N.J.S.A. 2A:49A-5 — Proper money

2A:49A-5. Proper money 5. a. The money in which the parties to a transaction have agreed that payment is to be made is the proper money of the claim for payment. b. If the parties to a transaction have not otherwise agreed, the proper money of the claim, as in each case may be appropriate, is the money: (1) regularly used between the parties as a matter of usage or course of dealing; (2) used at the time of a transaction in international trade, by trade usage or common practice, for valuing or settling transactions in the particular commodity or service involved; or (3) in which the loss was ultimately felt or will be incurred by the party claimant. L.1993,c.317,s.5.

This is the verbatim text of N.J.S.A. 2A:49A-5, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.