N.J. Stat. tit. 2A, ch. 49A

in effect

N.J. Stat. § 2A:49A-1 Short title

1. This act shall be known and may be cited as the "Uniform Foreign-Money Claims Act." L.1993,c.317,s.1.

N.J. Stat. § 2A:49A-2 Definitions

2. As used in this act: "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. "Bank-offered spot rate" means the spot rate of exchange at which a bank will sell foreign money at a spot rate. "Conversion date" means the banking day next preceding the date on which money, in accordance with this act, 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. "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 or other entity, and the distribution of an estate, trust, or other fund. "Foreign money" means money other than money of the United States of America. "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. "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. "Money of the claim" means the money determined as proper pursuant to section 5 of this act. "Person" 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. "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. "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. "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. L.1993,c.317,s.2.

N.J. Stat. § 2A:49A-3 Applicability of act

3. a. This act applies only to a foreign-money claim in an action or distribution proceeding. b. This act applies to foreign-money issues even if other law under the conflict of laws rules of this State applies to other issues in the action or distribution proceeding. L.1993,c.317,s.3.

N.J. Stat. § 2A:49A-4 Agreements by parties to transaction

4. a. The effect of this act may be varied by agreement of the parties made before or after commencement of an action or distribution proceeding or the entry of judgment. b. Parties to a transaction may agree upon the money to be used in a transaction giving rise to a foreign-money claim and may agree to use different moneys for different aspects of the transaction. Stating the price in a foreign money for one aspect of a transaction does not alone require the use of that money for other aspects of the transaction. L.1993,c.317,s.4.

N.J. Stat. § 2A:49A-5 Proper money

5. a. The money in which the parties to a transaction have agreed that payment is to be made is the proper money of the claim for payment. b. If the parties to a transaction have not otherwise agreed, the proper money of the claim, as in each case may be appropriate, is the money: (1) regularly used between the parties as a matter of usage or course of dealing; (2) used at the time of a transaction in international trade, by trade usage or common practice, for valuing or settling transactions in the particular commodity or service involved; or (3) in which the loss was ultimately felt or will be incurred by the party claimant. L.1993,c.317,s.5.

N.J. Stat. § 2A:49A-6 Determination of amount to be paid

6. a. If an amount contracted to be paid in a foreign money is measured by a specified amount of a different money, the amount to be paid is determined on the conversion date. b. If an amount contracted to be paid in a foreign money is to be measured by a different money at the rate of exchange prevailing on a date before default, that rate of exchange applies only to payments made within a reasonable time after default, not exceeding 30 days. Thereafter, conversion is made at the bank-offered spot rate on the conversion date. c. A monetary claim is neither usurious nor unconscionable because the agreement on which it is based provides that the amount of the debtor's obligation to be paid in the debtor's money, when received by the creditor, must equal a specified amount of the foreign money of the country of the creditor. If, because of unexcused delay in payment of a judgment or award, the amount received by the creditor does not equal the amount of the foreign money specified in the agreement, the court or arbitrator shall amend the judgment or award accordingly. L.1993,c.317,s.6.

N.J. Stat. § 2A:49A-7 Claim assertion; opposition; set-off

7. a. A person may assert a claim in a specified foreign money. If a foreign-money claim is not asserted, the claimant makes the claim in United States dollars. b. An opposing party may allege and prove that a claim, in whole or in part, is in a different money than that asserted by the claimant. c. A person may assert a defense, set-off, recoupment, or counterclaim in any money without regard to the money of other claims. d. The determination of the proper money of the claim is a question of law. L.1993,c.317,s.7.

N.J. Stat. § 2A:49A-8 Judgment, award on foreign-money claim; payment

8. a. Except as provided in subsection c. of this section, a judgment or award on a foreign-money claim shall 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 shall be entered in United States dollars. d. Each payment in United States dollars shall 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, shall 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 complies with subsection a. of this section, if it is in the following form: On this day of , 199 , it is ORDERED that judgment be entered in favor of the Plaintiff and against the Defendant in the sum of (insert amount in the foreign money) with interest at the rate of (insert rate - see Section 9 of this act) percent a year from the day of , 199 , 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 subsections a. or b. of section 6 of this act, the judgment or award shall 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 bank-offered spot rate. h. A judgment shall be entered and indexed in foreign money in the same manner as other judgments, and has the same effect as a lien. It may be discharged by payment. L.1993,c.317,s.8.

