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

Terms Used In Virginia Code 8.01-465.22

  • Action: means a judicial proceeding or arbitration in which a payment in money may be awarded or enforced with respect to a foreign-money claim. See Virginia Code 8.01-465.14
  • Distribution proceeding: means a judicial or nonjudicial proceeding for the distribution of a fund in which one or more foreign-money claims are asserted and includes an accounting, an assignment for the benefit of creditors, a foreclosure, the liquidation or rehabilitation of a corporation or other entity, and the distribution of an estate, trust, or other fund. See Virginia Code 8.01-465.14
  • Foreign money: means money other than money of the United States of America. See Virginia Code 8.01-465.14
  • Foreign-money claim: means a claim upon an obligation to pay, or a claim for recovery of a loss, expressed in or measured by a foreign money. See Virginia Code 8.01-465.14

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

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

1991, c. 24.

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