Source: http://delcode.delaware.gov/sessionlaws/ga139/chp148.shtml
Timestamp: 2014-07-30 19:13:48
Document Index: 51888527

Matched Legal Cases: ['§ 5201', '§ 5204', '§ 5202', '§ 5203', '§ 5204', '§ 5205', '§ 5206', '§ 5207', '§ 5208', '§ 5209', '§ 5210', '§ 5207', '§ 5211', '§ 5212', '§ 5213', '§ 5214', '§ 5215', '§ 5216']

Section 1. Amend Title 10 of the Delaware Code by adding the following as Chapter 52: "CHAPTER 52. DELAWARE UNIFORM FOREIGN-MONEY CLAIMS ACT.
§ 5201. Definitions. In this chapter:
(1) 'Action' means a judicial proceeding or arbitration in which a payment in money may be awarded or enforced with respect to a foreign-money claim.
(2) 'Bank-offered spot rate means the spot rate of exchange at which a bank will sell foreign money at a spot rate.
(3) 'Conversion date means the banking day next preceding the date on which money, in accordance with this chapter, is:
(4) 'Distribution proceeding' means a judicial or nonjudicial proceeding for the distribution of a fund in which one or more foreign-money claims is asserted and includes an accounting, an assignment for the benefit of creditors, a foreclosure, the liquidation or rehabilitation of a corporation or other entity, and the distribution of an estate, trust, or other fund.
(5) 'Foreign money' means money other than money of the United States of
(6) 'Foreign-money claim' means a claim upon an obligation to pay, or a claim for recovery of a loss, expressed in or measured by a foreign money.
(7) 'Money' means a medium of exchange for the payment of obligations or a store of value authorized or adopted by a government or by inter-governmental agreement.
(8) 'Money of the claim' means the money determined as proper pursuant to § 5204 of this chapter.
(9) 'Person' means an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, joint venture, partnership, limited liability company, association, two or more persons having a joint or common interest, or any other legal or commercial entity.
(10) 'Rate of exchange' means the rate at which money of one country may be converted into money of another country in a free financial market convenient to- or reasonably usable by a person obligated to pay or to state a rate of conversion. If separate rates of exchange apply to different kinds of transactions, the term means the rate applicable to the particular transaction giving rise to the foreign-money claim.
(11) 'Spot rate' means the rate of exchange at which foreign money is sold by a bank or other dealer in foreign exchange for immediate or next day availability or for settlement by immediate payment in cash or equivalent, by charge to an account, or by an agreed delayed settlement not exceeding two days.
(12) 'State' means a State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession subject to the jurisdiction of the United States.
§ 5202.Scope.
(a) This chapter applies only to a foreign-money claim in an action or distribution proceeding. The provisions of this chapter are applicable to such foreign-money claims notwithstanding any contrary provisions of law.
(b) This chapter applies to foreign-money issues even if other law under the conflict of laws rules of this State applies to other issues in the action or distribution proceeding.
§ 5203.Variation by Agreement.
(a) The effect of this chapter may be varied by agreement of the parties made before or after commencement of an action or distribution proceeding or the entry of judgment.
§ 5204. Determining Money of the Claim.
(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 settling transactions in the particular commodity or service involved; or
§ 5205. Determining Amount of the Money of the Money 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, the amount to be ,paid is determined on the conversion date.
(b) If an amount contracted to be paid in a foreign money is to be measured by a different money at the rate of exchange prevailing on a date before default, that rate of exchange applies only to payments made within a reasonable time after default, not exceeding 30 days. Thereafter, conversion is made at the bank-offered spot rate on the conversion date,
§ 5206. Asserting and Defending Foreign-Money Claim.
(c) A person may assert a defense, set-off, recoupment, or counterclaim in any money without regard to the money of other claims. (d) The determination of the proper money of the claim is a question of law.
§ 5207.Judgments and Awards on Foreign-Money Claims; Times of Money Conversion; Form of Judgment.
(a) Except as provided in subsection (c), a judgment or award on a foreign-money claim must be stated in an amount of the money of the claim. Such a judgment or award on a foreign-money claim shall be considered a judgment or claim for an ascertained amount.
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) percent a year or, at the option of the judgment debtor, the number of United States dollars which 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.
(g) If a contract claim is of the type covered by Section 5(a) or (b), the judgment or award must be entered for the amount of 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 which will purchase the computed amount of the money of payment on the conversion date at a bank-offered spot rate.
(h) A judgment must be entered and indexed in foreign money in the same manner, and has the same effect as a lien, as other judgments. It may be discharged by payment.
§ 5208.Conversions of Foreign Money in Distribution Proceeding.
§ 5209. Pre-Judgment and Judgment Interest.
(b) The court or arbitrator shall increase or decrease the amount of pre judgment or pre-award interest otherwise payable in a judgment or award in foreign-money to the extent required by the law of this State governing a failure to make or accept an offer of settlement or offer of judgment, or conduct by a party or its attorney causing undue delay or expense.
§ 5210. Enforcement of Foreign Judgments.
(a) 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 must be entered as provided in § 5207 of this chapter, whether or not the foreign judgment confers an option to pay in an equivalent amount of United States dollars.
(b) A foreign judgment may be entered and indexed in accordance with any rule or statute of this State providing a procedure for its recognition and enforcement.
§ 5211 (Determining United States Dollar Value of Foreign-Money Claims for Limited Purposes.
(c) A party seeking process, costs, bond, or other undertaking under subsection (b) shall compute in United States dollars the amount, of the foreign money claimed from a bank-offered spot rate prevailing at or near the close of business on the banking day next preceding the filing of a request or application for the issuance of process or for the determination of costs, or an application for a bond or other court-required undertaking.
§ 5212. Effect of Currency Revalorization.
(b) If substitution under subsection (a) occurs alter a judgment or award is entered on a foreign-money claim, the court or arbitrator shall amend the judgment or award by a like conversion of the former money.
§ 5213.Supplementary General Principles of Law.
§ 5214.Uniformity of Application and Construction..
§ 5215. Short Title.
§ 5216. Severability clause
Section 2. This Act becomes effective on January I st following its enactment.
Section 3. This Act applies to actions and distribution proceedings commenced after its effective date.