N.J. Stat. § 2A:49A-9 Governing rate of exchange

9. The rate of exchange prevailing at or near the close of business on the day the distribution proceeding is initiated governs all exchanges of foreign money in a distribution proceeding. A foreign-money claimant in a distribution proceeding shall assert its claim in the named foreign money and show the amount of United States dollars resulting from a conversion as of the date the proceeding was initiated. L.1993,c.317,s.9.

N.J. Stat. § 2A:49A-10 Pre-judgment, pre-award interest payable

10. a. With respect to a foreign-money claim, recovery of pre-judgment or pre-award interest and the rate of interest to be applied in the action or distribution proceeding, except as provided in subsection b. of this section, are matters of the substantive law governing the right to recovery under the conflict of laws rules of this State. b. The court or arbitrator shall increase or decrease the amount of pre-judgment or pre-award interest otherwise payable in a judgment or award in foreign-money to the extent required by the law of this State governing a failure to make or accept an offer of settlement or offer of judgment, or conduct by a party or its attorney causing undue delay or expense. c. A judgment or award on a foreign-money claim bears interest at the rate applicable to judgments of this State. L.1993,c.317,s.10.

N.J. Stat. § 2A:49A-11 Entering, enforcing foreign judgment

11. a. If an action is brought to enforce a judgment of another jurisdiction expressed in a foreign money and the judgment is recognized in this State as enforceable, the enforcing judgment shall be entered as provided in section 8 of this act, whether or not the foreign judgment confers an option to pay in an equivalent amount of United States dollars. b. A foreign judgment may be docketed in accordance with any rule or statute of this State providing a procedure for its recognition and enforcement. c. A satisfaction or partial payment made upon the foreign judgment, on proof thereof, shall be credited against the amount of foreign money specified in the judgment, notwithstanding the entry of judgment in this State. d. A judgment entered on a foreign-money claim only in United States dollars in another state shall be enforced in this State in United States dollars only. L.1993,c.317,s.11.

N.J. Stat. § 2A:49A-12 Computations of value of assets, amount of foreign money claimed under legal process.

12. a. Computations under this section are for the limited purposes of the section and do not affect computation of the United States dollar equivalent of the money of the judgment for the purpose of payment. b. For the limited purpose of facilitating the enforcement of provisional remedies in an action, the value in United States dollars of assets to be seized or restrained pursuant to a writ of attachment, garnishment, execution, or other legal process, the amount of United States dollars at issue for assessing costs, or the amount of United States dollars involved for a surety bond or other court-required undertaking, shall be ascertained as provided in subsections c. and d. of this section. c. A party seeking process, costs, bond, or other undertaking under subsection b. of this section shall compute in United States dollars the amount of the foreign money claimed from a bank-offered spot rate prevailing at or near the close of business on the banking day next preceding the filing of a request or application for the issuance of process or for the determination of costs, or an application for a bond or other court-required undertaking. d. A party seeking the process, costs, bond, or other undertaking under subsection b. of this section shall file with each request or application an affidavit or certificate executed in good faith by its counsel or a bank officer, stating the market quotation used and how it was obtained, and setting forth the calculation. Affected court officials incur no liability, after a filing of the affidavit or certificate, for acting as if the judgment were in the amount of United States dollars stated in the affidavit or certificate. L.1993,c.317,s.12.

N.J. Stat. § 2A:49A-13 Substitution of new foreign money

13. a. If, after an obligation is expressed or a loss is incurred in a foreign money, the country issuing or adopting that money substitutes a new money in place of that money, the obligation or the loss is treated as if expressed or incurred in the new money at the rate of conversion the issuing country establishes for the payment of like obligations or losses denominated in the former money. b. If substitution occurs under subsection a. of this section after a judgment or award is entered on a foreign-money claim, the court or arbitrator shall amend the judgment or award by a like conversion of the former money. L.1993,c.317,s.13.

