                                 CODE OF VIRGINIA

DEFINITIONS (§ 8.01-465.14)

As used in this chapter:
		&#8220;Action&#8221; means a judicial proceeding or arbitration in which a
payment in money may be awarded or enforced with respect to a foreign-money
claim.
		&#8220;Bank-offered spot rate&#8221; means the spot rate of exchange at which
a bank will sell foreign money at a spot rate.
		&#8220;Conversion date&#8221; means the banking day next preceding the date on
which money, in accordance with this chapter, is (i) paid to a claimant in an
action or distribution proceeding; (ii) paid to the official designated by law
to enforce a judgment or award on behalf of a claimant; or (iii) used to recoup,
set off, or counterclaim in different moneys in an action or distribution
proceeding.
		&#8220;Distribution proceeding&#8221; means a judicial or nonjudicial
proceeding for the distribution of a fund in which one or more foreign-money
claims are 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.
		&#8220;Foreign money&#8221; means money other than money of the United States
of America.
		&#8220;Foreign-money claim&#8221; means a claim upon an obligation to pay, or
a claim for recovery of a loss, expressed in or measured by a foreign money.
		&#8220;Money&#8221; means a medium of exchange for the payment of obligations
or a store of value authorized or adopted by a government or by
intergovernmental agreement.
		&#8220;Money of the claim&#8221; means the money determined as proper pursuant
to § 8.01-465.17.
		&#8220;Person&#8221; means an individual, a corporation, government or
governmental subdivision or agency, business trust, estate, trust, joint
venture, partnership, association, two or more persons having a joint or common
interest, or any other legal or commercial entity.
		&#8220;Rate of exchange&#8221; means the rate at which money of one 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.
		&#8220;Spot rate&#8221; 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 two days.
		&#8220;State&#8221; 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.

HISTORY: 1991, c. 24.