Connecticut General Statutes 50a-54 – Determination of proper money of claim
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(a) Except as provided in subsection (b) of this section, proper money of the claim is, as the case may be, the money: (1) Regularly used between the parties as a matter of usage or course of dealing; (2) used at the time of a transaction in international trade, by trade usage or common practice, for valuing or settling transactions in the particular commodity or service involved; or (3) in which the loss was ultimately felt or will be incurred by a party.
Terms Used In Connecticut General Statutes 50a-54
- Money: means a medium of exchange for the payment of debts or other obligations, or a store of value authorized or adopted by a domestic or foreign government or by intergovernmental agreement. See Connecticut General Statutes 50a-51
- Money of the claim: means the money determined as proper by section 50a-54. See Connecticut General Statutes 50a-51
- Party: means an individual, a corporation, government or governmental subdivision or agency, business trust, partnership or association of two or more persons having a joint or common interest or any other legal or commercial entity asserting or defending against a foreign-money claim. See Connecticut General Statutes 50a-51
(b) The money in which the parties have contracted that a payment be made is the proper money of the claim for that payment.