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Conversion of Foreign Money A Comparative Study of Changing Rules

Conversion of Foreign Money A Comparative Study of Changing Rules JOSEPH DACH Conversion of Foreign Money A Comparative Study of Changing Rules I. INTRODUCTION A T FIRST SIGHT, THE CHANGES that have occurred in the rules fixing the date for the conversion of an unsatisfied foreign money obligation into domestic currency appear chaotic. Yet the problem of converting foreign money into domestic currency is an ancient one, and one would expect to find well-settled rules of law to regulate the process. The present study began as an inquiry into the causes of this pheno­ menon. As a working hypothesis, it was assumed that the rules providing for conversion at the rate prevailing on any specific date (date of maturity, or when suit was .commenced, or the day of judgment, etc.) are merely manifestations of a more general rule providing for conversion according to these various rates depending on the trend of foreign money rates: the rate prevailing on the due date in times of appreciation of the domes­ tic money, the rate prevailing on the day of judgment (or day of payment where that is possible) in a period of appreciation of the foreign money. I t was believed possible that the apparent changes in rules were actually applications http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Journal of Comparative Law Oxford University Press

Conversion of Foreign Money A Comparative Study of Changing Rules

Dach, Joseph
American Journal of Comparative Law , Volume 3 (2) – Apr 1, 1954
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Publisher
Oxford University Press
Copyright
© 1954 by The American Association for the Comparative Study of Law, Inc.
ISSN
0002-919X
eISSN
2326-9197
DOI
10.2307/837737
Publisher site
See Article on Publisher Site

Abstract

JOSEPH DACH Conversion of Foreign Money A Comparative Study of Changing Rules I. INTRODUCTION A T FIRST SIGHT, THE CHANGES that have occurred in the rules fixing the date for the conversion of an unsatisfied foreign money obligation into domestic currency appear chaotic. Yet the problem of converting foreign money into domestic currency is an ancient one, and one would expect to find well-settled rules of law to regulate the process. The present study began as an inquiry into the causes of this pheno­ menon. As a working hypothesis, it was assumed that the rules providing for conversion at the rate prevailing on any specific date (date of maturity, or when suit was .commenced, or the day of judgment, etc.) are merely manifestations of a more general rule providing for conversion according to these various rates depending on the trend of foreign money rates: the rate prevailing on the due date in times of appreciation of the domes­ tic money, the rate prevailing on the day of judgment (or day of payment where that is possible) in a period of appreciation of the foreign money. I t was believed possible that the apparent changes in rules were actually applications

Journal

American Journal of Comparative Law – Oxford University Press

Published: Apr 1, 1954

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