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

137 words·~1 min read·/nj/title-2a/chapter-49a/2a-49a-38

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.