Oklahoma § 12-729.8 - Judgment or award on foreign-money claim

§ 12-729.8. Judgment or award on foreign-money claim

A. Except as provided in subsection C of this section, a

judgment or award on a foreign-money claim must be stated in an

amount of the money of the claim.

B. A judgment or award on a foreign-money claim is payable in

that foreign money or, at the option of the debtor, in the amount of

United States dollars which will purchase that foreign money on the

conversion date at a bank-offered spot rate.

C. Assessed costs must be entered in United States dollars.

D. Each payment in United States dollars must be accepted and

credited on a judgment or award on a foreign-money claim in the

amount of the foreign money that could be purchased by the dollars

at a bank-offered spot rate of exchange at or near the close of

business on the conversion date for that payment.

E. A judgment or award made in an action or distribution

proceeding on both:

1. A defense, set-off, recoupment or counterclaim; and

2. The adverse party's claim,

must be netted by converting the money of the smaller into the money

of the larger, and by subtracting the smaller from the larger, and

specify the rates of exchange used.

F. A judgment substantially in the following form complies with

subsection A of this section:

Oklahoma Statutes - Title 12. Civil Procedure

IT IS ADJUDGED AND ORDERED, that Defendant (insert name) pay to

Plaintiff (insert name) the sum of (insert amount in the foreign

money) plus interest on that sum at the rate of (insert rate - see

Section 10 of this act) percent a year or, at the option of the

judgment debtor, the number of United States dollars which will

purchase the (insert name of foreign money) with interest due, at a

bank-offered spot rate at or near the close of business on the

banking day next before the day of payment, together with assessed

costs of (insert amount) United States dollars.

G. If a contract claim is of the type covered by subsection A

or B of Section 6 of this act, the judgment or award must be entered

for the amount of money stated to measure the obligation to be paid

in the money specified for payment or, at the option of the debtor,

the number of United States dollars which will purchase the computed

amount of the money of payment on the conversion date at a bankoffered spot rate.

H. In order to create a lien, a judgment in foreign money must

be filed and indexed in the same manner as other judgments. It may

be discharged in the same manner as other judgments.

Added by Laws 1994, c. 165, § 8, eff. Jan. 1, 1995.