Utah Code 78B-5-405. Determining the money of the claim
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(1) Except as provided by Subsection (2) , the proper money of the claim is, as in each case may be appropriate, the money:
Terms Used In Utah Code 78B-5-405
- Money: means a medium of exchange for the payment of obligations or a store of value authorized or adopted by a government or by intergovernmental agreement. See Utah Code 78B-5-402
- Money of the claim: means the money determined as proper by Section
78B-5-405 . See Utah Code 78B-5-402 - 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 Utah Code 78B-5-402
(1)(a) regularly used between the parties as a matter of usage or course of dealing;
(1)(b) 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
(1)(c) in which the loss was ultimately felt or will be incurred by a party.
(2) The money in which the parties have contracted that a payment be made is the proper money of the claim for that payment.