CODE OF VIRGINIA

AWARDS IN GREATER AMOUNTS THAN DEPOSIT; INTEREST (§ 25.1-315)

A. If the amount of an award in a condemnation proceeding is greater than that
deposited with the court or represented by a certificate of deposit, the excess
amount, together with interest accrued on such excess amount, shall be paid into
court for the person or persons entitled thereto.

B. Interest shall accrue on the excess amount at the general account’s
primary liquidity portfolio rate, compiled by the Department of the Treasury of
Virginia for the month in which the award is rendered, computed from the date of
such deposit to the date of payment into court and be paid into court for the
person or persons entitled thereto. However, any interest that accrued before
July 1, 1970, shall be paid at the rate of five percent, and interest accruing
thereafter and prior to July 1, 1981, shall be paid at the rate of six percent,
and any interest accruing thereafter and prior to July 1, 1994, shall be paid at
the rate of eight percent.

HISTORY: 2003, c. 940.