8.01-465.25 - Effect of substitution of currency by issuing authority. - Virginia Statutes

§ 8.01-465.25. Effect of substitution of currency by issuing authority.

If, after an obligation is expressed or a loss is incurred in a foreignmoney, the country issuing or adopting that money substitutes a new money inplace of that money, the obligation or the loss is treated as if expressed orincurred in the new money at the rate of conversion the issuing countryestablishes for the payment of like obligations or losses denominated in theformer money. If such substitution occurs after a judgment or award isentered on a foreign-money claim, the court or arbitrator shall amend thejudgment or award by a like conversion of the former money.

(1991, c. 24.)