Utah Code 78B-5-410. Prejudgment and judgment interest
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(1) With respect to a foreign-money claim, recovery of prejudgment 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 this state.
Terms Used In Utah Code 78B-5-410
- Action: means a judicial proceeding or arbitration in which a money payment may be awarded or enforced in respect of a foreign-money claim. See Utah Code 78B-5-402
- Distribution proceeding: means a judicial or nonjudicial proceeding for an accounting, an assignment for the benefit of creditors, a foreclosure, for the liquidation or rehabilitation of a corporation or other entity, for the distribution of an estate, trust, or other fund in or against which a foreign-money claim is asserted. See Utah Code 78B-5-402
- 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 Utah Code 78B-5-402
- Party: means an individual, a corporation, government or governmental subdivision or agency, business trust, partnership or association of two or more persons having a joint or common interest or any other legal or commercial entity asserting or defending against a foreign-money claim. See Utah Code 78B-5-402
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: means a state, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or the United States Virgin Islands. See Utah Code 78B-5-402
(2) Notwithstanding Subsection (1) , an increase or decrease in the amount of prejudgment interest otherwise payable may be made in a foreign-money judgment 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.
(3) A judgment on a foreign-money claim bears interest at the same rate applicable to other judgments of this state.