Virginia Code 25.1-316: Awards in lesser amounts than deposit; interest
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If the amount of an award in a condemnation proceeding is less than that deposited with the court or represented by a certificate of deposit, and the person or persons entitled thereto have received a distribution pursuant to § 25.1-310 of such funds, the authorized condemnor shall recover (i) the amount of such excess and (ii) interest on such excess at the general account’s primary liquidity portfolio rate. If any person has been paid a greater sum than that to which he is entitled as determined by the award, judgment shall be entered for the authorized condemnor against such person for the amount of such excess and interest.
Terms Used In Virginia Code 25.1-316
- Authorized condemnor: means a condemnor that is specifically authorized by law to acquire property through the use of the procedure set forth in this chapter. See Virginia Code 25.1-300
- Certificate: includes a certificate of deposit and a certificate of take. See Virginia Code 25.1-300
- condemnor: includes a state agency. See Virginia Code 25.1-100
- Person: means any individual; firm; cooperative; association; corporation; limited liability company; trust; business trust; syndicate; partnership; limited liability partnership; joint venture; receiver; trustee in bankruptcy or any other person acting in a fiduciary or representative capacity, whether appointed by a court or otherwise; club, society or other group or combination acting as a unit; the Commonwealth or any department, agency or instrumentality thereof; any city, county, town, or other political subdivision or any department, agency or instrumentality thereof; or any interstate body to which the Commonwealth is a party. See Virginia Code 25.1-100
2003, c. 940.