Section 49-16A-75.4 - Proceedings to establish compensation--Physical possession.
49-16A-75.4. Proceedings to establish compensation--Physical possession. Upon a failure to reach agreement on compensation following a determination pursuant to § 49-16A-75.3, either party may bring a proceeding in state court to establish compensation to be paid for the property taken or damaged. The court shall expedite the proceedings. A railroad is not entitled to physical possession of the property to be taken pursuant to the exercise of eminent domain except upon the earlier to occur of either:
(1) Execution of a written agreement between the parties as to fair market value of compensation;
(2) Entry of a judgment of condemnation in the circuit court; or
(3) Upon posting by the railroad of a bond to be established by the court as soon as possible but no later than one hundred twenty days following petition by the railroad for possession. The bond shall be in an amount the court determines to be a preliminary estimate of compensation based on the best information available, but is not determinative of final compensation or admissible as evidence thereon.
Source: SL 2008, ch 238, § 3.