A. 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.
B. If substitution under Subsection A of this section occurs after 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.
History: Laws 1991, ch. 181, § 13.
Applicability. — Laws 1991, ch. 181, § 18 makes the Uniform Foreign-Money Claims Act applicable to actions and distribution proceedings commenced after July 1, 1991.
Structure New Mexico Statutes
Chapter 39 - Judgments, Costs, Appeals
Article 4C - Foreign-Money Claims
Section 39-4C-1 - Short title.
Section 39-4C-2 - Definitions.
Section 39-4C-4 - Variation by agreement.
Section 39-4C-5 - Determining money of the claim.
Section 39-4C-6 - Determining amount of the money of certain contract claims.
Section 39-4C-7 - Asserting and defending foreign-money claim.
Section 39-4C-9 - Conversions of foreign money in distribution proceeding.
Section 39-4C-10 - Pre-judgment and judgment interest.
Section 39-4C-11 - Enforcement of foreign judgments.
Section 39-4C-13 - Effect of currency revalorization.
Section 39-4C-14 - Supplementary general principles of law.
Section 39-4C-15 - Uniformity of application and construction.