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2017 SESSION

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SB 1421 Condemnation proceeding; interest on the amount of award.

Introduced by: T. Montgomery "Monty" Mason | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Interest on the amount of award; condemnation proceeding. Provides that the interest on an award in a condemnation proceeding that is greater than the amount that the condemnor deposited with the court shall accrue at the judgment rate of interest.

SUMMARY AS PASSED SENATE:

Interest on the amount of award; condemnation proceeding. Provides that the interest on an award in a condemnation proceeding that is greater than the amount that the condemnor deposited with the court shall accrue at the judgment rate of interest. 

SUMMARY AS INTRODUCED:

Interest on the amount of award; condemnation proceeding. Provides that, for condemnation proceedings involving the Commissioner of Highways, interest on an award that is greater or less than that which is deposited with the court shall accrue at a rate that is the greater of (i) the average monthly rate of interest established pursuant to § 6621(a)(2) of the Internal Revenue Code, computed from the month of such deposit to the date of payment into court, or (ii) the rate of interest established pursuant to § 6621(a)(2) of the Internal Revenue Code, compiled by the Department of Transportation for the month in which the award is rendered.