Texas Business & Commerce Code

§ 661.005 — CONTINUITY OF CONTRACT

BC § 661.005Title 15. CURRENCY AND TRADE · Part A. CURRENCY · Ch. 661. EUROPEAN UNION CURRENCY CONVERSION

Statute text

(a)If a subject or medium of payment of a contract, security, or instrument is the European currency unit or a currency that has been substituted or replaced by the euro, the euro is a commercially reasonable substitute and substantial equivalent that may be:

(1)used in determining the value of the European currency unit or currency, as appropriate; or

(2)tendered, in each case, at the conversion rate specified in, and otherwise computed in accordance with, the regulations adopted by the Council of the European Union.

(b)A person may perform any obligation described by Subsection (a) in euros or in the currency or currencies originally designated in the contract, security, or instrument if that currency or those currencies remain legal tender, but the person may not perform the obligation in any other currency, regardless of whether that other currency:

(1)has been substituted or replaced by the euro; or

(2)is considered a denomination of the euro and has a fixed conversion rate with respect to the euro.

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Legislative history

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.