§ 1C-1824. Determining amount of the money of certain contract claims. - North Carolina Statutes

§1C‑1824.  Determining amount of the money of certain contract claims.

(a)        If an amountcontracted to be paid in a foreign money is measured by a specified amount of adifferent money, the amount to be paid shall be determined on the conversiondate.

(b)        If an amountcontracted to be paid in a foreign money is to be measured by a different moneyat the rate of exchange prevailing on a date before default, that rate ofexchange applies only to payments made within a reasonable time after default,not exceeding 30 days. Thereafter, conversion is made at the bank‑offeredspot rate on the conversion date.

(c)        A monetary claim isneither usurious nor unconscionable for the reason that the agreement on whichit is based provides that the amount of the debtor's obligation to be paid inthe debtor's money, when received by the creditor, must equal a specifiedamount of the foreign money of the country of the creditor. If, because ofunexcused delay in payment of a judgment or award, the amount received by thecreditor does not equal the amount of the foreign money specified in theagreement, the court or arbitrator shall amend the judgment or awardaccordingly. (1995, c. 213, s. 1.)