Minnesota Session Laws - 2005, Regular Session

                            CHAPTER 14-S.F.No. 1210 
                  An act relating to courts; clarifying the life span 
                  and interest rate of foreign judgments; providing for 
                  the docketing and payment in United States dollars of 
                  judgments on foreign-money claims; amending Minnesota 
                  Statutes 2004, sections 548.27; 548.46. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  Minnesota Statutes 2004, section 548.27, is 
        amended to read: 
           548.27 [FILING AND STATUS OF FOREIGN JUDGMENTS.] 
           (a) A certified copy of any foreign judgment may be filed 
        in the office of the court administrator of any district court 
        of this state.  Subject to paragraph (b), the court 
        administrator shall treat the foreign judgment in the same 
        manner as a judgment of any district court or the Supreme Court 
        of this state, and upon the filing of a certified copy of a 
        foreign judgment in the office of the court administrator of 
        district court of a county, it may not be filed in another 
        district court in the state.  A judgment so filed has the same 
        effect and is subject to the same procedures, defenses and 
        proceedings for reopening, vacating, or staying as a judgment of 
        a district court or the Supreme Court of this state, and may be 
        enforced or satisfied in like manner. 
           (b) If the creditor wants the foreign state's life span or 
        interest rate applied to the judgment, the creditor or 
        creditor's attorney must file an affidavit attesting to the 
        foreign state's life span or interest rate, and a subsequent 
        affidavit each time the interest rate or life span changes.  
        Absent such an affidavit, Minnesota's life span and interest 
        rate shall be applied to the judgment. 
           Sec. 2.  Minnesota Statutes 2004, section 548.46, is 
        amended to read: 
           548.46 [JUDGMENTS AND AWARDS ON FOREIGN-MONEY CLAIMS; TIMES 
        OF MONEY CONVERSION; FORM OF JUDGMENT.] 
           (a) Except as provided in subsection paragraph (c), a 
        judgment or award on a foreign-money claim must be stated in an 
        amount of the money of the claim.  
           (b) A judgment or award on a foreign-money claim is payable 
        in that foreign money or, at the option of the debtor, in the 
        amount of United States dollars which will purchase that foreign 
        money on the conversion date at a bank-offered spot rate.  
           (c) Assessed costs must be entered in United States dollars.
           (d) Each payment in United States dollars must be accepted 
        and credited on a judgment or award on a foreign-money claim in 
        the amount of the foreign money that could be purchased by the 
        dollars at a bank-offered spot rate of exchange at or near the 
        close of business on the conversion date for that payment.  
           (e) A judgment or award made in an action or distribution 
        proceeding on both (i) a defense, set-off, recoupment, or 
        counterclaim and (ii) the adverse party's claim, must be netted 
        by converting the money of the smaller into the money of the 
        larger, and by subtracting the smaller from the larger, and 
        specify the rates of exchange used.  
           (f) (e) A judgment substantially in the following form 
        complies with subsection paragraph (a):  
           IT IS ADJUDGED AND ORDERED, that defendant (insert name) 
        pay to plaintiff (insert name) the sum of (insert amount in the 
        foreign money) plus interest on that sum at the rate of (insert 
        rate--see section 548.48) percent a year or, at the option of 
        the judgment debtor, the number of United States dollars which 
        will purchase the (insert name of foreign money) with interest 
        due, at a bank-offered spot rate at or near the close of 
        business on the banking day next before the day of payment, 
        together with assessed costs of (insert amount) United States 
        dollars. 
           (g) (f) If a contract claim is of the type covered by 
        section 548.44, subsection paragraph (a) or (b), the judgment or 
        award must be entered for the amount of money stated to measure 
        the obligation to be paid in the money specified for payment or, 
        at the option of the debtor, the number of United States dollars 
        which will purchase the computed amount of the money of payment 
        on the conversion date at a bank-offered spot rate.  
           (h) A (g) On a foreign-money claim, the judgment must be 
        docketed and indexed in foreign money in the same manner, United 
        States dollars, and has the same effect as a lien, as other 
        judgments.  It may be discharged by payment. 
           Presented to the governor March 24, 2005 
           Signed by the governor March 24, 2005, 10:45 a.m.