Sec. 48-25. Installment payment of awards or sale price.
Sec. 48-25. Installment payment of awards or sale price. When any property is
taken in eminent domain proceedings under the authority of any general statute or special
act or is voluntarily sold to any purchaser having such eminent domain power, the owner
or owners of the equity in such property may elect, in writing, to accept payment of any
damages finally determined as payable to such owner or owners, or of the sale price
mutually agreed upon, in annual installments over such period as the owner or owners
and the taker or purchaser may determine, provided such damages or sale price exceeds
three thousand dollars and provided no interest shall be payable on the unpaid balance
of any such damages or sale price. The taker or purchaser of such property shall execute
a statement of indebtedness setting forth the time for payment which shall bear no interest
to such owner or owners as evidence of its indebtedness.
(1961, P.A. 290.)