Delaware § 5201 - Definitions.

§ 5201. Definitions.

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:

a. Paid to a claimant in an action or distribution proceeding;

b. Paid to the official designated by law to enforce a judgment or award on behalf of a claimant; or

c. 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 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 § 5204 of this title.

(9) “Person” means an individual, a corporation, government or governmental subdivision or agency, statutory trust, business trust, estate, trust, joint venture, partnership, limited liability company, association, 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 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 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.

71 Del. Laws, c. 148, §  1;  73 Del. Laws, c. 329, §  52;