CODE OF VIRGINIA

AWARDS IN GREATER OR LESSER AMOUNTS THAN DEPOSIT; INTEREST (§ 33.2-1026)

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 entitled thereto.

B. Interest shall accrue on the excess amount at the rate of interest
established pursuant to § 6621(a)(2) of the Internal Revenue Code of 1954, as
amended, compiled by the Department for the month in which the award is
rendered, computed from the date of such deposit to the date of payment into
court, and shall be paid into court for the person or persons entitled thereto.
However, any (i) interest accruing after June 30, 1970, and prior to July 1,
1981, shall be paid at the rate of six percent; (ii) interest accruing after
June 30, 1981, and prior to July 1, 1994, shall be paid at the rate of eight
percent; and (iii) interest accruing after June 30, 1994, and prior to July 1,
2003, shall be paid at the general account composite rate, compiled by the
Department of the Treasury for the month in which the award is rendered.

C. 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 of the funds
pursuant to § 33.2-1023, the Commissioner of Highways shall recover (i) the
amount of such excess and (ii) interest on such excess at the rate of interest
established pursuant to § 6621(a)(2) of the Internal Revenue Code of 1954, as
amended. 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
Commissioner of Highways against such person for the amount of such excess and
interest. However, the Commissioner of Highways shall not be entitled to recover
the amount of such excess and interest in the event the Commissioner of Highways
acquired, by virtue of the certificate, an entire parcel of land containing a
dwelling, multiple-family dwelling, or building used for commercial purposes at
the time of initiation of negotiations for the acquisition of such property.

HISTORY: Code 1950, § 33-70.10; 1958, c. 581; 1970, cc. 322, 614, § 33.1-128;
1981, c. 476; 1994, c. 584; 1997, c. 865; 2003, cc. 19, 47, 318, 940; 2010, cc.
20, 53; 2014, c. 805.