Potrącenie ustawowe wierzytelności wyrażonych w różnych walutach
Set-off of competing claims in different currencies

Summary/Abstract: This article is devoted to the issue of the statutory set-off of competing claims in different currencies. At the outset, the author describes doctrine views on the legal definition of money from convertibility, which is a feature of those systems in which standard currency consists of gold, to the contemporary meaning of money. Finally, he assumes that — in the case of physical cash — the essential legal characteristic of money is the category of the unit of account. The second part of article discusses the question of homogeneity of claims expressed in different currencies. Two basic views are considered. According to one view claims expressed in different currencies generally cannot be set-off, provided that no statutory exception can be applied, such as section 358 § 1 polish civil code stating: if money debt expressed in a foreign currency is payable within the country, payment may be made in the currency of such country, unless the payment in foreign money is expressly stipulated. The author advocates the contrary view. Thus requirement of homogeneity is fulfilled when both climes are expressed in freely convertible currencies. The earliest day when the mutual creditor is able to declare set-off is decisive for applicable currency exchange rate.

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