N.J. Stat. § 2A:49A-14 Principles of law supplement provisions of act

14. Unless displaced by particular provisions of this act, the principles of law and equity, including the law merchant, and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or other validating or invalidating causes supplement its provisions. L.1993,c.317,s.14.

N.J. Stat. § 2A:49A-15 Uniform construction of act

15. This act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among states enacting it. L.1993,c.317,s.15.

N.J. Stat. § 2A:49A-16.1 Short title.

1. This act shall be known and may be cited as the "Foreign Country Money-Judgments Recognition Act of 2015." L.2017, c.365, s.1.

N.J. Stat. § 2A:49A-16.2 Definitions relative to foreign country money-judgments.

2. As used in this act: "Foreign country" means a government other than: (1) the United States; (2) a state, district, commonwealth, territory, or insular possession of the United States; or (3) any other government with regard to which the decision in this State as to whether to recognize a judgment of that government's courts is initially subject to determination under the Full Faith and Credit Clause of the U.S. Const., Art.IV, Sec.1. "Foreign-country judgment" means a judgment of a court of a foreign country. L.2017, c.365, s.2.

N.J. Stat. § 2A:49A-16.3 Applicability.

3. a. Except as otherwise provided in subsection b. of this section, this act shall apply to a foreign-country judgment to the extent that the judgment: (1) grants or denies recovery of a sum of money; and (2) under the law of the foreign country where rendered, is final, conclusive, and enforceable. b. This act shall not apply to a foreign-country judgment, even if the judgment grants or denies recovery of a sum of money, to the extent that the judgment is: (1) a judgment for taxes; (2) a fine or other penalty; or (3) a judgment for divorce, support, or maintenance, or other judgment rendered in connection with domestic relations. c. A party seeking recognition of a foreign-country judgment shall have the burden of establishing that this act applies to the foreign-country judgment. L.2017, c.365, s.3.

N.J. Stat. § 2A:49A-16.4 Recognition by courts; exceptions.

4. a. Except as otherwise provided in subsections b. and c. of this section, a court of this State shall recognize a foreign-country judgment to which this act applies. b. A court of this State shall not recognize a foreign-country judgment if: (1) the judgment was rendered under a judicial system that does not provide impartial tribunals or procedures compatible with the requirements of due process of law, as determined by the court using standards developed by the American Law Institute and the International Institute for the Unification of Private Law to govern resolution of transnational disputes; (2) the foreign court did not have personal jurisdiction over the defendant; or (3) the foreign court did not have jurisdiction over the subject matter. c. A court of this State may determine, in its discretion, not to recognize a foreign-country judgment if: (1) the defendant in the proceeding in the foreign court did not receive notice of the proceeding in sufficient time to enable the defendant to defend; (2) the judgment was obtained by fraud that deprived the losing party of an adequate opportunity to present its case; (3) the judgment or the cause of action on which the judgment is based is repugnant to the public policy of this State or of the United States; (4) the judgment conflicts with another final and conclusive judgment; (5) the proceeding in the foreign court was contrary to an agreement between the parties under which the dispute in question was to be determined otherwise than by proceedings in that foreign court; (6) in the case of jurisdiction based only on personal service, the foreign court was a seriously inconvenient forum for the trial of the action; (7) the judgment was rendered in circumstances that raise substantial doubt about the integrity of the rendering court with respect to the judgment; or (8) the specific proceeding in the foreign court leading to the judgment was not compatible with the requirements of due process of law, as determined by the court using standards developed by the American Law Institute and the International Institute for the Unification of Private Law to govern resolution of transnational disputes. d. A party resisting recognition of a foreign-country judgment shall have the burden of establishing that a ground for nonrecognition stated in subsection b. or c. of this section exists, except that where a foreign-country judgment has been rendered in default of appearance of the defendant, the party seeking recognition shall have the burden of establishing that: (1) the rendering court had jurisdiction over the defendant in accordance with the law of the country of origin of judgment; (2) the defendant was served with initiating process in accordance with the law of the country of origin; and (3) the rendering court had jurisdiction over the defendant on a basis provided pursuant to section 5 of this act. L.2017, c.365, s.4.

N.J. Stat. § 2A:49A-16.5 Conditions for non-refusal of recognition.

