78B-5-408. Judgments and awards on foreign-money claims -- Time of money
conversion -- Form of judgment.
(1) Except as provided in Subsection (3), a judgment or arbitration award on a
foreign-money claim must be stated in an amount of the money of the claim.
(2) The judgment or award is payable in that foreign money or at the option of the debtor
in the amount of United States dollars which will purchase that foreign money on the conversion
date at a bank-offered spot rate.
(3) Assessed costs must be entered in United States dollars.
(4) Each payment in United States dollars must be accepted and credited on the judgment
or award in the amount of the foreign money that could be purchased by the dollars at a
bank-offered spot rate of exchange at or near the close of business on the conversion date for that
payment.
(5) Judgments or awards made in an action on both:
(a) a defense, set-off, recoupment, or counterclaim; and
(b) the adverse party's claim, must be netted by converting the money of the smaller into
the money of the larger, and by subtracting the smaller from the larger, and must specify the rates
of exchange used.
(6) A judgment substantially in the following form complies with Subsection (1):
IT IS ADJUDGED AND ORDERED that Defendant (insert name) pay to Plaintiff (insert
name) the sum of (insert amount in the foreign money) plus interest on that sum at the rate of
(insert rate - see Section 78B-5-410) percent a year or, at the option of the judgment debtor, the
number of United States dollars as will purchase the (insert name of foreign money) with interest
due, at a bank-offered spot rate at or near the close of business on the banking day next before the
day of payment, together with assessed costs of (insert amount) United States dollars.
(7) If a contract claim is of the type covered by Subsection 78B-5-406(1) or (2), the
judgment or award shall be entered for the amount of the money stated to measure the obligation
to be paid in the money specified for payment or, at the option of the debtor, the number of
United States dollars as will purchase the computed amount of the money of payment on the
conversion date at a bank-offered spot rate.
(8) A judgment shall be filed in the judgment docket and indexed in foreign money in the
same manner, and shall have the same effect as a lien as other judgments. It may be discharged
by payment.
Renumbered and Amended by Chapter 3, 2008 General Session
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Last revised: Thursday, May 28, 2009