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North Carolina General Statutes Chapter 53. Regulation of Financial Services § 53-297. Effect of currency substitution on performance

Current as of January 01, 2023 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 53. Regulation of Financial Services § 53-297. Effect of currency substitution on performance - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-53-regulation-of-financial-services/nc-gen-st-sect-53-297/

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