5. a. A foreign-country judgment shall not be refused recognition for lack of personal jurisdiction if: (1) the defendant was served with process personally in the foreign country; (2) the defendant, before the commencement of the proceeding, had agreed to submit to the jurisdiction of the foreign court with respect to the subject matter involved; (3) the defendant was domiciled in the foreign country when the proceeding was instituted or was a corporation or other form of business organization that had its principal place of business in, or was organized under the laws of, the foreign country; (4) the defendant had a business office in the foreign country and the proceeding in the foreign court involved a cause of action arising out of business done by the defendant through that office in the foreign country; or (5) the defendant operated a motor vehicle or airplane in the foreign country and the proceeding involved a cause of action arising out of that operation. b. The list of bases for personal jurisdiction in subsection a. of this section shall not be construed to be exclusive. The courts of this State may recognize bases for personal jurisdiction other than those listed in subsection a. of this section as sufficient to support a foreign-country judgment, as long as the exercise of personal jurisdiction in the foreign country is compatible with the Due Process Clause of the U.S. Const., Amend.V and Amend.XIV. c. An appearance by the defendant in the country of origin, or an unsuccessful objection to the jurisdiction of the rendering court, shall not deprive the defendant of the right to resist recognition under this section, but factual determinations by the rendering court concerning jurisdiction shall be binding on the defendant. L.2017, c.365, s.5.

N.J. Stat. § 2A:49A-16.6 Recognition as original matter, pending matter.

6. a. If recognition of a foreign-country judgment is sought as an original matter, the issue of recognition shall be raised by filing an action seeking recognition of the foreign-country judgment. b. If recognition of a foreign-country judgment is sought in a pending action, the issue of recognition may be raised by counterclaim, cross-claim, or affirmative defense. c. A party against whom a foreign-country judgment is entered may file an action for a declaration that the foreign-country judgment shall not be subject to recognition. For the purposes of this section, a foreign-country judgment shall not be subject to recognition if a ground for nonrecognition stated in subsection b. or c. of section 4 of this act exists. The party bringing an action under this section shall have the burden of establishing a ground for nonrecognition under subsection b. or c. of section 4 of this act. L.2017, c.365, s.6.

N.J. Stat. § 2A:49A-16.7 Entitlement to recognition.

7. If the court in a proceeding finds that the foreign-country judgment is entitled to recognition under this act then, to the extent that the foreign-country judgment grants or denies recovery of a sum of money, the foreign-country judgment shall be: a. conclusive between the parties to the same extent as the judgment of a sister state entitled to full faith and credit in this State would be conclusive; and b. enforceable in the same manner and to the same extent as a judgment rendered in this State. L.2017, c.365, s.7.

N.J. Stat. § 2A:49A-16.8 Appeal.

8. If a party establishes that an appeal from a foreign-country judgment is pending or will be taken, the court may stay any proceedings with regard to the foreign-country judgment until the appeal is concluded, the time for appeal expires, or the appellant has had sufficient time to prosecute the appeal and has failed to do so. L.2017, c.365, s.8.

N.J. Stat. § 2A:49A-16.9 Commencement of action.

9. An action to recognize a foreign-country judgment shall not be commenced before the foreign-country judgment becomes effective in the foreign country, or after 15 years from the date that the foreign-country judgment became effective in the foreign country. L.2017, c.365, s.9.

N.J. Stat. § 2A:49A-16.10 Application, construction.

10. In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. L.2017, c.365, s.10.

N.J. Stat. § 2A:49A-16.11 Recognition of judgment outside of scope of act.

11. This act shall not prevent the recognition under principles of comity or otherwise of a foreign-country judgment not within the scope of this act. L.2017, c.365, s.11.

N.J. Stat. § 2A:49A-25 Short title

1. This act shall be known and may be cited as the "Uniform Enforcement of Foreign Judgments Act." L.1997,c.204,s.1.

N.J. Stat. § 2A:49A-26 "Foreign judgment" defined

2. In this act "foreign judgment" means any judgment, decree, or order of a court of the United States or of any other court which is entitled to full faith and credit in this State. L.1997,c.204,s.2.

