                                 CODE OF VIRGINIA

INTEREST ON AWARD; ENTRY OF JUDGMENT FOR AWARD AND INTEREST (§ 25.1-244)

A. If the petitioner has exercised pendente lite the right to enter into and
take possession of the land or other property, in the manner provided by this
chapter, upon the payment into court of the sum ascertained in the report of
just compensation as provided in &#xA7; 25.1-238, the owner thereof shall
receive interest upon the difference between (i) the amount of just compensation
as finally determined and awarded to such owner and (ii) the amount, if any,
that such owner received or was entitled to receive from the fund so paid into
court. Such interest shall be paid for the period from the time of such entry by
the petitioner until the time the fund paid into court on account of the final
award of just compensation to such owner is available for distribution. Interest
accruing prior to July 1, 1970, shall be paid at the rate of five percent
annually; interest accruing thereafter and prior to July 1, 1981, shall be paid
at the rate of six percent annually; interest accruing thereafter and prior to
July 1, 2003, shall be paid at the rate of eight percent annually; and interest
accruing thereafter shall be paid at not less than the judgment rate of interest
as set forth in &#xA7; 8.01-382, compounded daily. No interest shall be payable
upon any amount that was withheld from such owner on account of questions
involving his right, title, interest or estate in the land or other property
taken or damaged.

B. If the petitioner has exercised the right pendente lite to enter into and
take possession of the land or other property to be taken or damaged as provided
in &#xA7; 25.1-224, the owner thereof shall receive, in addition to the amount
that he is entitled to receive under subsection A, interest at not less than the
judgment rate of interest as set forth in &#xA7; 8.01-382, compounded daily upon
the difference between (i) the amount of the award of just compensation as
finally determined and (ii) the amount previously paid into court as required
under &#xA7; 25.1-224. Such interest shall be paid for the period from the time
of such entry until payment into court of the sum ascertained in the report of
just compensation as provided in &#xA7; 25.1-237.

C. No interest shall be allowed during the time any distribution of the fund
paid into court was delayed in the trial court or upon appeal, or thereafter,
occasioned by any exceptions made by such owner that are not sustained in whole
or in part.

D. If the petitioner fails to pay into court any sum necessary for paying the
total award that has been confirmed finally or the interest to which the owner
is entitled under this section for a period of 30 days after the time for noting
an appeal, the court shall enter judgment therefor against the petitioner,
unless the proceedings have been dismissed in accordance with the provisions of
Article 8 (&#xA7; 25.1-248 et seq.) of this chapter.

E. Interest allowable under the provisions of this section shall be reduced to
the extent the fund has accrued interest during the pendency of the suit in the
account required by &#xA7; 25.1-224.

HISTORY: 1962, c. 426, § 25-46.31; 1970, c. 308; 1979, c. 494; 1981, c. 476;
2003, c. 940; 2017, c. 710; 2025, c. 617.