Definitions
N.D. Cent. Code § 32-41-01
in effect32-41-01. Definitions
As used in this chapter, unless the context otherwise requires:
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 before 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 one 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, limited liability company, 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.
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 intergovernmental agreement.
8. "Money of the claim" means the money determined as proper pursuant to section
32-41-04.
9. "Rate of exchange" 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.
10. "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 two days.
11. "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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t32c41.pdf#nameddest=32-41-01Fetched: 10/16/2026