The rate of exchange prevailing at or near the close of business on the day the distribution proceeding is initiated governs all exchanges of foreign money in a distribution proceeding. A foreign-money claimant in a distribution proceeding shall assert its claim in the named foreign money and show the amount of United States dollars resulting from a conversion as of the date the proceeding was initiated.
§ 676.8.Rate of Exchange
Title 8.5. Uniform Foreign-Money Claims Act · Enacted 1991 · no amendments on record · Last verified July 28, 2026
In one sentenceSection 676.8 requires all currency conversions in a distribution proceeding to use the exchange rate prevailing when the proceeding began, and requires a foreign-money claimant to assert the claim in its named currency while also showing the United States dollar equivalent as of that same initiation date.
Full Text of § 676.8
Plain-English Summary
Distribution proceedings — the accountings, creditor assignments, foreclosures, liquidations, and estate or trust distributions § 676.1 defines — divide up a fixed fund among competing claimants, so this section locks in a single exchange rate for the whole proceeding rather than letting it float. That rate is whatever prevailed at or near the close of business on the day the proceeding was initiated, and it governs every currency exchange within that proceeding.
A claimant with a foreign-money claim in that setting still names the actual foreign currency the claim is denominated in, but also has to show the equivalent United States dollar figure, calculated using that same initiation-date conversion, so the fund can be divided on a common basis.
Frequently Asked Questions
What exchange rate governs a distribution proceeding?
The rate prevailing at or near the close of business on the day the proceeding was initiated.
Does a foreign-money claimant in a distribution proceeding still name the actual foreign currency?
Yes, but must also show the United States dollar equivalent computed as of the proceeding's initiation date.
Amendment History
Added by Stats. 1991, Ch. 932, Sec. 1.
Source & verification. Section text is reproduced verbatim from
the Deering's California Codes Annotated / vLex. Enacted by the California Legislature.
Last verified July 28, 2026.
· Official source
Also known as: distribution proceeding foreign money california