Title 11, Commerce, Technology and Trade
12 chapters · 141 sections in this title.
11 V.I.C. § 1530 Short title
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This chapter shall be known and may be cited as the “Uniform Foreign Money Claims Act”.
11 V.I.C. § 1531 Definitions
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(1) In this chapter:(1) “Action” means a judicial proceeding or arbitration in which a money payment may be awarded or enforced in respect of a foreign money claim.(2) “Conversion date” means the banking day next before the date of which money is, in accordance with this chapter,…
11 V.I.C. § 1532 Scope
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(a) The provisions of this chapter apply only to a foreign-money claim in an action or distribution proceeding. (b) The provisions of this chapter apply to foreign-money issues notwithstanding the law applicable under the conflict of laws rules of this territory to other issues i…
11 V.I.C. § 1533 Variation by agreement
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(a) The effect of provisions of this chapter may be varied by agreement of the parties made at any time before or after commencement of an action, distribution, or the entry of judgment. (b) The parties may agree upon the money to be used in a transaction giving rise to a foreign…
11 V.I.C. § 1534 Determining the money of the claim
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(a) Except as provided in subsection (b) hereof, the proper money of the claim is, as in each case may be appropriate, the money:(1) regularly used between the parties as a matter of usage or course of dealing; or(2) used at the time of a transaction in international trade, by tr…
11 V.I.C. § 1535 Determining the amount of the money of certain contract claims
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(a) If an amount contracted to be paid in a foreign money is measured by a specified amount of a different money, the amount to be paid is determined on the conversion date. (b) If an amount contracted to be paid in a foreign money is to be measured by a different money at the ex…
11 V.I.C. § 1536 Asserting and defending a foreign-money claim
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(a) A claimant may assert a claim in a specified foreign money. If a foreign money is not asserted, the claimant makes a claim for a judgment in United States dollars. (b) An opposing party may allege and prove that the claim is, in whole or in part, for a different money than th…
11 V.I.C. § 1537 Judgments and awards on foreign-money claims: times of money conversion: form of judgment
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(a) Except as provided in subsection (c) of this section, a judgment or arbitration award on a foreign-money claim must be stated in amount of the money of the claim. (b) The judgment or award is payable in that foreign money or, at the option of the debtor, in the amount of Unit…
11 V.I.C. § 1538 Conversions of foreign money in a distribution proceeding
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The rate of exchange prevailing at or near the closing of business on the day the proceeding is initiated shall govern all exchanges of foreign-money in a distribution proceeding. A foreign-money claimant in a distribution proceeding must assert its claim in the named foreign mon…
11 V.I.C. § 1539 Pre-judgment and judgment interest
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(a) With respect to a foreign-money claim, recovery of pre-judgment interest and the rate of interest to be applied in the action or distribution proceeding are matters of the substantive law governing the right to recovery under the conflict of laws rules of this territory. (b) …
11 V.I.C. § 1540 Enforcement of foreign judgments
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(a) Subject to subsections (b) and (c) of this section, if an action is brought to enforce a judgment of another jurisdiction expressed in a foreign money and the judgment is recognized in this territory as enforceable, the enforcing judgment must be entered as provided in sectio…
11 V.I.C. § 1541 Temporarily determining the United States dollar value of foreign-money claims for limited purposes
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(a) For the limited purpose of facilitating the enforcement of provisional remedies in an action, (i) 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, (ii) the amount of Unite…
11 V.I.C. § 1542 Effect of currency revalorizations
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(a) If, after an obligation is expressed or a loss is incurred in a foreign money, the country issuing or adopting that money substituted a new money in place of that money, the obligation or the loss is treated as if expressed or incurred in the new money at the rate of conversi…
11 V.I.C. § 1543 Supplementary general principles of law
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Unless displaced by particular provisions of this chapter, the principles of law and equity, including the law merchant, and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or other validati…
11 V.I.C. § 1544 Uniformity of application and construction
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The provisions of this chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states and territories enacting it.
11 V.I.C. § 1545 Severability clause
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If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provision…