806.30 Definitions.

197 words·~1 min read·/wi/chapter-806/806-30-2

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

806.30 Definitions. In ss. 806.30 to 806.44 :

(1)“Action” means a judicial proceeding or arbitration in which a money payment may be awarded or enforced with respect to a foreign-money claim.

(1m)“Bank-offered spot rate” means the rate of exchange at which a bank will issue its draft in a foreign money or will cause credit to become available in a foreign money on a next-day basis.

(2)“Conversion date” means the banking day before the date that money is used, under ss. 806.30 to 806.44 , for one of the following:

(a)To pay a judgment creditor.

(b)To pay the designated official enforcing a judgment on behalf of the judgment creditor.

(c)To effect a recoupment or setoff of claims in different moneys in an action.

(3)“Distribution proceeding” means a judicial or nonjudicial proceeding for an accounting, an assignment for the benefit of creditors, a foreclosure, a liquidation or rehabilitation of a corporation or other entity or a distribution of an estate, trust or other fund in which or against which a foreign-money claim is asserted.

(4)“Foreign money” means money other than money authorized or adopted by the United States of America.