§ 729.9.Rate of Exchange

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

In one sentenceSection 729.9 fixes the exchange rate for a distribution proceeding as of the close of business on the day the proceeding is initiated, and requires a foreign-money claimant to assert the claim in that money while showing the equivalent dollar amount as of that date.

Full Text of § 729.9

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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.

Amendment History

Added by Laws 1994, SB 634, c. 165, § 9, eff. 1/1/1995.

Plain-English Summary

In a distribution proceeding — an accounting, assignment for creditors, foreclosure, liquidation, or similar fund distribution — the exchange rate that governs all conversions of foreign money is locked in as of the close of business on the day the proceeding begins.

A claimant asserting a foreign-money claim in that proceeding has to name the foreign money and also show what that claim converts to in United States dollars, calculated as of the date the proceeding started.

Frequently Asked Questions

When is the exchange rate set in a distribution proceeding?

At or near the close of business on the day the distribution proceeding is initiated.

Do I have to state my claim in dollars if it's in a foreign currency?

You assert the claim in the named foreign money, but you also have to show the equivalent United States dollar amount as of the date the proceeding began.

Does the exchange rate change over the course of a long distribution proceeding?

No. The rate prevailing at or near the close of business on the day the proceeding is initiated governs all foreign-money exchanges in that proceeding.

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: exchange rate distribution proceeding oklahomaforeign money claim in bankruptcy or accounting12 os 729.9