Conn. Gen. Stat. § 50a-50
Short title: Uniform Foreign-Money Claims Act
This chapter may be cited as the “Uniform Foreign-Money Claims Act”.
General Statutes of Connecticut Chapter 861a — Uniform Foreign-Money Claims Act
Connecticut · statute · Conn. Gen. Stat. ch. 861a · 16 active provisions
Conn. Gen. Stat. § 50a-51
Definitions
As used in this chapter: (1) “Action” means a judicial or arbitration proceeding in which an order or award for a money payment may be tendered or enforced; (2) “Conversion date” means, except as provided in section 50a-58, the banking day next before the date on which money or an award is, in accordance with this chap…
Conn. Gen. Stat. § 50a-52
Applicability
(a) Except as provided in section 50a-63, this chapter applies only to a foreign-money claim in an action or distribution proceeding. (b) This chapter applies to foreign-money issues notwithstanding the law applicable under the conflict of laws rules of this state to other issues in an action or distribution proceeding…
Conn. Gen. Stat. § 50a-53
Variation by agreement
(a) The effect of provisions of this chapter may be varied by agreement of the parties made at any time before or after commencement of an action, distribution proceeding, or the entry of judgment. (b) The parties may agree upon the money to be used in a transaction giving rise to a foreign-money claim and may use diff…
Conn. Gen. Stat. § 50a-54
Determination of proper money of claim
(a) Except as provided in subsection (b) of this section, proper money of the claim is, as the case may be, the money: (1) Regularly used between the parties as a matter of usage or course of dealing; (2) used at the time of a transaction in international trade, by trade usage or common practice, for valuing or settlin…
Conn. Gen. Stat. § 50a-55
Determination of amount of payment of certain contract claims
(a) If an amount contracted to be paid in a foreign money is measured by a specified amount of a different money, unless otherwise agreed, the amount to be paid shall be determined on the appropriate conversion date. (b) If an amount contracted to be paid in a foreign money is to be measured by conversion from a differ…
Conn. Gen. Stat. § 50a-56
Foreign-money claim; assertion, defense
(a) A claimant may assert a claim in a specified foreign money. If a foreign money is not asserted, the claimant makes a claim for a judgment in United States dollars. (b) An opposing party may allege and prove that the claim is, in whole or in part, for a different money than that asserted by the claimant. (c) Any par…
Conn. Gen. Stat. § 50a-57
Judgments on foreign-money claims. Form
(a) Except as provided in subsection (c) of this section, in a successful foreign-money claim, a judgment or arbitration award shall be stated in an amount of the money of the claim. (b) The judgment is payable in that foreign money or, at the option of the judgment debtor, in the amount of United States dollars which…
Conn. Gen. Stat. § 50a-58
Conversion of foreign money in distribution proceeding
A foreign-money claim in a distribution proceeding shall show its amount in the named foreign money and the amount of United States dollars resulting from a conversion as of the date the proceeding was initiated.
Conn. Gen. Stat. § 50a-59
Prejudgment and judgment interest
(a) With respect to a foreign-money claim, recovery of prejudgment interest and the rate of interest to be applied in the case are matters of the substantive law governing the right to recovery under the conflict of laws rules of this state. (b) Notwithstanding subsection (a) of this section, an increase or decrease in…
Conn. Gen. Stat. § 50a-60
Enforcement of foreign judgments
(a) Subject to subsection (b) of this section, if an action is brought to enforce a judgment of another jurisdiction expressed in a foreign money and the judgment is recognized in this state as enforceable, the enforcing judgment shall be entered as provided in section 50a-57, whether or not the foreign judgment confer…
Conn. Gen. Stat. § 50a-61
Determination of United States dollar amount for limited purpose
(a) For a foreign-money judgment, the United States dollar amount needed for the limited purpose of (1) the value of assets to be seized or restrained pursuant to a writ of attachment, garnishment, execution or other legal process, (2) the amount at issue for assessing costs, or (3) the amount involved for a required s…
Conn. Gen. Stat. § 50a-62
Effect of currency revalorizations
(a) If, after an obligation is expressed or a loss is incurred in a foreign money, the country issuing or adopting that money substitutes a new money in place of that money and for the same purposes, the obligation or the loss shall be treated as if expressed or incurred in the new money at the rate of conversion the i…
Conn. Gen. Stat. § 50a-63
Effect of certain agreements
(a) A monetary claim is neither usurious nor unconscionable because the agreement on which it is based provides that the amount of the debtor's obligation to be paid in the debtor's money shall, when received by the creditor, equal a specified amount of the foreign money of the country of the creditor. (b) If due to de…
Conn. Gen. Stat. § 50a-64
Supplementary principles of law
Unless displaced by particular provisions of this chapter, the principles of law and equity, including the law merchant, and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or other validating or invalidating causes supplement its…
Conn. Gen. Stat. § 50a-65
Uniform interpretation
This chapter shall be applied and construed to effectuate its special purpose to eliminate overcompensation or undercompensation to foreign money claimants and its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.