HF 1295

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to courts; clarifying the life span and
interest rate of foreign judgments; providing for the
docketing and payment in United States dollars of
judgments on foreign-money claims; amending Minnesota
Statutes 2004, sections 548.27; 548.46.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2004, section 548.27, is
amended to read:

548.27 FILING AND STATUS OF FOREIGN JUDGMENTS.

new text begin (a) new text end A certified copy of any foreign judgment may be filed
in the office of the court administrator of any district court
of this state. new text begin Subject to paragraph (b), new text end the court
administrator shall treat the foreign judgment in the same
manner as a judgment of any district court or the Supreme Court
of this state, and upon the filing of a certified copy of a
foreign judgment in the office of the court administrator of
district court of a county, it may not be filed in another
district court in the state. A judgment so filed has the same
effect and is subject to the same procedures, defenses and
proceedings for reopening, vacating, or staying as a judgment of
a district court or the Supreme Court of this state, and may be
enforced or satisfied in like manner.

new text begin (b) If the creditor wants the foreign state's life span or
interest rate applied to the judgment, the creditor or
creditor's attorney must file an affidavit attesting to the
foreign state's life span or interest rate, and a subsequent
affidavit each time the interest rate or life span changes.
Absent such an affidavit, Minnesota's life span and interest
rate shall be applied to the judgment.
new text end

Sec. 2.

Minnesota Statutes 2004, section 548.46, is
amended to read:

548.46 JUDGMENTS AND AWARDS ON FOREIGN-MONEY CLAIMS; TIMES
OF MONEY CONVERSION; FORM OF JUDGMENT.

(a) Except as provided in deleted text begin subsection deleted text end new text begin paragraph new text end (c), a
judgment or award on a foreign-money claim must be stated in an
amount of the money of the claim.

(b) A judgment or award on a foreign-money claim is payable
deleted text begin in that foreign money or, at the option of the debtor, deleted text end in the
amount of United States dollars which will purchase that foreign
money on the conversion date at a bank-offered spot rate.

(c) Assessed costs must be entered in United States dollars.

(d) deleted text begin Each payment in United States dollars must be accepted
and credited on a judgment or award on a foreign-money claim in
the amount of the foreign money that could be purchased by the
dollars at a bank-offered spot rate of exchange at or near the
close of business on the conversion date for that payment.
deleted text end

deleted text begin (e) deleted text end A judgment or award made in an action or distribution
proceeding on both (i) a defense, set-off, recoupment, or
counterclaim and (ii) the adverse party's claim, must be netted
by converting the money of the smaller into the money of the
larger, and by subtracting the smaller from the larger, and
specify the rates of exchange used.

deleted text begin (f) deleted text end new text begin (e) new text end A judgment substantially in the following form
complies with deleted text begin subsection deleted text end new text begin paragraph new text end (a):

IT IS ADJUDGED AND ORDERED, that defendant (insert name)
pay to plaintiff (insert name) the sum of (insert amount in the
foreign money) plus interest on that sum at the rate of (insert
rate--see section 548.48) percent a year or deleted text begin , at the option of
the judgment debtor, deleted text end the number of United States dollars which
will purchase the (insert name of foreign money) with interest
due, at a bank-offered spot rate at or near the close of
business on the banking day next before the day of payment,
together with assessed costs of (insert amount) United States
dollars.

deleted text begin (g) deleted text end new text begin (f) new text end If a contract claim is of the type covered by
section 548.44, deleted text begin subsection deleted text end new text begin paragraph new text end (a) or (b), the judgment or
award must be entered for the amount of money stated to measure
the obligation to be paid in the money specified for payment or,
at the option of the debtor, the number of United States dollars
which will purchase the computed amount of the money of payment
on the conversion date at a bank-offered spot rate.

deleted text begin (h) A deleted text end new text begin (g) On a foreign-money claim, the new text end judgment must be
docketed deleted text begin and indexed deleted text end in deleted text begin foreign money in the same manner, deleted text end new text begin United
States dollars, new text end and has the same effect as a lien, as other
judgments. It may be discharged by payment.