§ 15-911. Effect of currency revalorization.

Current through October 23, 2012

(a) If, after an obligation is expressed or a loss is incurred in a foreign money, the country issuing or adopting that money substitutes a new money in place of that money, the obligation or the loss is treated as if expressed or incurred in the new money at the rate of conversion the issuing country establishes for the payment of like obligations or losses denominated in the former money.

(b) If substitution under subsection (a) of this section occurs after a judgment or award is entered on a foreign-money claim, the court or arbitrator shall amend the judgment or award by a like conversion of the former money.

                
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(Feb. 10, 1996, D.C. Law 11-85, § 2, 42 DCR 6791.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 15-911.

Legislative History of Laws

For legislative history of D.C. Law 11-85, see Historical and Statutory Notes following § 15-901.

Uniform Law

This section is based upon § 12 of the Uniform Foreign-Money Claims Act. See 13 Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.