This section defines key terms used in legal proceedings involving claims in foreign currency. "Action" refers to court cases or arbitration where monetary awards related to foreign money can happen. "Bank-offered spot rate" is the exchange rate a bank offers for foreign currency. The "conversion date" is the last banking day before money is paid or used in such actions. A "distribution proceeding" involves distributing money when foreign-money claims are made, like in foreclosures or estate distributions. "Foreign money" is any currency other than the U.S. dollar, and a "foreign-money claim" is a demand for payment or compensation in foreign currency. "Money" is any government-recognized medium of exchange. "Money of the claim" is the appropriate currency determined by law. A "person" can be an individual or any legal entity. "Rate of exchange" refers to how different currencies are converted. "Spot rate" is the immediate or near-immediate exchange rate. "State" includes any U.S. state and territories.

This law section relates to legal claims or distribution proceedings involving foreign currency. It says that these rules apply whenever there is a foreign money claim, even if other laws are relevant to the rest of the case.

This law allows parties involved in a lawsuit or financial distribution to decide on certain terms by mutual agreement, even if it changes the usual effects of the law. Specifically, people in a transaction can agree on which currency to use for different parts of their deal, and just because you use foreign money for one part doesn't mean it has to be used throughout.

This law is about determining which money should be used to pay off a claim. If the parties involved agreed on a specific currency, that is what should be used for payment. If there’s no agreement, the currency will be based on one of three things: the money they usually use in their dealings, the currency commonly used in international trade for similar transactions, or the currency in which the claimant experienced or will experience the loss.

This section explains how to handle payments in foreign money when the amount due is initially based on a different currency. If you're supposed to pay in one currency but it's initially measured in another, the exact amount is set on the conversion date. If there's a foreign money payment that needs to be converted based on a rate before any payment issue, that rate applies for up to 30 days after the problem starts; after that, the current bank rate is used. Also, even if an agreement says a debtor's currency should match a foreign currency amount, this rule clarifies that it's not unfair or excessive. If there's a delay in payment, the court or arbitrator can adjust the judgment to make sure the payment correctly matches the foreign amount originally agreed upon.

This law section explains that someone making a claim in court can choose to do so in a foreign currency instead of U.S. dollars, but if they don't specify, it's assumed to be in dollars. The other party can dispute the currency used by proving it should be a different one. Anyone can defend, counter-claim, or settle up in any currency, regardless of what the original claims specify. Deciding which currency is right for a claim is a legal question.

This section outlines how judgments or awards involving foreign-money claims should be handled. Generally, these judgments are stated in the foreign currency involved in the claim. The debtor can pay this amount in the foreign currency or the equivalent amount in U.S. dollars, calculated at a bank's exchange rate on the payment date. Any costs tied to the judgment must be shown in U.S. dollars. Payments made in U.S. dollars are credited according to how much foreign currency they can buy on the payment day. For decisions involving multiple monetary claims, amounts are netted against each other using a conversion rate to show which side owes what. A specific judgment format is recommended, and if a contract involves foreign money, the same payment rules apply as outlined here.

When a legal process starts to divide up assets and it involves foreign money, the exchange rate used is the one that was in effect at the end of the business day when the process began. Anyone making a claim involving foreign money needs to state their claim in the original foreign currency and also convert it to U.S. dollars based on that same day's exchange rate.

This law addresses how interest is calculated in cases involving foreign currency claims. The interest you'll receive before a court judgment or arbitration award (prejudgment interest) depends on the laws that govern the case, unless exceptions apply. These exceptions include, for example, when someone fails to accept a settlement offer or if there is undue delay caused by a party. In such instances, the court might adjust the interest. Lastly, once a judgment or award is given, interest is applied at the standard rate used for judgments in this state.

If you're trying to enforce a judgment from another country that's in foreign currency, it can be done in California and converted to U.S. dollars as per the local rules. If a partial payment was made on that foreign judgment, it will be deducted from the amount you owe here. Conversely, if a judgment from another U.S. state is only in dollars, it'll be enforced in California in dollars as well.

This section explains how to convert foreign money to U.S. dollars for certain legal situations, like when claiming costs or requiring a bond for court procedures. The dollar amount must be figured out using the bank's exchange rate just before you file your request. When you file, you must attach a statement explaining how you calculated that amount, signed by your lawyer or a bank officer. This statement helps protect court officials from any responsibility regarding the money amount listed.

If a foreign country changes its currency, any debts or losses that were originally in the old currency are converted to the new currency at the official exchange rate set by that country. If this switch happens after a legal judgment based on that foreign money has been made, the court or arbitrator must update the judgment to reflect the new currency.

This law states that basic legal principles, like fairness, contract rules, and issues like fraud or coercion, still apply unless there's a specific rule that overrides them in this title.

This law section is about making sure that the rules in this title are applied in a way that keeps the law consistent and unified across different states that have adopted it.

This law says that if one part of this legal title is found to be invalid or doesn't apply to a particular situation, it won't impact the rest of the title. The valid parts can still be used and are meant to work independently without the invalid part.

This law applies to legal cases and processes for dividing property or other assets that started on or after January 1, 1992.