WHEREAS, the member nations of the European Union have agreed on a process by which the individual currencies of such nations will be replaced by a single unified currency to be known as the Euro commencing on January 1, 1999;
WHEREAS, countless contracts governed by the laws of the Commonwealth of Pennsylvania currently exist and may be entered into before January 1, 1999 which call (or may call) for payments to be made in the currencies of European Union member nations, which currencies will cease to exist and will be replaced by the Euro;
WHEREAS, the replacement of these currencies may cause unintended losses to parties to such contracts resulting from ambiguity concerning and challenges to the enforceability of contracts which call for payment in non-existent currencies;
WHEREAS, House Bill 2193, Printer’s Number 3392, proposes to amend Title 12 (Commerce and Trade) of the Pennsylvania Consolidated Statutes to provide that the introduction of the Euro and the replacement of former currencies thereby shall not excuse the performance of contracts governed under Pennsylvania law;
NOW, THEREFORE, BE IT RESOLVED that the Philadelphia Bar Association endorses the passage of House Bill 2193 or other comparable legislation.
PHILADELPHIA BAR ASSOCIATION
BOARD OF GOVERNORS
ADOPTED: May 28, 1998