimant in a distribution proceeding shall assert its
claim in the named foreign money and show the amount of United States
dollars resulting from a conversion as of the date the proceeding
was initiated.



676.9.  (a) With respect to a foreign-money claim, recovery of
prejudgment or pre-award interest and the rate of interest to be
applied in the action or distribution proceeding, except as provided
in subdivision (b), are matters of the substantive law governing the
right to recovery under the conflict-of-laws rules of this state.
   (b) The court or arbitrator shall increase or decrease the amount
of prejudgment or pre-award interest otherwise payable in a judgment
or award in foreign money to the extent required by the law of this
state governing a failure to make or accept an offer of settlement or
offer of judgment, or conduct by a party or its attorney causing
undue delay or expense.
   (c) A judgment or award on a foreign-money claim bears interest at
the rate applicable to judgments of this state.



676.10.  (a) If an action is brought to enforce a judgment of
another jurisdiction expressed in a foreign money and the judgment is
recognized in this state as enforceable, the enforcing judgment
shall be entered as provided in Section 676.7, whether or not the
foreign judgment confers an option to pay in an equivalent amount of
United States dollars.
   (b) A foreign judgment may be enforced in accordance with Title 11
(commencing with Section 1710.10) of Part 3.
   (c) A satisfaction or partial payment made upon the foreign
judgment, on proof thereof, shall be credited against the amount of
foreign money specified in the judgment, notwithstanding the entry of
judgment in this state.
   (d) A judgment entered on a foreign-money claim only in United
States dollars in another state shall be enforced in this state in
United States dollars only.



676.11.  (a) Computations under this section are for the limited
purposes of the section and do not affect computation of the United
States dollar equivalent of the money of the judgment for the purpose
of payment.
   (b) For the limited purpose of facilitating the enforcement of
provisional remedies in an action, the value in United States dollars
of assets to be seized or restrained pursuant to a writ of
attachment, garnishment, execution, or other legal process, the
amount of United States dollars at issue for assessing costs, or the
amount of United States dollars involved for a surety bond or other
court-required undertaking, shall be ascertained as provided in
subdivisions (c) and (d).
   (c) A party seeking process, costs, bond, or other undertaking
under subdivision (b) shall compute in United States dollars the
amount of the foreign money claimed from a bank-offered spot rate
prevailing at or near the close of business on the banking day next
preceding the filing of a request or application for the issuance of
process or for the determination of costs, or an application for a
bond or other court-required undertaking.
   (d) A party seeking the process, costs, bond, or other undertaking
under subdivision (b) shall file with each request or application an
affidavit or certificate executed in good faith by its counsel or a
bank officer, stating the market quotation used and how it was
obtained, and setting forth the calculation. Affected court officials
incur no liability, after a filing of the affidavit or certificate,
for acting as if the judgment were in the amount of United States
dollars stated in the affidavit or certificate.



676.12.  (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 subdivision (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.


676.13.  Unless displaced by particular provisions of this title,
the principles of law and equity, including the law merchant, and the
law relative to capacity to contract, principal and agent, estoppel,
fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or
other validating or invalidating causes supplement its provisions.




676.14.  This title shall be applied and construed to effectuate its
general purpose to make uniform the law with respect to the subject
of this title among states enacting it.



676.15.  If any provision of this title or its application to any
person or circumstance is held invalid, that invalidity does not
affect other provisions or applications of this title which can be
given effect without the invalid provision or application, and to
this end the provisions of this title are severable.



676.16.  This title applies to actions and distribution proceedings
commenced on or after January 1, 1992.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Ccp > 676-676.16

CODE OF CIVIL PROCEDURE
SECTION 676-676.16



676.  This title shall be known and may be cited as the Uniform
Foreign-Money Claims Act.



676.1.  As used in this title:
   (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 title, 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, setoff, or counterclaim in
different moneys in an action or distribution proceeding.
   (4) "Distribution proceeding" means a judicial or nonjudicial
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 a
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 intergovernmental agreement.
   (8) "Money of the claim" means the money determined as proper
pursuant to Section 676.4.
   (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 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.