N.J. Stat. § 2A:49A-27 Filing of copy of foreign judgment

3. A copy of any foreign judgment authenticated in accordance with an act of Congress or the statutes of this State may be filed in the office of the Clerk of the Superior Court of this State. The clerk shall treat the foreign judgment in the same manner as a judgment of the Superior Court of this State. A judgment so filed has the same effect and is subject to the same procedures, defenses and proceedings for reopening, vacating, or staying as a judgment of a Superior Court of this State and may be enforced in the same manner. L.1997,c.204,s.3.

N.J. Stat. § 2A:49A-28 Filing of affidavit; mailing of notice to judgment debtor

4. a. At the time of the filing of the foreign judgment, the judgment creditor or his lawyer shall make and file with the Clerk of the Superior Court an affidavit setting forth the name and last known post office address of the judgment debtor, and the judgment creditor. The affidavit shall further set forth whether the time to appeal the foreign judgment has expired and whether the court of origin has granted a stay of execution. In addition, in the case of a judgment entered by default, the affidavit shall so state and shall set forth the expiration date under the rules of the court of origin for vacating the default. b. Promptly upon the filing of the foreign judgment and the affidavit, the clerk shall mail notice of the filing of the foreign judgment to the judgment debtor at the address given and shall make a note of the mailing in the docket. The notice shall include the name and post office address of the judgment creditor and the judgment creditor's lawyer, if any, in this State. In addition, the judgment creditor may mail a notice of the filing of the judgment to the judgment debtor and may file proof of mailing with the clerk. Lack of mailing notice of filing by the clerk shall not affect the enforcement proceedings if proof of mailing by the judgment creditor has been filed. c. No execution or other process for enforcement of a foreign judgment filed under this act shall issue until 14 days after the date the judgment is filed. L.1997,c.204,s.4.

N.J. Stat. § 2A:49A-29 Appeal, stay of execution, enforcement

5. a. If the judgment debtor shows the Superior Court that an appeal from the foreign judgment is pending or will be taken, or that a stay of execution has been granted, the court shall stay enforcement of the foreign judgment until the appeal is concluded, the time for appeal expires, or the stay of execution expires or is vacated, upon proof that the judgment debtor has furnished security for the satisfaction of the judgment required by the state in which it was rendered. b. If the judgment debtor shows the Superior Court any ground upon which enforcement of a judgment of the Superior Court would be stayed, the Superior Court shall stay enforcement of the foreign judgment for an appropriate period, upon requiring the same security for satisfaction of the judgment which is required in this State. L.1997,c.204,s.5.

N.J. Stat. § 2A:49A-30 Fees for filing foreign judgment

6. Any person filing a foreign judgment shall pay to the Clerk of the Superior Court the fees required pursuant to N.J.S.22A:2-29 for actions taken with respect to judgments. Fees for docketing, transcription or other enforcement proceedings shall be as provided for judgments of the Superior Court in accordance with N.J.S.22A:2-29. L.1997,c.204,s.6.

N.J. Stat. § 2A:49A-31 Right unimpaired

7. The right of a judgment creditor to bring an action to enforce his judgment instead of proceeding under this act remains unimpaired. L.1997,c.204,s.7.

N.J. Stat. § 2A:49A-32 Construction of act relative to consumer loans.

8. Nothing in this act shall be construed to require the enforcement of any foreign judgment which is based on a consumer loan containing any provision prohibited by the provisions of the "New Jersey Consumer Finance Licensing Act," sections 1 through 49 of P.L.1996, c.157 (C.17:11C-1 et seq.). L.1997, c.204, s.8; amended 2009, c.53, s.70.

N.J. Stat. § 2A:49A-33 Uniformity of interpretation, construction

9. This act shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it. L.1997,c.204,s.9.

N.J. Stat. § 2A:49A-34 Findings, declarations relative to Euro as medium of payment

1. The Legislature finds and declares: a. The member states of the European Union have adopted a uniform currency called the Euro. These states have provided a three-year period of transition, from January 1, 1999 to December 31, 2001, for this complex new monetary policy to be put into place. Prior to January 1, 2002, both the individual currencies of the states and the Euro will be in circulation. The rates of exchange for these currencies when they are converted to Euro will be set by the new Central European Bank. Additional member states of the European Union may also convert their national currencies into the Euro. b. During the transition from national currencies to a single European Union currency, and after the Euro is in place, parties to international contracts and financial transactions will require a clear understanding of the terms and value of their transactions to conduct their business with fairness and certainty. c. There exists some uncertainty over the enforceability of certain contracts, securities and instruments that call for payment in a currency replaced by the Euro; this legislation is intended to ensure the continuity of these contracts. L.2000,c.23,s.1.

