§ 729.5.Determining Proper Money of Claim

Chapter 12: Judgment · Not amended since adoption on record · Last verified August 3, 2026

In one sentenceSection 729.5 identifies the 'proper money of the claim' as whatever currency the parties agreed to, or, absent agreement, the currency regularly used between them, customary in the relevant trade, or in which the claimant felt or will incur the loss.

Full Text of § 729.5

Text sizeJump to: (A) (B)

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.

Amendment History

Added by Laws 1994, SB 634, c. 165, § 5, eff. 1/1/1995.

Plain-English Summary

If the parties agreed on a payment currency, that agreement controls — it's the proper money of the claim. Absent an agreement, the section falls back to three tests: the currency the parties regularly used with each other, the currency trade usage or common practice calls for in that type of transaction, or the currency in which the claimant bears the loss.

Frequently Asked Questions

How does a court decide which currency governs a claim?

First it looks for the parties' agreement on payment currency; absent one, it considers the currency they regularly used, trade custom for that type of transaction, or the currency in which the loss fell on the claimant.

What if the contract never mentions a currency?

The court applies the fallback tests in subsection B: usage between the parties, trade practice, or where the loss was felt.

What if the parties used one currency in the past but the contract doesn't state one now?

Courts look to the currency the parties regularly used between them as a matter of usage or course of dealing when no agreement specifies one.

Source & verification. Section text is reproduced verbatim from Title 12 of the Oklahoma Statutes, enacted by the Oklahoma Legislature. Last verified August 3, 2026. · Official source

Also known as: proper money of the claim oklahomawhich currency governs foreign money claim12 os 729.5