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1997 SESSION
Be 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 six percent, and any
interest accruing thereafter and prior to July 1, 1994, shall be paid at the
rate of eight percent. In no other instance shall interest be allowed on
any award. 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.