(1) With respect to a foreignmoney 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 (2) of this section, are matters of the substantive law governing the right to recovery under the conflict-oflaws rules of this state.
The court or arbitrator shall increase or decrease the amount of pre-judgment or preaward 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.
A judgment or award on a foreign-money claim bears interest at the rate applicableto judgments of this state.
Source: L. 90: Entire article added, p. 880, § 1, effective January 1, 1991.