Section 8-4-3

Applicability of rate of exchange in determining amount due and damages for nonpayment.

(a) If the amount in a bill of exchange specified is expressed in money of the United States, the amount due thereon and the damages allowed for the nonpayment thereof must be ascertained at the time of the demand of payment or notice of nonpayment without reference to the rate of exchange between this state and the place on which such bill was drawn.

(b) If the amount in a bill of exchange specified is expressed in money or currency of any foreign country, then the amount due, exclusive of the damages payable thereon, must be ascertained and determined by the rate of exchange, or the value of such foreign currency at the time of the demand of payment.

(Code 1852, §§1539, 1540; Code 1867, §§1847, 1848; Code 1876, §§2108, 2109; Code 1886, §§1773, 1774; Code 1896, §§887, 888; Code 1907, §§5147, 5148; Code 1923, §§9218, 9219; Code 1940, T. 39, §§187, 188.)