CONFLICT OF LAWS-DAMAGES-OBLIGATION PAYABLE IN RUSSIAN RUBLES

Authors

Abstract

In an action in New York to establish a claim against a Russian insurance company on a policy payable in rubles in Russia, the following history of Russian money appeared. Before the revolution, the gold ruble of the Empire had been supplanted by a paper currency of depreciated value. The Soviets, at the beginning of their regime, instituted a paper currency which had also greatly decreased in value. At the time the policy became due, this latter currency was still circulating, and in addition, a gold coinage with notes redeemable in gold had been established. From time to time the exchange between these two was fixed by the government in accordance with the current depreciation of the unsecured paper. The court of appeals interpreted this record to mean that the gold standard had been re-established, and held that the amount due should be computed on the basis of the value of the gold coins. In re People, by Beha, 255 N. Y. 428, 175 N.E. 118.

Recommended Citation

CONFLICT OF LAWS-DAMAGES-OBLIGATION PAYABLE IN RUSSIAN RUBLES, 29 Mich. L. Rev. 1070 (1931).
Available at: https://repository.law.umich.edu/mlr/vol29/iss8/12