Connecticut General Statutes (Last Updated: November 2, 2019) |
Volume 12. |
Title 50a. International Law |
Chapter 861a. Uniform Foreign-Money Claims Act |
Sec. 50a-55. Determination of amount of payment of certain contract claims.
Latest version.
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(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 different money at the exchange rate prevailing on a date prior to default, unless a longer time is agreed, that exchange rate applies only for payments made in a reasonable time after default, not to exceed thirty days. Conversion thereafter will be made at the bank-offered spot rate on the conversion date.
(P.A. 89-134, S. 5.)