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2003 SESSION
030510736Be it enacted by the General Assembly of Virginia:
1. That § 33.1-128 of the Code of Virginia is amended and reenacted as follows:
§ 33.1-128. Awards in greater or lesser amounts than deposit; interest.
In the event of an award in a condemnation proceeding being of a greater amount
than that deposited by virtue of a certificate, the excess amount, together
with interest accrued on such excess amount at the general account composite
rate, compiled by the Department of the Treasury of Virginia for the month in
which the award is rendered, computed from the date of such deposit to the date
of payment into court, shall be paid into court for the person or persons
entitled thereto, except that any interest which accrued before July 1, 1970,
shall be paid at the rate of five percent, and interest accruing thereafter and
prior to July 1, 1981, shall be paid at the rate of six6 percent, and any
interest accruing thereafter and prior to July 1, 1994, shall be paid at the rate of
eight8 percent. In the event of an award in a condemnation proceeding
being of a lesser amount than that deposited with the court, and the person or persons entitled
thereto have received the funds deposited with the court pursuant to §
33.1-124, the Commissioner shall recover the amount of such excess and interest on
such excess at the general account composite rate and, if any person has been
paid a greater sum than that to which he is entitled as determined by the
award, judgment shall be entered for the Commissioner against such person for
the amount of such excess and interest. However, the Commissioner shall not be
entitled to recover the amount of such excess and interest in the event the
Commissioner acquired, by virtue of the certificate, an entire parcel of land
containing a dwelling, multiple family dwelling or building used for commercial
purposes at the time of initiation of negotiations for the acquisition of such
property.