Current Status Bill Number:988 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19980204 Primary Sponsor:Passailaigue All Sponsors:Passailaigue Drafted Document Number:dka\4771cm.98 Companion Bill Number:4751 Residing Body:Senate Current Committee:Judiciary Committee 11 SJ Subject:Property, condemnation action, eminent domain; interest rate and accrual period revised
Body Date Action Description Com Leg Involved
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Senate 19980204 Introduced, read first time, 11 SJ
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND SECTION 28-2-420, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INTEREST PAID ON THE AMOUNT FOUND TO BE JUST COMPENSATION IN A CONDEMNATION ACTION, SO AS TO REVISE THE INTEREST RATE AND THE INTEREST ACCRUAL PERIOD.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 28-2-420 of the 1976 Code is amended to read:
"Section 28-2-420. (A) A condemnor shall pay interest at the rate of eight percent a year to the condemnee upon sums found to be just compensation by the appraisal panel or judgment of a court to the condemnee. The interest rate must be the rate paid for United States Treasury Bills with a six-month maturity sold on the date of 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 for a period of thirty days following 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 the thirty-day period, interest shall continue to accrue at the same rate. Interest shall not accrue on any sum received by the condemnee for the subject property before the date of judgment. Thereafter, the entire judgment shall earn interest at the rate provided by law for interest on judgments.
(B) In the event If the court determines that just compensation is due the landowner in an amount less than the funds held by the clerk of court, the clerk of court shall refund to the condemnor the balance of the excess deposit with accrued interest."
SECTION 2. This act takes effect upon approval by the Governor.