1C-1831. Effect of currency revalorization.
(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 shall be treated as if expressed or incurred in the new money at the rate of conversion the issuing country established 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. (1995, c. 213, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 1C - Enforcement of Judgments
Article 19 - The North Carolina Foreign-Money Claims Act.
§ 1C-1822 - Variation by agreement.
§ 1C-1823 - Determining proper money of the claim.
§ 1C-1824 - Determining amount of the money of certain contract claims.
§ 1C-1825 - Asserting and defending foreign-money claims.
§ 1C-1827 - Conversions of foreign money in distribution proceedings.
§ 1C-1828 - Prejudgment and judgment interest.
§ 1C-1829 - Enforcement of foreign judgments.
§ 1C-1830 - Determining United States dollar value of assets to be seized or restrained.
§ 1C-1831 - Effect of currency revalorization.
§ 1C-1832 - Supplementary general principles of law.