language to be deleted (2) new language
CHAPTER 14-S.F.No. 1210 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.] (a) A certified copy of any foreign judgment may be filed in the office of the court administrator of any district court of this state. Subject to paragraph (b), 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. (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. 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
subsectionparagraph (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 in that foreign money or, at the option of the debtor,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) 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. (e)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. (f)(e) A judgment substantially in the following form complies with subsectionparagraph (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 , at the option of the judgment debtor,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. (g)(f) If a contract claim is of the type covered by section 548.44, subsectionparagraph (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. (h) A(g) On a foreign-money claim, the judgment must be docketed and indexedin foreign money in the same manner,United States dollars, and has the same effect as a lien, as other judgments. It may be discharged by payment. Presented to the governor March 24, 2005 Signed by the governor March 24, 2005, 10:45 a.m.