Chapter 17.3. Uniform Foreign-money Claims Act · Last amended 1991 · Last verified July 16, 2026
In one sentenceThis section leaves whether and at what rate prejudgment interest accrues on a foreign-money claim to the substantive law that Virginia's conflict-of-laws rules select, but requires the court or arbitrator to adjust that interest to the extent Virginia law demands, and applies Virginia's ordinary judgment interest rate once a judgment is entered.
Full Text of § 8.01-465.22
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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.
Plain-English Summary
Interest questions on a foreign-money claim split into two separate tracks under this section, and they get different treatment. Recovery of prejudgment or preaward interest, and the rate applied, are matters of the substantive law governing the right to recovery under Virginia's conflict-of-laws rules — so whatever body of law otherwise decides the merits of the claim typically decides the prejudgment interest question too.
That deference is not unlimited. The court or arbitrator must still increase or decrease the amount of prejudgment or preaward interest otherwise payable in a foreign-money judgment or award to the extent Virginia law requires, keeping a Virginia-law floor and ceiling on what would otherwise be an imported interest rule.
Once the case reaches judgment, the currency of the underlying claim stops mattering for interest purposes. A judgment or award on a foreign-money claim bears interest “at the rate applicable to judgments of the Commonwealth” — the same post-judgment interest framework, grounded in § 8.01-382, that applies to any other Virginia judgment.
Frequently Asked Questions
What law governs whether prejudgment interest is recoverable on a foreign-money claim, and at what rate?
The substantive law governing the right to recovery under Virginia's conflict-of-laws rules.
Can a Virginia court or arbitrator adjust the prejudgment interest that substantive law would otherwise allow?
Yes, the court or arbitrator “shall increase or decrease the amount of prejudgment or preaward interest otherwise payable... to the extent required by the law of the Commonwealth.”
What interest rate applies once a judgment or award is entered on a foreign-money claim?
The rate applicable to judgments of the Commonwealth.
Does the currency of the underlying claim change the post-judgment interest rate?
No, the judgment bears interest “at the rate applicable to judgments of the Commonwealth” regardless of the currency of the claim.
Where does Virginia's general rule on judgment interest come from?
Section 8.01-382 sets the framework for interest on Virginia judgments generally, which this section incorporates for foreign-money judgments.
Amendment History
1991, c. 24.
Source & verification. Section text and amendment history are
reproduced verbatim from the Code of Virginia, published by the
Code of Virginia, Virginia Division of Legislative Automated Systems. Last verified July 16, 2026.
· Official source
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