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 the United States dollars resulting from a conversion as of the date the proceeding was initiated.
12-638.Conversions of foreign money in distribution proceeding.
Article XII. Judgments - Enforcement · Part 6. Foreign Judgments and Foreign-Money Claims · Not amended since adoption on record · Last verified July 20, 2026
In one sentenceFixes a single exchange-rate date, the day a distribution proceeding starts, for converting every foreign-money claim asserted in that proceeding, so competing claimants are measured on the same terms.
Full Text of 735 ILCS 5/12-638
Plain-English Summary
A distribution proceeding, an estate, receivership, or similar fund shared among multiple claimants, needs one fixed conversion point so competing claimants are measured on equal footing. This section supplies it: the rate of exchange at or near the close of business on the day the proceeding is initiated governs every foreign-money conversion in that proceeding.
A claimant still asserts its claim in the foreign money in which it arose, but must also show the U.S. dollar amount that results from converting at that fixed initiation-date rate. That lets whoever administers the fund compare and rank claims stated in different currencies without chasing a moving exchange rate.
Frequently Asked Questions
What date sets the exchange rate in a distribution proceeding?
The day the distribution proceeding is initiated. The rate prevailing at or near the close of business that day governs every currency conversion in the proceeding.
Why use one fixed date instead of the payment date?
Because a distribution proceeding divides a single fund among multiple claimants; a fixed date lets everyone's claim be compared on the same terms rather than shifting with daily exchange-rate movement.
What must a foreign-money claimant show in a distribution proceeding?
The claimant asserts its claim in the named foreign money and also shows the U.S. dollar amount that results from converting it at the initiation-date rate.
Does this section apply to an ordinary two-party lawsuit?
No. It applies specifically to distribution proceedings, as defined in Section 12-631, such as estates, trusts, receiverships, or liquidations.
Does the claimant still state the claim in the foreign currency itself?
Yes. The claimant asserts the claim in the named foreign money, then adds the dollar-conversion figure for comparison purposes within the proceeding.
Amendment History
(Source: P.A. 86-1291.)
Source & verification. Section text and amendment history are
reproduced verbatim from the Illinois Compiled Statutes, published by the
Illinois Compiled Statutes, Illinois General Assembly / Legislative Reference Bureau. Last verified July 20, 2026.
· Official source
Also known as: distribution proceeding currency conversion Illinoisforeign money claim in estate distribution Illinoisexchange rate date for fund distributionconverting currency in a receivership or estate claim