8.01-465.20 - Judgments and awards on foreign-money claims; times of money conversion; form of judgment. - Virginia Statutes

§ 8.01-465.20. Judgments and awards on foreign-money claims; times of moneyconversion; form of judgment.

A. A judgment or award on a foreign-money claim must be stated in an amountof the money of the claim. However, assessed costs must be entered in UnitedStates dollars. A judgment in substantially the following form complies withthis subsection: [IT IS ADJUDGED AND ORDERED, that Defendant (insert name)pay to Plaintiff (insert name) the sum of (insert amount in the foreignmoney) plus interest on that sum at the rate of (insert rate - see §8.01-465.22) percent a year or, at the option of the judgment debtor, thenumber of United States dollars which will purchase the (insert name offoreign money) with interest due, at a bank-offered spot rate at or near theclose of business on the banking day next before the day of payment, togetherwith assessed costs of (insert amount) United States dollars.]

B. A judgment or award on a foreign-money claim is payable in that foreignmoney or, at the option of the debtor, in the amount of United States dollarswhich will purchase that foreign money on the conversion date at abank-offered spot rate.

Each payment in United States dollars must be accepted and credited on ajudgment or award on a foreign-money claim in the amount of the foreign moneythat could be purchased by the dollars at a bank-offered spot rate ofexchange at or near the close of business on the conversion date for thatpayment.

C. A judgment or award made in an action or distribution proceeding on both adefense, setoff, recoupment, or counterclaim and the adverse party's claim,must be netted by converting the money of the smaller into the money of thelarger, and by subtracting the smaller from the larger, and shall specify therates of exchange used.

D. If a contract claim is of the type covered by § 8.01-465.18 A or B, thejudgment or award must be entered for the amount of money stated to measurethe obligation to be paid in the money specified for payment or, at theoption of the debtor, the number of United States dollars which will purchasethe computed amount of the money of payment on the conversion date at abank-offered spot rate.

E. A judgment shall be docketed and indexed in foreign money in the samemanner, and has the same effect as a lien, as other judgments. It may bedischarged by payment.

(1991, c. 24.)