78B-5-413. Effect of currency revalorizations.
(1) 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, the
obligation or the loss is treated as if expressed or incurred in the new money at the rate of
conversion the issuing country establishes for the payment of like obligations or losses
denominated in the former money.
(2) If substitution under Subsection (1) occurs after a judgment or award is entered on a
foreign-money claim, the court or arbitrator shall have jurisdiction to, and shall, amend the
judgment or award by a like conversion of the former money.
Renumbered and Amended by Chapter 3, 2008 General Session
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Last revised: Thursday, May 28, 2009