2005 Idaho Code - 10-1501 — DEFINITIONS

                                  TITLE  10
                 ISSUES, TRIAL AND JUDGMENT IN CIVIL ACTIONS
                                  CHAPTER 15
                       UNIFORM FOREIGN-MONEY CLAIMS ACT
    10-1501.  DEFINITIONS. As used in this chapter:
    (1)  "Action" means a judicial proceeding or arbitration in which a
payment in money may be awarded or enforced with respect to a foreign-money
claim.
    (2)  "Bank-offered spot rate" means the spot rate of exchange at which a
bank will sell foreign money at a spot rate.
    (3)  "Conversion date" means the banking day next preceding the date on
which money, in accordance with this chapter, is:
    (i)   Paid to a claimant in an action or distribution proceeding;
    (ii)  Paid to the official designated by law to enforce a judgment or
    award on behalf of a claimant; or
    (iii) Used to recoup, set-off or counterclaim in different moneys in an
    action or distribution proceeding.
    (4)  "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.
    (5)  "Foreign money" means money other than money of the United States of
America.
    (6)  "Foreign-money claim" means a claim upon an obligation to pay, or a
claim for recovery of a loss, expressed in or measured by a foreign money.
    (7)  "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.
    (8)  "Money of the claim" means the money determined as proper pursuant to
section 10-1504, Idaho Code.
    (9)  "Person" means an individual, a corporation, government or
governmental subdivision or agency, business trust, estate, trust, joint
venture, partnership, association, two (2) or more persons having a joint or
common interest, or any other legal or commercial entity.
    (10) "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. If separate rates of exchange apply to different kinds of
transactions, the term means the rate applicable to the particular transaction
giving rise to the foreign-money claim.
    (11) "Spot rate" means the rate of exchange at which foreign money is sold
by a bank or other dealer in foreign exchange for immediate or next day
availability or for settlement by immediate payment in cash or equivalent, by
charge to an account, or by an agreed delayed settlement not exceeding two (2)
days.
    (12) "State" means a state of the United States, the District of Columbia,
the Commonwealth of Puerto Rico, or a territory or insular possession subject
to the jurisdiction of the United States.