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2015 SESSION

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SB 1435 Eminent domain; lost profits and just compensation.

Introduced by: R. Creigh Deeds | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Eminent domain; lost profits and just compensation. Requires that any and all liability for lost profits claimed in an action for compensation pursuant to a taking under eminent domain be set forth specifically in the award for just compensation and that in a partial acquisition, in the event that the owner of the property being condemned and the owner of the business or farm operation claiming lost profits are the same, then any enhancement shall be offset against both damage to the residue and lost profits. The bill also defines lost profits as a loss of business profits for a period not to exceed three years from the date of valuation if there is a partial taking and for a period not to exceed one year from the date of valuation if the entire parcel of property is taken.


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