25.1-244 - Interest on award; entry of judgment for award and interest.
§ 25.1-244. Interest on award; entry of judgment for award and interest.
A. If the petitioner has exercised pendente lite the right to enter into andtake possession of the land or other property, in the manner provided by thischapter, upon the payment into court of the sum ascertained in the report ofjust compensation as provided in § 25.1-238, the owner thereof shall receiveinterest upon the difference between (i) the amount of just compensation asfinally determined and awarded to such owner and (ii) the amount, if any,that such owner received or was entitled to receive from the fund so paidinto court. Such interest shall be paid for the period from the time of suchentry by the petitioner until the time the fund paid into court on account ofthe final award of just compensation to such owner is available fordistribution. Interest accruing prior to July 1, 1970, shall be paid at therate of five percent annually; interest accruing thereafter and prior to July1, 1981, shall be paid at the rate of six percent annually; interest accruingthereafter and prior to July 1, 2003, shall be paid at the rate of eightpercent annually; and interest accruing thereafter shall be paid at thegeneral account's primary liquidity portfolio rate, compiled by theDepartment of the Treasury. No interest shall be payable upon any amount thatwas withheld from such owner on account of questions involving his right,title, interest or estate in the land or other property taken or damaged.
B. If the petitioner has exercised the right pendente lite to enter into andtake possession of the land or other property to be taken or damaged asprovided in § 25.1-224, the owner thereof shall receive, in addition to theamount that he is entitled to receive under subsection A, interest at thegeneral account's primary liquidity portfolio rate annually upon thedifference between (i) the amount of the award of just compensation asfinally determined and (ii) the amount previously paid into court as requiredunder § 25.1-224. Such interest shall be paid for the period from the time ofsuch entry until payment into court of the sum ascertained in the report ofjust compensation as provided in § 25.1-237.
C. No interest shall be allowed during the time any distribution of the fundpaid into court was delayed in the trial court or upon appeal, or thereafter,occasioned by any exceptions made by such owner that are not sustained inwhole or in part.
D. If the petitioner fails to pay into court any sum necessary for paying thetotal award that has been confirmed finally or the interest to which theowner is entitled under this section for a period of 30 days after the timefor noting an appeal, the court shall enter judgment therefor against thepetitioner, unless the proceedings have been dismissed in accordance with theprovisions of Article 8 (§ 25.1-248 et seq.) of this chapter.
E. Interest allowable under the provisions of this section shall be reducedto the extent the fund has accrued interest during the pendency of the suitin the account required by § 25.1-224.
(1962, c. 426, § 25-46.31; 1970, c. 308; 1979, c. 494; 1981, c. 476; 2003, c.940.)