2021 North Carolina General Statutes
Chapter 53 - Regulation of Financial Services
Article 23 - Continuity of Contract Under European Monetary Union.
§ 53-297 - Effect of currency substitution on performance.
53-297. Effect of currency substitution on performance.
None of the following shall have the effect of discharging or excusing performance under any contract, security, or instrument, or give a party the right unilaterally to alter or terminate any contract, security, or instrument:
(1) Introduction of the euro.
(2) Tender of euros in connection with any obligation in compliance with G.S. 53-296.
(3) Determination of the value of any obligation in compliance with G.S. 53-296.
(4) Calculation or determination of the subject or medium of payment of a contract, security, or instrument with reference to an interest rate or other basis that has been substituted or replaced due to the introduction of the euro and that is a commercially reasonable substitute and substantial equivalent.
(1999-312, s. 1.)
