Bill Summary for S 445 (2019-2020)

Summary date: 

Apr 1 2019

Bill Information:

View NCGA Bill Details2019-2020 Session
Senate Bill 445 (Public) Filed Monday, April 1, 2019
AN ACT TO MODIFY THE DEPARTMENT OF TRANSPORTATION JUST COMPENSATION INTEREST RATE.
Intro. by McInnis, Krawiec.

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Bill summary

Amends GS 136-113, which requires just compensation to include interest at the legal rate in cases of condemnation by the Department of Transportation. Eliminates the provision defining legal rate to mean the prime lending rate as published by the Federal Reserve System on the first business day of the calendar month immediately preceding the date of taking and capped the rate at the amount set in GS 24-1. Instead, specifies that interest accrues on the difference between the deposit and judgment thereafter as provided in GS 24-1, which sets the legal rate of interest at 8% per year. Makes conforming changes.

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