Current Status Introducing Body:Senate Bill Number:1153 Primary Sponsor:Land Committee Number:11 Type of Legislation:GB Subject:Judgments, interest on Residing Body:Senate Current Committee:Judiciary Computer Document Number:DKA/3230AL.94 Introduced Date:19940209 Last History Body:Senate Last History Date:19940209 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Land Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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1153 Senate 19940209 Introduced, read first time, 11
referred to Committee
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TO AMEND SECTION 28-2-420, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INTEREST ON JUST COMPENSATION JUDGMENTS, SO AS TO ALLOW INTEREST BASED UPON ONE PERCENT ABOVE PRIME RATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 28-2-420(A) of the 1976 Code is amended to read:
"(A) A condemnor shall pay interest at the rate of eight one percent above the prime interest rate a year upon sums found to be just compensation by the appraisal panel or judgment of a court to the condemnee. Prime interest rate is determined on the date of the filing of the Condemnation Notice. This interest shall accrue from the date of filing of the Condemnation Notice through the date of verdict or judgment by the court. Interest accruing on funds on deposit with the clerk of court must be offset against the interest computed pursuant to this section. Interest shall not accrue during the twenty-day period commencing upon the date of verdict or order of judgment. If the judgment is not paid within the twenty-day period, interest at the rate provided by law for interest on judgments must be added to the judgment. Thereafter, the entire judgment shall earn interest at the rate provided by law for interest on judgments."
SECTION 2. This act takes effect upon approval by the Governor.