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. If the parties to a transaction have not otherwise agreed, the proper money of the claim is the money (i) regularly used between the parties as a matter of usage or course of dealing; (ii) 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 (iii) in which the loss was ultimately felt or will be incurred by the party claimant.
§ 8.01-465.17.Determining money of the claim.
Chapter 17.3. Uniform Foreign-money Claims Act · Last amended 1991 · Last verified July 16, 2026
In one sentenceThis section sets the default rules for identifying which currency a claim is denominated in when the parties never agreed, looking to the currency the parties customarily used, the currency trade usage assigns to that kind of transaction, or the currency in which the claimant felt or will incur the loss.
Full Text of § 8.01-465.17
Plain-English Summary
When parties skip the step described in § 8.01-465.16 and never agree on a currency, someone still has to figure out the money of the claim, and this section supplies the method. First choice goes to the money the parties agreed payment should be made in — where that exists, it is the proper money of the claim.
Absent agreement, the section points to three alternative anchors: the money regularly used between the parties as a matter of usage or course of dealing; the money trade usage or common practice assigns, at the time of the transaction, to valuing or settling transactions in that particular commodity or service in international trade; or the money in which the loss was ultimately felt or will be incurred by the claimant.
Because § 8.01-465.19 makes the determination of the proper money of the claim “a question of law,” it is the court — not a jury — that applies these factors to pin down the currency a case will proceed in.
Frequently Asked Questions
What controls the money of the claim if the parties agreed on it?
The money the parties agreed that payment is to be made in.
What if the parties did not agree on a currency?
The court looks to the money regularly used between the parties by usage or course of dealing, the money trade usage or common practice assigns to that type of transaction, or the money in which the claimant's loss was ultimately felt or will be incurred.
Does course of dealing between the parties matter?
Yes, it is one of the factors used to determine the proper money of the claim absent an agreement.
Is trade usage in international trade relevant?
Yes, if the money was used at the time of the transaction, by trade usage or common practice, for valuing or settling that commodity or service.
Who decides which currency governs a claim — a judge or a jury?
Under § 8.01-465.19, the determination of the proper money of the claim “is a question of law,” meaning the court decides it.
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: determining the money of the claim virginia foreign money actwhich currency governs a claim in virginiacourse of dealing currency determination virginiatrade usage foreign money claim virginia