New Jersey Statutes 2A:49A-38. Existing contracts, securities, instruments unaffected by introduction of Euro
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Terms Used In New Jersey Statutes 2A:49A-38
- Contract: A legal written agreement that becomes binding when signed.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
5. None of the following shall have the effect of discharging or excusing performance under any contract, security or instrument, or give a party the right to unilaterally alter or terminate any contract, security or instrument:
a. The introduction of the Euro;
b. The tendering of Euros in connection with any obligation in compliance with subsection a. or b. of section 4 of this act;
c. The determining of the value of any obligation in compliance with subsection a. or b. of section 4 of this act; or
d. The calculating or determining of the subject or medium of payment of a contract, security or instrument with reference to interest rate or other basis that has been substituted or replaced due to the introduction of the Euro and is a commercially reasonable substitute and substantial equivalent.
L.2000,c.23,s.5.