2006 Code of Virginia § 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 Department of theTreasury of Virginia for the month in which the award is rendered, computedfrom the date of such deposit to the date of payment into court and be paidinto court for the person or persons entitled thereto. However, any (i)interest that accrued before July 1, 1970, shall be paid at the rate of fivepercent; (ii) interest accruing thereafter and prior to July 1, 1981, shallbe paid at the rate of six percent; (iii) interest accruing thereafter andprior 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 at thegeneral account composite rate, compiled by the Department of the Treasury ofVirginia 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 maybe amended 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.)