Enrolled Bill Summary

House Bill 2585 adds a new chapter to the Business & Commerce Code relating to European Union currency conversion. The act provides that if the medium of payment of a contract, security, or instrument is the European currency unit or a currency that has been replaced by the euro, the euro is a commercially reasonable substitute and substantial equivalent. The act also provides that circumstances arising from the substitution of the euro are not considered a discharge of, do not excuse performance under, and do not give a party the right to unilaterally alter or terminate a contract, security, or instrument.