676.2.  (a) This title applies only to a foreign-money claim in an
action or distribution proceeding.
   (b) This title applies to foreign-money issues even if other law
under the conflict-of-laws rules of this state applies to other
issues in the action or distribution proceeding.



676.3.  (a) The effect of this title may be varied by agreement of
the parties made before or after commencement of an action or
distribution proceeding or the entry of judgment.
   (b) Parties to a transaction may agree upon the money to be used
in a transaction giving rise to a foreign-money claim and may agree
to use different moneys for different aspects of the transaction.
Stating the price in a foreign money for one aspect of a transaction
does not alone require the use of that money for other aspects of the
transaction.


676.4.  (a) The money in which the parties to a transaction have
agreed that payment is to be made is the proper money of the claim
for payment.
   (b) If the parties to a transaction have not otherwise agreed, the
proper money of the claim, as in each case may be appropriate, is
one of the following:
   (1) The money regularly used between the parties as a matter of
usage or course of dealing.
   (2) The money used at the time of a transaction in international
trade, by trade usage or common practice, for valuing or settling
transactions in the particular commodity or service involved.
   (3) The money in which the loss was ultimately felt or will be
incurred by the party claimant.



676.5.  (a) If an amount contracted to be paid in a foreign money is
measured by a specified amount of a different money, the amount to
be paid is determined on the conversion date.
   (b) If an amount contracted to be paid in a foreign money is to be
measured by a different money at the rate of exchange prevailing on
a date before default, that rate of exchange applies only to payments
made within a reasonable time after default, not exceeding 30 days.
Thereafter, conversion is made at the bank-offered spot rate on the
conversion date.
   (c) A monetary claim is neither usurious nor unconscionable
because the agreement on which it is based provides that the amount
of the debtor's obligation to be paid in the debtor's money, when
received by the creditor, shall equal a specified amount of the
foreign money of the country of the creditor. If, because of
unexcused delay in payment of a judgment or award, the amount
received by the creditor does not equal the amount of the foreign
money specified in the agreement, the court or arbitrator shall amend
the judgment or award accordingly.



676.6.  (a) A person may assert a claim in a specified foreign
money. If a foreign-money claim is not asserted, the claimant makes
the claim in United States dollars.
   (b) An opposing party may allege and prove that a claim, in whole
or in part, is in a different money than that asserted by the
claimant.
   (c) A person may assert a defense, setoff, recoupment, or
counterclaim in any money without regard to the money of other
claims.
   (d) The determination of the proper money of the claim is a
question of law.



676.7.  (a) Except as provided in subdivision (c), a judgment or
award on a foreign-money claim shall be stated in an amount of the
money of the claim.
   (b) A judgment or award on a foreign-money claim is payable in
that foreign money or, at the option of the debtor, in the amount of
United States dollars which will purchase that foreign money on the
conversion date at a bank-offered spot rate.
   (c) Assessed costs shall be entered in United States dollars.
   (d) Each payment in United States dollars shall be accepted and
credited on a judgment or award on a foreign-money claim in the
amount of the foreign money that could be purchased by the dollars at
a bank-offered spot rate of exchange at or near the close of
business on the conversion date for that payment.
   (e) A judgment or award made in an action or distribution
proceeding on both (1) a defense, setoff, recoupment, or counterclaim
and (2) the adverse party's claim, shall be netted by converting the
money of the smaller into the money of the larger, and by
subtracting the smaller from the larger, and specify the rates of
exchange used.
   (f) A judgment substantially in the following form complies with
subdivision (a):
   "IT IS ADJUDGED AND ORDERED, that Defendant __________(insert
name) pay to Plaintiff __________(insert name) the sum of __________
(insert amount in the foreign money) plus interest on that sum at the
rate of __________(insert rate--see Section 676.9) percent a year
or, at the option of the judgment debtor, the number of United States
dollars which will purchase the __________(insert name of foreign
money) with interest due, at a bank-offered spot rate at or near the
close of business on the banking day next before the day of payment,
together with assessed costs of __________(insert amount) United
States dollars."
   (g) If a contract claim is of the type covered by subdivision (a)
or (b) of Section 676.5, the judgment or award shall be entered for
the amount of money stated to measure the obligation to be paid in
the money specified for payment or, at the option of the debtor, the
number of United States dollars which will purchase the computed
amount of the money of payment on the conversion date at a
bank-offered spot rate.
   (h) A judgment shall be entered in foreign money in the same
manner, and has the same effect as a lien, as other judgments. It may
be discharged by payment.