N.J. Stat. § 2A:49A-35 Definitions relative to Euro as medium of payment

2. As used in this act: "Euro" means the currency of participating member states of the European Union signed February 17, 1992. "European Currency Unit" or "ECU" means the currency basket that is from time to time used as the unit of account of the European community as referred to in Article 109g of the Treaty on European Union and as defined in Regulation (EC) No.3320/94. L.2000,c.23,s.2.

N.J. Stat. § 2A:49A-36 Replacement of ECU by Euro in contract, security, or instrument references

3. a. When the Euro first becomes the monetary unit of participating member states of the European Union, references to the ECU in a contract, security or instrument shall be replaced by references to the Euro at the rate of one Euro to one ECU. b. If is it unclear that a contractual reference to the ECU is a reference to the official definition of the ECU, it shall be presumed to be a reference to the ECU, which presumption shall be rebuttable, taking into account the intentions of the parties. L.2000,c.23,s.3.

N.J. Stat. § 2A:49A-37 Euro considered equivalent substitute for replaced currency

4. a. If a subject or medium of payment of a contract, security or instrument is a currency that has been substituted or replaced by the Euro, the Euro shall be a commercially reasonable substitute and substantial equivalent that may be either: (1) used in determining the value of that currency; or (2) tendered, in each case at the conversion rate specified in, and otherwise calculated or rounded, as appropriate, in accordance with, the regulations adopted by the Council of the European Union. b. If a subject or medium of payment of a contract, security or instrument is the ECU, the Euro shall be a commercially reasonable substitute and substantial equivalent that may be either: (1) used in determining the value of the ECU; or (2) tendered, in each case at the conversion rate specified in, and otherwise calculated or rounded, as appropriate, in accordance with, the regulations adopted by the Council of the European Union. c. Performance of any obligations described in subsection a. or b. of this section may be made in the currency or currencies originally designated in the contract, security or instrument, so long as the currency or currencies remain legal tender, or in Euros, but not in any other currency, if that other currency has been substituted or replaced by the Euro or is a currency that is considered a denomination of the Euro and has a fixed conversion rate with respect to the Euro. L.2000,c.23,s.4.

N.J. Stat. § 2A:49A-38 Existing contracts, securities, instruments unaffected by introduction of Euro

5. 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 to unilaterally alter or terminate any contract, security or instrument: a. The introduction of the Euro; b. The tendering of Euros in connection with any obligation in compliance with subsection a. or b. of section 4 of this act; c. The determining of the value of any obligation in compliance with subsection a. or b. of section 4 of this act; or d. The calculating or determining of the subject or medium of payment of a contract, security or instrument with reference to interest rate or other basis that has been substituted or replaced due to the introduction of the Euro and is a commercially reasonable substitute and substantial equivalent. L.2000,c.23,s.5.

N.J. Stat. § 2A:49A-39 Existing specific agreements unaffected by introduction of Euro

6. The provisions of this act shall not alter or impair, and shall be subject to, any agreements between the parties with specific reference to or agreement regarding the introduction of the Euro. L.2000,c.23,s.6.

N.J. Stat. § 2A:49A-40 Applicability of act

7. a. Notwithstanding the Uniform Commercial Code, Title 12A of the New Jersey Statutes, or any other law of this State to the contrary, the provisions of this act shall apply to all contracts, securities and instruments, including contracts with respect to commercial transactions, and shall not be deemed to be displaced by any other law of this State. b. In circumstances of currency alteration, other than the introduction of the Euro, the provisions of this act shall not be interpreted as creating any negative inference or negative presumption regarding the validity or enforceability of contracts, securities or instruments denominated in whole or in part in a currency affected by that alteration. L.2000,c.23,s.7.

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