Sec. 3107.
Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchase of dollars on the day on which the instrument is paid.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 3 - Negotiable Instruments (440.3101...440.3805)
174-1962-3-1 - Part 1 General Provisions and Definitions (440.3101...440.3122)
Section 440.3101 - Short Title; Article.
Section 440.3102 - Scope; Limitations; Conflict of Laws.
Section 440.3103 - Definitions; Principles of Construction.
Section 440.3104 - Additional Definitions.
Section 440.3106 - Unconditional Status of Promise or Order.
Section 440.3107 - Payment in Foreign Money.
Section 440.3108 - Instrument Payable on Demand, at Definite Time, or at Fixed Date.
Section 440.3111 - Place of Payment.
Section 440.3113 - Instrument Antedated, Postdated, or Undated.
Section 440.3114 - Instrument; Contradictory Terms.
Section 440.3115 - Incomplete Instrument; Definition; Enforcement; Alteration; Burden.
Section 440.3116 - Joint and Several Liability.
Section 440.3117 - Obligation Modified, Supplemented, or Nullified by Separate Agreement.
Section 440.3118 - Action to Enforce Obligation; Commencement; Time Period; Other Actions.
Section 440.3119 - Notice of Litigation to Answerable Third Party.
Section 440.3120-440.3122 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993.