State Codes and Statutes

Statutes > Utah > Title-78b > Chapter-05 > 78b-5-402

78B-5-402. Definitions.
As used in this part:
(1) "Action" means a judicial proceeding or arbitration in which a money payment maybe awarded or enforced in respect of a foreign-money claim.
(2) "Conversion date" means the banking day next before the date on which money is, inaccordance with this part:
(a) paid to a judgment creditor;
(b) paid to the designated official enforcing a judgment on behalf of the judgmentcreditor; or
(c) used to effect a recoupment or set-off of claims in different money in an action.
(3) "Distribution proceeding" means a judicial or nonjudicial proceeding for anaccounting, an assignment for the benefit of creditors, a foreclosure, for the liquidation orrehabilitation of a corporation or other entity, for the distribution of an estate, trust, or other fundin or against which a foreign-money claim is asserted.
(4) "Foreign money" means money other than money of the United States of America.
(5) "Foreign-money claim" means a claim upon an obligation to pay, or a claim forrecovery of a loss, expressed in or measured by a foreign money.
(6) "Money" means a medium of exchange for the payment of obligations or a store ofvalue authorized or adopted by a government or by intergovernmental agreement.
(7) "Money of the claim" means the money determined as proper by Section 78B-5-405.
(8) "Party" means an individual, a corporation, government or governmental subdivisionor agency, business trust, partnership or association of two or more persons having a joint orcommon interest or any other legal or commercial entity asserting or defending against aforeign-money claim.
(9) "Rate of exchange" means the rate at which the money of one country may beconverted into money of another country in a free financial market convenient to or reasonablyusable by the party obliged to pay or to state a rate of conversion. If separate exchange ratesapply to different kinds of transactions or events, the term means the rate applicable to theparticular transaction or event giving rise to the foreign-money claim.
(10) (a) "Spot rate" means the rate of exchange at which foreign money is sold by a bankor other dealer in foreign exchange for settlement by immediate payment, by charge to anaccount, or by an agreed delayed settlement not exceeding two days.
(b) "Bank-offered spot rate" means the rate of exchange at which a bank will issue itsdraft in the foreign money or will cause credit to become available in the foreign money on anext-day basis.
(11) "State" means a state, territory, or possession of the United States, the District ofColumbia, the Commonwealth of Puerto Rico, or the United States Virgin Islands.

Renumbered and Amended by Chapter 3, 2008 General Session

State Codes and Statutes

Statutes > Utah > Title-78b > Chapter-05 > 78b-5-402

78B-5-402. Definitions.
As used in this part:
(1) "Action" means a judicial proceeding or arbitration in which a money payment maybe awarded or enforced in respect of a foreign-money claim.
(2) "Conversion date" means the banking day next before the date on which money is, inaccordance with this part:
(a) paid to a judgment creditor;
(b) paid to the designated official enforcing a judgment on behalf of the judgmentcreditor; or
(c) used to effect a recoupment or set-off of claims in different money in an action.
(3) "Distribution proceeding" means a judicial or nonjudicial proceeding for anaccounting, an assignment for the benefit of creditors, a foreclosure, for the liquidation orrehabilitation of a corporation or other entity, for the distribution of an estate, trust, or other fundin or against which a foreign-money claim is asserted.
(4) "Foreign money" means money other than money of the United States of America.
(5) "Foreign-money claim" means a claim upon an obligation to pay, or a claim forrecovery of a loss, expressed in or measured by a foreign money.
(6) "Money" means a medium of exchange for the payment of obligations or a store ofvalue authorized or adopted by a government or by intergovernmental agreement.
(7) "Money of the claim" means the money determined as proper by Section 78B-5-405.
(8) "Party" means an individual, a corporation, government or governmental subdivisionor agency, business trust, partnership or association of two or more persons having a joint orcommon interest or any other legal or commercial entity asserting or defending against aforeign-money claim.
(9) "Rate of exchange" means the rate at which the money of one country may beconverted into money of another country in a free financial market convenient to or reasonablyusable by the party obliged to pay or to state a rate of conversion. If separate exchange ratesapply to different kinds of transactions or events, the term means the rate applicable to theparticular transaction or event giving rise to the foreign-money claim.
(10) (a) "Spot rate" means the rate of exchange at which foreign money is sold by a bankor other dealer in foreign exchange for settlement by immediate payment, by charge to anaccount, or by an agreed delayed settlement not exceeding two days.
(b) "Bank-offered spot rate" means the rate of exchange at which a bank will issue itsdraft in the foreign money or will cause credit to become available in the foreign money on anext-day basis.
(11) "State" means a state, territory, or possession of the United States, the District ofColumbia, the Commonwealth of Puerto Rico, or the United States Virgin Islands.

Renumbered and Amended by Chapter 3, 2008 General Session


State Codes and Statutes

State Codes and Statutes

Statutes > Utah > Title-78b > Chapter-05 > 78b-5-402

78B-5-402. Definitions.
As used in this part:
(1) "Action" means a judicial proceeding or arbitration in which a money payment maybe awarded or enforced in respect of a foreign-money claim.
(2) "Conversion date" means the banking day next before the date on which money is, inaccordance with this part:
(a) paid to a judgment creditor;
(b) paid to the designated official enforcing a judgment on behalf of the judgmentcreditor; or
(c) used to effect a recoupment or set-off of claims in different money in an action.
(3) "Distribution proceeding" means a judicial or nonjudicial proceeding for anaccounting, an assignment for the benefit of creditors, a foreclosure, for the liquidation orrehabilitation of a corporation or other entity, for the distribution of an estate, trust, or other fundin or against which a foreign-money claim is asserted.
(4) "Foreign money" means money other than money of the United States of America.
(5) "Foreign-money claim" means a claim upon an obligation to pay, or a claim forrecovery of a loss, expressed in or measured by a foreign money.
(6) "Money" means a medium of exchange for the payment of obligations or a store ofvalue authorized or adopted by a government or by intergovernmental agreement.
(7) "Money of the claim" means the money determined as proper by Section 78B-5-405.
(8) "Party" means an individual, a corporation, government or governmental subdivisionor agency, business trust, partnership or association of two or more persons having a joint orcommon interest or any other legal or commercial entity asserting or defending against aforeign-money claim.
(9) "Rate of exchange" means the rate at which the money of one country may beconverted into money of another country in a free financial market convenient to or reasonablyusable by the party obliged to pay or to state a rate of conversion. If separate exchange ratesapply to different kinds of transactions or events, the term means the rate applicable to theparticular transaction or event giving rise to the foreign-money claim.
(10) (a) "Spot rate" means the rate of exchange at which foreign money is sold by a bankor other dealer in foreign exchange for settlement by immediate payment, by charge to anaccount, or by an agreed delayed settlement not exceeding two days.
(b) "Bank-offered spot rate" means the rate of exchange at which a bank will issue itsdraft in the foreign money or will cause credit to become available in the foreign money on anext-day basis.
(11) "State" means a state, territory, or possession of the United States, the District ofColumbia, the Commonwealth of Puerto Rico, or the United States Virgin Islands.

Renumbered and Amended by Chapter 3, 2008 General Session