§ 8.01-465.22 Prejudgment and judgment interest
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. 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.
History
This law was first created in 1991. The record of its establishment is cataloged in chapter 24 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1991 “Acts” aren’t available online.
1991, c. 24.