§ 9-32.1-13 - Effect of currency revalorization. - Rhode-island Statutes

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Statutes > Rhode-island > Title-9 > Chapter-9-32-1 > 9-32-1-13

SECTION 9-32.1-13

§ 9-32.1-13 Effect of currencyrevalorization. – (a) If, after an obligation is expressed or a loss is incurred in a foreignmoney, the country issuing or adopting that money substitutes a new money inplace of that money, the obligation or the loss is treated as if expressed orincurred in the new money at the rate of conversion the issuing countryestablishes for the payment of like obligations or losses denominated in theformer money.

(b) If substitution under subsection (a) occurs after ajudgment or award is entered on a foreign money claim, the court or arbitratorshall amend the judgment or award by a like conversion of the former money.

State Codes and Statutes

Statutes > Rhode-island > Title-9 > Chapter-9-32-1 > 9-32-1-13

SECTION 9-32.1-13

§ 9-32.1-13 Effect of currencyrevalorization. – (a) If, after an obligation is expressed or a loss is incurred in a foreignmoney, the country issuing or adopting that money substitutes a new money inplace of that money, the obligation or the loss is treated as if expressed orincurred in the new money at the rate of conversion the issuing countryestablishes for the payment of like obligations or losses denominated in theformer money.

(b) If substitution under subsection (a) occurs after ajudgment or award is entered on a foreign money claim, the court or arbitratorshall amend the judgment or award by a like conversion of the former money.

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State Codes and Statutes

Statutes > Rhode-island > Title-9 > Chapter-9-32-1 > 9-32-1-13

SECTION 9-32.1-13

§ 9-32.1-13 Effect of currencyrevalorization. – (a) If, after an obligation is expressed or a loss is incurred in a foreignmoney, the country issuing or adopting that money substitutes a new money inplace of that money, the obligation or the loss is treated as if expressed orincurred in the new money at the rate of conversion the issuing countryestablishes for the payment of like obligations or losses denominated in theformer money.

(b) If substitution under subsection (a) occurs after ajudgment or award is entered on a foreign money claim, the court or arbitratorshall amend the judgment or award by a like conversion of the former money.