676.8.  The rate of exchange prevailing at or near the close of
business on the day the distribution proceeding is initiated governs
all exchanges of foreign money in a distribution proceeding. A
foreign-money claimant in a distribution proceeding shall assert its
claim in the named foreign money and show the amount of United States
dollars resulting from a conversion as of the date the proceeding
was initiated.



676.9.  (a) With respect to a foreign-money claim, recovery of
prejudgment or pre-award interest and the rate of interest to be
applied in the action or distribution proceeding, except as provided
in subdivision (b), are matters of the substantive law governing the
right to recovery under the conflict-of-laws rules of this state.
   (b) The court or arbitrator shall increase or decrease the amount
of prejudgment or pre-award interest otherwise payable in a judgment
or award in foreign money to the extent required by the law of this
state governing a failure to make or accept an offer of settlement or
offer of judgment, or conduct by a party or its attorney causing
undue delay or expense.
   (c) A judgment or award on a foreign-money claim bears interest at
the rate applicable to judgments of this state.



676.10.  (a) If an action is brought to enforce a judgment of
another jurisdiction expressed in a foreign money and the judgment is
recognized in this state as enforceable, the enforcing judgment
shall be entered as provided in Section 676.7, whether or not the
foreign judgment confers an option to pay in an equivalent amount of
United States dollars.
   (b) A foreign judgment may be enforced in accordance with Title 11
(commencing with Section 1710.10) of Part 3.
   (c) A satisfaction or partial payment made upon the foreign
judgment, on proof thereof, shall be credited against the amount of
foreign money specified in the judgment, notwithstanding the entry of
judgment in this state.
   (d) A judgment entered on a foreign-money claim only in United
States dollars in another state shall be enforced in this state in
United States dollars only.



676.11.  (a) Computations under this section are for the limited
purposes of the section and do not affect computation of the United
States dollar equivalent of the money of the judgment for the purpose
of payment.
   (b) For the limited purpose of facilitating the enforcement of
provisional remedies in an action, the value in United States dollars
of assets to be seized or restrained pursuant to a writ of
attachment, garnishment, execution, or other legal process, the
amount of United States dollars at issue for assessing costs, or the
amount of United States dollars involved for a surety bond or other
court-required undertaking, shall be ascertained as provided in
subdivisions (c) and (d).
   (c) A party seeking process, costs, bond, or other undertaking
under subdivision (b) shall compute in United States dollars the
amount of the foreign money claimed from a bank-offered spot rate
prevailing at or near the close of business on the banking day next
preceding the filing of a request or application for the issuance of
process or for the determination of costs, or an application for a
bond or other court-required undertaking.
   (d) A party seeking the process, costs, bond, or other undertaking
under subdivision (b) shall file with each request or application an
affidavit or certificate executed in good faith by its counsel or a
bank officer, stating the market quotation used and how it was
obtained, and setting forth the calculation. Affected court officials
incur no liability, after a filing of the affidavit or certificate,
for acting as if the judgment were in the amount of United States
dollars stated in the affidavit or certificate.



676.12.  (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 subdivision (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.


676.13.  Unless displaced by particular provisions of this title,
the principles of law and equity, including the law merchant, and the
law relative to capacity to contract, principal and agent, estoppel,
fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or
other validating or invalidating causes supplement its provisions.




676.14.  This title shall be applied and construed to effectuate its
general purpose to make uniform the law with respect to the subject
of this title among states enacting it.



676.15.  If any provision of this title or its application to any
person or circumstance is held invalid, that invalidity does not
affect other provisions or applications of this title which can be
given effect without the invalid provision or application, and to
this end the provisions of this title are severable.



676.16.  This title applies to actions and distribution proceedings
commenced on or after January 1, 1992.