State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-297

§53‑297.  Effect of currency substitution on performance.

None of the following shallhave the effect of discharging or excusing performance under any contract,security, or instrument, or give a party the right unilaterally to alter orterminate any contract, security, or instrument:

(1)        Introduction of theeuro.

(2)        Tender of euros inconnection with any obligation in compliance with G.S. 53‑296.

(3)        Determination of thevalue of any obligation in compliance with G.S. 53‑296.

(4)        Calculation ordetermination of the subject or medium of payment of a contract, security, orinstrument with reference to an interest rate or other basis that has beensubstituted or replaced due to the introduction of the euro and that is acommercially reasonable substitute and substantial equivalent. (1999‑312,s. 1.)