A. With respect to a foreign-money claim, recovery of pre-judgment or pre-award interest and the rate of interest to be applied in the action or distribution proceeding, except as provided in Subsection B of this section, are matters of the substantive law governing the right to recovery under the conflict-of-laws rules of this state.
B. The court or arbitrator shall increase or decrease the amount of pre-judgment or pre-award interest otherwise payable in a judgment or award in foreign money to the extent required by the law of this state governing a failure to make or accept an offer of settlement or offer of judgment, or conduct by a party or its attorney causing undue delay or expense.
C. A judgment or award on a foreign-money claim bears interest at the rate applicable to judgments of this state.
History: Laws 1991, ch. 181, § 10.
Applicability. — Laws 1991, ch. 181, § 18 makes the Uniform Foreign-Money Claims Act applicable to actions and distribution proceedings commenced after July 1, 1991.
Structure 2021 New Mexico Statutes
Chapter 39 - Judgments, Costs, Appeals
Article 4C - Foreign-Money Claims
Section 39-4C-1 - Short title.
Section 39-4C-2 - Definitions.
Section 39-4C-4 - Variation by agreement.
Section 39-4C-5 - Determining money of the claim.
Section 39-4C-6 - Determining amount of the money of certain contract claims.
Section 39-4C-7 - Asserting and defending foreign-money claim.
Section 39-4C-9 - Conversions of foreign money in distribution proceeding.
Section 39-4C-10 - Pre-judgment and judgment interest.
Section 39-4C-11 - Enforcement of foreign judgments.
Section 39-4C-13 - Effect of currency revalorization.
Section 39-4C-14 - Supplementary general principles of law.
Section 39-4C-15 - Uniformity of application and construction.