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2003 SESSION
Be it enacted by the General Assembly of Virginia:
1. That §§ 33.1-124 and 33.1-128 of the Code of Virginia are amended and reenacted as follows:
§ 33.1-124. Proceedings for distribution of funds; effect of acceptance of payments; evidence as to amount of deposit or certificate.
Any person or persons shown by such certificate to be entitled thereto may
petition the court for the distribution of all or any part of the funds
deposited with the court pursuant to § 33.1-120 or represented by a certificate
recorded pursuant to § 33.1-121. A copy of such petition shall be served on the
Commonwealth Transportation Commissioner, his deputy or any attorney authorized to
accept service with a notice returnable to the court or judge not less than
twenty-one 21 days after such service, to show cause, if any, the
Commissioner can, why such amount should not be distributed in accordance with
the prayers of the petition. If the Commissioner does not, on or before the
return day of the petition, show such cause, and if the record in the
proceeding does not disclose any denial or dispute with respect thereto, the
court shall enter an order directing the distribution of such amount in
accordance with the prayers of the petition. However, in the case of a
nonresident petitioner the court may in its discretion require a bond before
ordering the distribution. If funds have been deposited with the court pursuant
to § 33.1-120, any interest which has accrued on the funds shall be payable to
the person or persons entitled to receive such funds. If funds are not then on
deposit with the court but are represented by a certificate pursuant to §
33.1-121, a certified copy of such order shall forthwith be sent to the Commissioner
by the clerk. It shall be the duty of the Commissioner to deposit such funds with
the court within twenty-one 21 days of the date of such order. Interest at the
general account composite rate as set forth in § 33.1-128 rate of interest
established pursuant to § 6621 (a) (2) of the Internal Revenue Code (as such
section may be amended from time to time) shall be payable on such funds from
the date of filing of such certificate if the funds are not deposited with the
clerk when the certificate is filed. However, no interest shall accrue if an
injunction is filed against the Department of Transportation for the taking.
If the Commissioner shows such cause, or if the record in the proceeding discloses any denial or dispute as to the persons entitled to such distribution or to any interest or share therein, the court shall direct such proceedings as are provided by § 25-46.28 for the distribution of awards.
However, the acceptance of such payment shall not limit the amount to be allowed by a commissioner in a condemnation proceeding, nor limit the rights of any party or parties to the proceeding to appeal from any decision therein; nor shall any party to such proceeding be entitled to introduce evidence of any amount deposited with the court or represented by a certificate, nor of any amount which has been accepted by any party entitled thereto pursuant to this section.
§ 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 rate of interest
established pursuant to § 6621 (a) (2) of the Internal Revenue Code (as such
section may be amended from time to time) 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 six percent, and any interest accruing
thereafter and prior to July 1, 1994, shall be paid at the rate of eight
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 of interest established
pursuant to § 6621 (a) (2) of the Internal Revenue Code (as such section may be
amended from time to time) 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.
2. That the provisions of this act shall be retroactive to awards rendered or certificates of deposit recorded on or after October 1, 2002. In the event that the interest rate required pursuant to §§ 33.1-124 and 33.1-128, as such sections existed on October 1, 2002, is greater than the interest rate required under such sections as provided under the provisions of this act, the higher rate of interest shall be utilized for purposes of awards rendered or certificates of deposit recorded on or after October 1, 2002, but prior to the effective date of this act.
3. That an emergency exists and this act is in force from its passage.