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.
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Last modified: October 11, 2016