Bill Summary for H 1037 (2011-2012)

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Bill: INTEREST RATE ON DOT CONDEMNATION DEPOSITS.

Summary date: 

May 22 2012

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 1037 (Public) Filed Tuesday, May 22, 2012
TO AUTHORIZE A MARKET INTEREST RATE OF INTEREST ON DEPARTMENT OF TRANSPORTATION CONDEMNATION JUDGMENTS, AS RECOMMENDED BY THE LEGISLATIVE RESEARCH COMMISSION LIFE CYCLE COST ANALYSIS COMMITTEE.
Intro. by Torbett.

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Bill summary

Amends GS 136-113 to provide that interest at the prime rate plus 1% (rather than the legal rate under GS 24-1) must be added to the damages amount. Effective October 1, 2012.