State Codes and Statutes
Statutes > Texas > Business-and-commerce-code > Title-15-currency-and-trade > Chapter-661-european-union-currency-conversion
BUSINESS AND COMMERCE CODE
TITLE 15. CURRENCY AND TRADE
SUBTITLE A. CURRENCY
CHAPTER 661. EUROPEAN UNION CURRENCY CONVERSION
Sec. 661.001. DEFINITIONS. In this chapter:
(1) "Euro" means the currency of the member states of the
European Community, as amended by the Treaty on European Union.
The term is abbreviated as EUR.
(2) "European currency unit" means the currency basket
periodically used as the unit of account of the European
Community, as defined by Regulation No. 3320/94 of the Council of
the European Union and as referred to in Article 109g of the
treaty establishing the European Community, as amended by the
Treaty on European Union. The term is abbreviated as ECU.
(3) "Introduction of the euro" means the periodic implementation
of economic and monetary union in member states of the European
Union in accordance with the Treaty on European Union.
(4) "Treaty on European Union" means the Treaty on European
Union of February 7, 1992.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 661.002. APPLICABILITY OF CHAPTER. This chapter applies to
each contract, security, and instrument, including a commercial
contract, governed by the laws of this state.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 661.003. CONFLICTS OF LAW. This chapter prevails to the
extent of any conflict between this chapter and any other law of
this state.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 661.004. NO NEGATIVE INFERENCE OR PRESUMPTION CREATED.
With respect to currency alteration other than the introduction
of the euro, this chapter does not create any negative inference
or negative presumption regarding the validity or enforceability
of a contract, security, or instrument denominated wholly or
partly in a currency affected by the alteration.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 661.005. CONTINUITY OF CONTRACT. (a) If a subject or
medium of payment of a contract, security, or instrument is the
European currency unit or a currency that has been substituted or
replaced by the euro, the euro is a commercially reasonable
substitute and substantial equivalent that may be:
(1) used in determining the value of the European currency unit
or currency, as appropriate; or
(2) tendered, in each case, at the conversion rate specified in,
and otherwise computed in accordance with, the regulations
adopted by the Council of the European Union.
(b) A person may perform any obligation described by Subsection
(a) in euros or in the currency or currencies originally
designated in the contract, security, or instrument if that
currency or those currencies remain legal tender, but the person
may not perform the obligation in any other currency, regardless
of whether that other currency:
(1) has been substituted or replaced by the euro; or
(2) is considered a denomination of the euro and has a fixed
conversion rate with respect to the euro.
(c) The following occurrences are not considered a discharge of,
do not excuse performance under, and do not give a party the
right to unilaterally alter or terminate a contract, security, or
instrument:
(1) the introduction of the euro;
(2) the tender of euros in connection with any obligation
described by Subsection (a);
(3) the determination of the value of any obligation described
by Subsection (a); or
(4) the computation or determination of the subject or medium of
payment of a contract, security, or instrument with reference to
an interest rate or any other basis that has been substituted or
replaced because of the introduction of the euro and that is a
commercially reasonable substitute and substantial equivalent.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 661.006. EFFECT ON CERTAIN AGREEMENTS. This chapter does
not alter or impair an agreement between parties that
specifically relates to the introduction of the euro.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
State Codes and Statutes
Statutes > Texas > Business-and-commerce-code > Title-15-currency-and-trade > Chapter-661-european-union-currency-conversion
BUSINESS AND COMMERCE CODE
TITLE 15. CURRENCY AND TRADE
SUBTITLE A. CURRENCY
CHAPTER 661. EUROPEAN UNION CURRENCY CONVERSION
Sec. 661.001. DEFINITIONS. In this chapter:
(1) "Euro" means the currency of the member states of the
European Community, as amended by the Treaty on European Union.
The term is abbreviated as EUR.
(2) "European currency unit" means the currency basket
periodically used as the unit of account of the European
Community, as defined by Regulation No. 3320/94 of the Council of
the European Union and as referred to in Article 109g of the
treaty establishing the European Community, as amended by the
Treaty on European Union. The term is abbreviated as ECU.
(3) "Introduction of the euro" means the periodic implementation
of economic and monetary union in member states of the European
Union in accordance with the Treaty on European Union.
(4) "Treaty on European Union" means the Treaty on European
Union of February 7, 1992.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 661.002. APPLICABILITY OF CHAPTER. This chapter applies to
each contract, security, and instrument, including a commercial
contract, governed by the laws of this state.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 661.003. CONFLICTS OF LAW. This chapter prevails to the
extent of any conflict between this chapter and any other law of
this state.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 661.004. NO NEGATIVE INFERENCE OR PRESUMPTION CREATED.
