Printable Format84-3-107. Instrument payable in foreign money. Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchase of dollars on the day on which the instrument is paid.
History: L. 1991, ch. 296, § 7; February 1, 1992.
KANSAS COMMENT, 1996
This section does not vary from the 1995 Official Text. Part of the previous provisions of 84-3-107 have been repealed and the rules regarding foreign money have been restated. This section is derived from the former 84-3-107. Under this provision, the instrument can be paid in an equivalent amount of dollars or in the foreign funds. Under the pre-1990 provision, the instrument could restrict payment to the foreign funds, a restriction which became more burdensome as international trade increased.
It should be repeated that an instrument has to be payable in some nation's currency, money, to be a negotiable instrument. See 84-1-201(24).
Revisor's Note:
Former section 84-3-107 was repealed by L. 1991, ch. 296, § 111 and the number reassigned to the current text.