A. If an amount contracted to be paid in a foreign money is measured by a specified amount of a different money, the amount to be paid is determined on the conversion date.
§ 729.6.Determining Amount to Be Paid In Foreign Money
Chapter 12: Judgment · Not amended since adoption on record · Last verified August 3, 2026
In one sentenceSection 729.6 fixes how a foreign-money obligation gets converted — generally on the conversion date, or at a pre-default exchange rate for payments made within thirty days of default — and confirms that requiring an exact foreign-money equivalent doesn't make an agreement usurious or unconscionable.
Full Text of § 729.6
B. If an amount contracted to be paid in a foreign money is to be measured by a different money at the rate of exchange prevailing on a date before default, that rate of exchange applies only to payments made within a reasonable time after default, not exceeding thirty (30) days. Thereafter, conversion is made at the bank-offered spot rate on the conversion date.
C. A monetary claim is neither usurious nor unconscionable because the agreement on which it is based provides that the amount of the debtor's obligation to be paid in the debtor's money, when received by the creditor, must equal a specified amount of the foreign money of the country of the creditor. If, because of unexcused delay in payment of a judgment or award, the amount received by the creditor does not equal the amount of the foreign money specified in the agreement, the court or arbitrator shall amend the judgment or award accordingly.
Amendment History
Added by Laws 1994, SB 634, c. 165, § 6, eff. 1/1/1995.
Plain-English Summary
When an amount owed in foreign money is measured against a different currency, the conversion happens on the conversion date. If the parties fixed the exchange rate as of a date before default, that locked-in rate applies only to payments made within thirty days after default; after that, conversion reverts to the bank-offered spot rate on the actual conversion date.
The section also heads off a usury or unconscionability challenge: an agreement requiring the debtor's payment to equal a specified amount of the creditor's foreign money isn't usurious or unconscionable just because it works that way. If unexcused delay means the creditor ends up with less than the agreed foreign-money amount, the court or arbitrator must amend the judgment or award to make up the difference.
Frequently Asked Questions
When is the exchange rate calculated for a foreign-money debt?
Generally on the conversion date, unless the parties fixed a rate as of a date before default, in which case that rate applies only to payments made within thirty days after default.
Is a contract usurious just because it requires an exact foreign-currency equivalent?
No. The section states that a monetary claim isn't usurious or unconscionable solely because it requires the debtor's payment to equal a specified amount of the creditor's foreign money.
What happens if payment delay shortchanges the creditor on the foreign-money amount?
The court or arbitrator must amend the judgment or award so the creditor still receives the agreed foreign-money amount.
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: converting foreign currency debt oklahomausury foreign money claim oklahomaconversion date exchange rate default12 os 729.6