33.1-128 - Awards in greater or lesser amounts than deposit; interest.
§ 33.1-128. Awards in greater or lesser amounts than deposit; interest.
A. If the amount of an award in a condemnation proceeding is greater thanthat deposited with the court or represented by a certificate of deposit, theexcess amount, together with interest accrued on such excess amount, shall bepaid into court for the person or persons entitled thereto.
B. Interest shall accrue on the excess amount at the rate of interestestablished pursuant to § 6621(a)(2) of the Internal Revenue Code (as suchsection may be amended from time to time), compiled by the VirginiaDepartment of Transportation for the month in which the award is rendered,computed from the date of such deposit to the date of payment into court andbe paid into court for the person or persons entitled thereto. However, any(i) interest that accrued before July 1, 1970, shall be paid at the rate offive percent; (ii) interest accruing thereafter and prior to July 1, 1981,shall be paid at the rate of six percent; (iii) interest accruing thereafterand prior to July 1, 1994, shall be paid at the rate of eight percent; and(iv) interest accruing thereafter and prior to July 1, 2003, shall be paid atthe general account composite rate, compiled by the Department of theTreasury of Virginia for the month in which the award is rendered.
C. If the amount of an award in a condemnation proceeding is less than thatdeposited with the court or represented by a certificate of deposit, and theperson or persons entitled thereto have received a distribution of the fundspursuant to § 33.1-124, the Commissioner shall recover (i) the amount of suchexcess and (ii) interest on such excess at the rate of interest establishedpursuant to § 6621(a)(2) of the Internal Revenue Code (as such section may beamended from time to time). If any person has been paid a greater sum thanthat to which he is entitled as determined by the award, judgment shall beentered for the Commissioner against such person for the amount of suchexcess and interest. However, the Commissioner shall not be entitled torecover the amount of such excess and interest in the event the Commissioneracquired, by virtue of the certificate, an entire parcel of land containing adwelling, multiple family dwelling or building used for commercial purposesat the time of initiation of negotiations for the acquisition of suchproperty.
(Code 1950, § 33-70.10; 1958, c. 581; 1970, cc. 322, 614; 1981, c. 476; 1994,c. 584; 1997, c. 865; 2003, cc. 19, 47, 318, 940; 2010, cc. 20, 53.)