8.01-465.22 - Prejudgment and judgment interest. - Virginia Statutes

§ 8.01-465.22. Prejudgment and judgment interest.

With respect to a foreign-money claim, recovery of prejudgment or preawardinterest and the rate of interest to be applied in the action or distributionproceeding are matters of the substantive law governing the right to recoveryunder the conflict-of-laws rules of the Commonwealth.

However, the court or arbitrator shall increase or decrease the amount ofprejudgment or preaward interest otherwise payable in a judgment or award inforeign money to the extent required by the law of the Commonwealth.

A judgment or award on a foreign-money claim bears interest at the rateapplicable to judgments of the Commonwealth.

(1991, c. 24.)