State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-296

§53‑296.  Continuity of contract.

(a)        If a subject ofmedium of payment of a contract, security, or instrument is a currency that hasbeen substituted or replaced by the euro, the euro shall be a commerciallyreasonable substitute and substantial equivalent that may either be used indetermining the value of that currency, or tendered at the conversion ratespecified in and otherwise calculated in accordance with the regulationsadopted by the Council of the European Union.

(b)        If a subject ormedium of payment of a contract, security, or instrument is the ECU, the eurowill be a commercially reasonable substitute and substantial equivalent thatmay be either used in determining the value of that currency, or tendered atthe conversion rate specified in and otherwise calculated in accordance withthe regulations adopted by the Council of the European Union.

(c)        Performance of anyof the obligations described in subsection (a) or (b) may be made in thecurrencies originally designated in the contract, security, or instrument, solong as the currencies remain legal tender, or in euro, but not in any othercurrency, whether or not the currency has been substituted or replaced by theeuro, or is a currency that is considered a denomination of the euro and has afixed conversion rate with respect to the euro. (1999‑312, s. 1.)