Utah Code 78B-5-412. Temporarily determining the United States dollar value of foreign-money claims for limited purposes
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(1) For the limited purpose of facilitating the enforcement of provisional remedies in an action:
Terms Used In Utah Code 78B-5-412
- Action: means a judicial proceeding or arbitration in which a money payment may be awarded or enforced in respect of a foreign-money claim. See Utah Code 78B-5-402
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Foreign money: means money other than money of the United States of America. See Utah Code 78B-5-402
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- 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
- 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
- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
- Rate of exchange: means the rate at which the money of one country may be converted into money of another country in a free financial market convenient to or reasonably usable by the party obliged to pay or to state a rate of conversion. See Utah Code 78B-5-402
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(1)(a) the value in United States dollars of assets to be seized or restrained pursuant to a writ of attachment, garnishment, execution, or other legal process;
(1)(b) the amount of United States dollars at issue for assessing costs; or
(1)(c) the amount of United States dollars involved for a surety bond or other court-required undertaking shall be ascertained as provided in Subsections (2) and (3) .
(2) The party seeking the process, costs, bond, or other undertaking shall compute the dollar amount of the foreign money claimed from a bank-offered spot rate of exchange prevailing at or near the close of business on the banking day next preceding the filing of a request or application for the issuance of process or for the determination of costs, or an application for a bond or other court-required undertaking.
(3) The party seeking the process, costs, bond, or other undertaking shall file with each request or application an affidavit or certificate executed in good faith by its counsel or a bank officer, stating the market quotation used, how obtained, and setting forth the calculation. Affected court officials incur no liability, after a filing of the affidavit or certificate, for acting as if the judgment was in the amount of United States dollars stated in the affidavit or certificate.
(4) Computations under this section are for the limited purposes of this section and do not affect computation of the United States dollar equivalent of the money of the judgment for payment purposes.