25.1-315 - Awards in greater amounts than deposit; interest. - Virginia Statutes

§ 25.1-315. Awards in greater 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 general account'sprimary liquidity portfolio rate, compiled by the Department of the Treasuryof Virginia for the month in which the award is rendered, computed from thedate of such deposit to the date of payment into court and be paid into courtfor the person or persons entitled thereto. However, any interest thataccrued before July 1, 1970, shall be paid at the rate of five percent, andinterest accruing thereafter and prior to July 1, 1981, shall be paid at therate of six percent, and any interest accruing thereafter and prior to July1, 1994, shall be paid at the rate of eight percent.

(2003, c. 940.)