Sec. 50a-55. Determination of amount of payment of certain contract claims. - Connecticut Statutes

State Codes and Statutes

Statutes > Connecticut > Title50a > Chap861a > Sec50a-55

      Sec. 50a-55. Determination of amount of payment of certain contract claims. (a) If an amount contracted to be paid in a foreign money is measured by a specified amount of a different money, unless otherwise agreed, the amount to be paid shall be determined on the appropriate conversion date.

      (b) If an amount contracted to be paid in a foreign money is to be measured by conversion from a different money at the exchange rate prevailing on a date prior to default, unless a longer time is agreed, that exchange rate applies only for payments made in a reasonable time after default, not to exceed thirty days. Conversion thereafter will be made at the bank-offered spot rate on the conversion date.

      (P.A. 89-134, S. 5.)

State Codes and Statutes

Statutes > Connecticut > Title50a > Chap861a > Sec50a-55

      Sec. 50a-55. Determination of amount of payment of certain contract claims. (a) If an amount contracted to be paid in a foreign money is measured by a specified amount of a different money, unless otherwise agreed, the amount to be paid shall be determined on the appropriate conversion date.

      (b) If an amount contracted to be paid in a foreign money is to be measured by conversion from a different money at the exchange rate prevailing on a date prior to default, unless a longer time is agreed, that exchange rate applies only for payments made in a reasonable time after default, not to exceed thirty days. Conversion thereafter will be made at the bank-offered spot rate on the conversion date.

      (P.A. 89-134, S. 5.)

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > Connecticut > Title50a > Chap861a > Sec50a-55

      Sec. 50a-55. Determination of amount of payment of certain contract claims. (a) If an amount contracted to be paid in a foreign money is measured by a specified amount of a different money, unless otherwise agreed, the amount to be paid shall be determined on the appropriate conversion date.

      (b) If an amount contracted to be paid in a foreign money is to be measured by conversion from a different money at the exchange rate prevailing on a date prior to default, unless a longer time is agreed, that exchange rate applies only for payments made in a reasonable time after default, not to exceed thirty days. Conversion thereafter will be made at the bank-offered spot rate on the conversion date.

      (P.A. 89-134, S. 5.)