78B-5-406 - Determining the amount of the money of certain contract claims. - Utah Statutes

78B-5-406. Determining the amount of the money of certain contract claims.
(1) If an amount contracted to be paid in a foreign money is measured by a specifiedamount of a different money, the amount to be paid is determined on the conversion date.
(2) If an amount contracted to be paid in a foreign money is to be measured by a differentmoney at the exchange rate prevailing on a date prior to default, that exchange rate applies onlyfor payments made a reasonable time after default, not to exceed 30 days. Thereafter, conversionis made at the bank-offered spot rate on the conversion date.
(3) (a) A monetary claim is neither usurious nor unconscionable because the agreementon which it is based provides that the amount of the debtor's obligation to be paid in the debtor'smoney shall, when received by the creditor, equal a specified amount of the foreign money of thecountry of the creditor.
(b) If because of unexcused delay in payment of a judgment or award the amountreceived by the creditor does not equal the amount of the foreign money specified in theagreement, the court or arbitrator, as the case may be, has jurisdiction to and may amend thejudgment or award accordingly.

Renumbered and Amended by Chapter 3, 2008 General Session