The rate of exchange prevailing at or near the close of business on the day the distribution proceeding is initiated governs all exchanges of foreign money in a distribution proceeding. A foreign-money claimant in a distribution proceeding shall assert its claim in the named foreign money and show the amount of United States dollars resulting from a conversion as of the date the proceeding was initiated.
History: Laws 1991, ch. 181, § 9.
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.