Chapter 17.3. Uniform Foreign-money Claims Act · Last amended 1991 · Last verified July 16, 2026
In one sentenceThis section lets parties override Chapter 17.3's default currency rules by agreement reached before or after a lawsuit starts or even after judgment, and lets them choose different currencies for different parts of the same transaction without one currency choice controlling the rest.
Full Text of § 8.01-465.16
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The effect of this chapter may be varied by agreement of the parties made before or after commencement of an action or distribution proceeding or the entry of judgment.
Parties to a transaction may agree upon the money to be used in a transaction giving rise to a foreign-money claim and may agree to use different moneys for different aspects of the transaction. Stating the price in a foreign money for one aspect of a transaction does not alone require the use of that money for other aspects of the transaction.
Plain-English Summary
Chapter 17.3 supplies default rules, and this section confirms parties can bargain around them. The effect of the chapter “may be varied by agreement of the parties,” and that agreement can come before or after an action or distribution proceeding begins, or even after judgment has already been entered.
The section also addresses a practical wrinkle in cross-border deals: a single transaction might touch more than one currency. Parties may agree to use different moneys for different aspects of the same transaction, and stating a price in a foreign money for one part of the deal does not, by itself, force the use of that same money for every other part.
That flexibility matters most in relation to § 8.01-465.17, which supplies default rules for identifying the money of a claim only “if the parties to a transaction have not otherwise agreed.” Party agreement comes first; the statutory defaults are a fallback for silence.
Frequently Asked Questions
Can parties change how this chapter's rules apply to their dispute?
Yes, “the effect of this chapter may be varied by agreement of the parties.”
When must that agreement be reached?
It can be made before or after the action or distribution proceeding begins, or even after entry of judgment.
Can parties use different currencies for different parts of one transaction?
Yes, they may agree to use different moneys for different aspects of the transaction.
If a contract states a price in euros, does that mean every related obligation must also be in euros?
No, stating the price in a foreign money for one aspect of a transaction “does not alone require the use of that money for other aspects of the transaction.”
Does this section override the default rules in § 8.01-465.17 for determining the money of the claim?
Yes, party agreement controls first; the default rules in § 8.01-465.17 apply only if the parties have not otherwise agreed.
Amendment History
1991, c. 24.
Source & verification. Section text and amendment history are
reproduced verbatim from the Code of Virginia, published by the
Code of Virginia, Virginia Division of Legislative Automated Systems. Last verified July 16, 2026.
· Official source
Also known as:agreement to vary the foreign money claims act virginiachoosing a currency in a contract virginia lawdifferent currencies for one transaction virginiaparty agreement overriding foreign money default rules