2006 Ohio Revised Code - 1303.06. (UCC 3-107) Instrument payable in foreign money.

§ 1303.06. (UCC 3-107) Instrument payable in foreign money.
 

Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchase of dollars on the day on which the instrument is paid. 
 

HISTORY: 145 v S 147. Eff 8-19-94.
 

Analogous to former RC § 1303.06(B) (129 v S 5), repealed 145 v S 147, § 2, eff 8-19-94.

Not analogous to former RC § 1303.06 (RS § 3174i; 95 v 183; GC § 8196; Bureau of Code Revision, 10-1-53), repealed 129 v S 5, § 2, eff 7-1-62.

 

Official Comment

The definition of instrument in section 3-104 requires that the promise or order be payable in "money."  That term is defined in section 1-201(24) and is not limited to United States dollars.  Section 3-107 states that an instrument payable in foreign money may be paid in dollars if the instrument does not prohibit it.  It also states a conversion rate which applies in the absence of a different conversion rate stated in the instrument.  The reference in former section 3-107(1) to instruments payable in "currency" or "current funds" has been dropped as superfluous.