Idaho Code 10-1508 – Conversions of Foreign Money in Distribution Proceeding
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 10-1508
- Distribution proceeding: means a judicial or nonjudicial proceeding for the distribution of a fund in which one (1) or more foreign-money claims is asserted and includes an accounting, an assignment for the benefit of creditors, a foreclosure, the liquidation or rehabilitation of a corporation or other entity, and the distribution of an estate, trust or other fund. See Idaho Code 10-1501
- Foreign money: means money other than money of the United States of America. See Idaho Code 10-1501
- Money: means a medium of exchange for the payment of obligations or a store of value authorized or adopted by a government or by inter-governmental agreement. See Idaho Code 10-1501
- Rate of exchange: means the rate at which money of one (1) country may be converted into money of another country in a free financial market convenient to or reasonably usable by a person obligated to pay or to state a rate of conversion. See Idaho Code 10-1501
The rate of exchange prevailing at or near the close of business on the day the distribution proceeding is initiated governs all exchanges of foreign money in a distribution proceeding. A foreign-money claimant in a distribution proceeding shall assert its claim in the named foreign money and show the amount of United States dollars resulting from a conversion as of the date the proceeding was initiated.