With respect to currency alteration other than the introduction
of the euro, this chapter does not create any negative inference
or negative presumption regarding the validity or enforceability
of a contract, security, or instrument denominated wholly or
partly in a currency affected by the alteration.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 661.005. CONTINUITY OF CONTRACT. (a) If a subject or
medium of payment of a contract, security, or instrument is the
European currency unit or a currency that has been substituted or
replaced by the euro, the euro is a commercially reasonable
substitute and substantial equivalent that may be:
(1) used in determining the value of the European currency unit
or currency, as appropriate; or
(2) tendered, in each case, at the conversion rate specified in,
and otherwise computed in accordance with, the regulations
adopted by the Council of the European Union.
(b) A person may perform any obligation described by Subsection
(a) in euros or in the currency or currencies originally
designated in the contract, security, or instrument if that
currency or those currencies remain legal tender, but the person
may not perform the obligation in any other currency, regardless
of whether that other currency:
(1) has been substituted or replaced by the euro; or
(2) is considered a denomination of the euro and has a fixed
conversion rate with respect to the euro.
(c) The following occurrences are not considered a discharge of,
do not excuse performance under, and do not give a party the
right to unilaterally alter or terminate a contract, security, or
instrument:
(1) the introduction of the euro;
(2) the tender of euros in connection with any obligation
described by Subsection (a);
(3) the determination of the value of any obligation described
by Subsection (a); or
(4) the computation or determination of the subject or medium of
payment of a contract, security, or instrument with reference to
an interest rate or any other basis that has been substituted or
replaced because of the introduction of the euro and that is a
commercially reasonable substitute and substantial equivalent.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 661.006. EFFECT ON CERTAIN AGREEMENTS. This chapter does
not alter or impair an agreement between parties that
specifically relates to the introduction of the euro.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
State Codes and Statutes
Statutes >
Texas >
Business-and-commerce-code >
Title-15-currency-and-trade >
Chapter-661-european-union-currency-conversion BUSINESS AND COMMERCE CODE
TITLE 15. CURRENCY AND TRADE
SUBTITLE A. CURRENCY
CHAPTER 661. EUROPEAN UNION CURRENCY CONVERSION
Sec. 661.001. DEFINITIONS. In this chapter:
(1) "Euro" means the currency of the member states of the
European Community, as amended by the Treaty on European Union.
The term is abbreviated as EUR.
(2) "European currency unit" means the currency basket
periodically used as the unit of account of the European
Community, as defined by Regulation No. 3320/94 of the Council of
the European Union and as referred to in Article 109g of the
treaty establishing the European Community, as amended by the
Treaty on European Union. The term is abbreviated as ECU.
(3) "Introduction of the euro" means the periodic implementation
of economic and monetary union in member states of the European
Union in accordance with the Treaty on European Union.
(4) "Treaty on European Union" means the Treaty on European
Union of February 7, 1992.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 661.002. APPLICABILITY OF CHAPTER. This chapter applies to
each contract, security, and instrument, including a commercial
contract, governed by the laws of this state.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 661.003. CONFLICTS OF LAW. This chapter prevails to the
extent of any conflict between this chapter and any other law of
this state.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 661.004. NO NEGATIVE INFERENCE OR PRESUMPTION CREATED.
With respect to currency alteration other than the introduction
of the euro, this chapter does not create any negative inference
or negative presumption regarding the validity or enforceability
of a contract, security, or instrument denominated wholly or
partly in a currency affected by the alteration.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 661.005. CONTINUITY OF CONTRACT. (a) If a subject or
medium of payment of a contract, security, or instrument is the
European currency unit or a currency that has been substituted or
replaced by the euro, the euro is a commercially reasonable
substitute and substantial equivalent that may be:
(1) used in determining the value of the European currency unit
or currency, as appropriate; or
(2) tendered, in each case, at the conversion rate specified in,
and otherwise computed in accordance with, the regulations
adopted by the Council of the European Union.
(b) A person may perform any obligation described by Subsection
(a) in euros or in the currency or currencies originally
designated in the contract, security, or instrument if that
currency or those currencies remain legal tender, but the person
may not perform the obligation in any other currency, regardless
of whether that other currency:
(1) has been substituted or replaced by the euro; or
(2) is considered a denomination of the euro and has a fixed
conversion rate with respect to the euro.
(c) The following occurrences are not considered a discharge of,
do not excuse performance under, and do not give a party the
right to unilaterally alter or terminate a contract, security, or
instrument:
(1) the introduction of the euro;
(2) the tender of euros in connection with any obligation
described by Subsection (a);
(3) the determination of the value of any obligation described
by Subsection (a); or
(4) the computation or determination of the subject or medium of
payment of a contract, security, or instrument with reference to
an interest rate or any other basis that has been substituted or
replaced because of the introduction of the euro and that is a
commercially reasonable substitute and substantial equivalent.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 661.006. EFFECT ON CERTAIN AGREEMENTS. This chapter does
not alter or impair an agreement between parties that
specifically relates to the introduction of the euro.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
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