2020 New York Laws
GOB - General Obligations
Article 5 - Creation, Definition and Enforcement of Contractual Obligations
Title 16 - Continuity of Contract
5-1602 - Continuity of Contract.

§  5-1602.  Continuity  of  contract. 1. (a) If a subject or medium of
payment of a contract, security or instrument is  a  currency  that  has
been   substituted  or  replaced  by  the  euro,  the  euro  will  be  a
commercially reasonable substitute and substantial equivalent  that  may
be  either:  (i) used in determining the value of such currency; or (ii)
tendered, in  each  case  at  the  conversion  rate  specified  in,  and
otherwise  calculated in accordance with, the regulations adopted by the
council of the European Union.
  (b) If a subject or medium of  payment  of  a  contract,  security  or
instrument  is  the  ECU,  the  euro  will  be a commercially reasonable
substitute and substantial equivalent that may be either:  (i)  used  in
determining  the value of the ECU; or (ii) tendered, in each case at the
conversion rate specified in, and  otherwise  calculated  in  accordance
with, the regulations adopted by the Council of the European Union.
  (c)  Performance  of any of the obligations described in paragraph (a)
or (b) of this subdivision may be made in  the  currency  or  currencies
originally  designated in such contract, security or instrument (so long
as such currency or currencies remain legal tender) or in euro, but  not
in  any  other currency, whether or not such other currency (i) has been
substituted or replaced by the euro  or  (ii)  is  a  currency  that  is
considered  a  denomination  of the euro and has a fixed conversion rate
with respect to the euro.
  2. None of: (a) the introduction of the euro;  (b)  the  tendering  of
euros in connection with any obligation in compliance with paragraph (a)
or  (b)  of  subdivision one of this section; (c) the determining of the
value of any obligation in compliance  with  paragraph  (a)  or  (b)  of
subdivision  one  of this section; 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 has been
substituted or replaced due to the introduction of the euro and that  is
a  commercially  reasonable substitute and substantial equivalent, shall
either 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.