8.01-465.18 - Determining amount of the money of certain contract claims. - Virginia Statutes

§ 8.01-465.18. Determining amount of the money of certain contract claims.

A. If an amount contracted to be paid in a foreign money is measured by aspecified amount of a different money, the amount to be paid is determined onthe conversion date.

B. If an amount contracted to be paid in a foreign money is to be measured bya different money at the rate of exchange prevailing on a date beforedefault, that rate of exchange applies only to payments made within areasonable time after default, not exceeding thirty days. Thereafter,conversion is made at the bank-offered spot rate on the conversion date.

C. A monetary claim is neither usurious nor unconscionable because theagreement on which it is based provides that the amount of the debtor'sobligation to be paid in the debtor's money, when received by the creditor,must equal a special amount of the foreign money of the country of thecreditor. If, because of unexcused delay in payment of a judgment or award,the amount received by the creditor does not equal the amount of the foreignmoney specified in the agreement, the court or arbitrator shall amend thejudgment or award accordingly.

(1991, c. 24.)