(a) References to the ECU in a contract, security, or other instrument that also refers in substance to the definition of the ECU as set forth in G.S. 53-295 shall be replaced by references to the euro at a rate of one euro to one ECU.
(b) References to the ECU in a contract, security, or instrument without a definition as set forth in G.S. 53-295 shall be presumed, rebuttable by proof of the contrary intention of the parties, to be references to the currency basket that is from time to time used as the unit of account of the European community. (1999-312, s. 1.)
Sections: Previous 53-286 53-287 53-288 53-289 53-295 53-296 53-297 53-298 53-299 53-300 53-301 53-302 53-303 53-304 53-305 Next
Last modified: March 23, 2014