PRINTER'S NO. 23
No. 19 Session of 1997
INTRODUCED BY MARSICO, GEIST, HENNESSEY, CLARK, BELARDI, REBER,
ITKIN, SATHER AND FICHTER, JANUARY 27, 1997
REFERRED TO COMMITTEE ON JUDICIARY, JANUARY 27, 1997
AN ACT
1 Amending the act of June 22, 1964 (Sp.Sess., P.L.84, No.6),
2 entitled "An act to codify, amend, revise and consolidate the
3 laws relating to eminent domain," further providing for
4 compensation for delay in payment.
5 The General Assembly of the Commonwealth of Pennsylvania
6 hereby enacts as follows:
7 Section 1. Section 611 of the act of June 22, 1964
8 (Sp.Sess., P.L.84, No.6), known as the Eminent Domain Code, is
9 amended to read:
10 Section 611. Delay Compensation.--The condemnee shall not be
11 entitled to compensation for delay in payment during the period
12 he remains in possession after the condemnation, nor during such
13 period shall a condemnor be entitled to rent or other charges
14 for use and occupancy of the condemned property by the
15 condemnee. Compensation for delay in payment shall, however, be
16 paid at [the] a rate [of six per cent per annum] equal to the
17 prime rate as listed in the first edition of the Wall Street
18 Journal published for each calendar year for which delay
1 compensation is due, plus one percent, not compounded, from the
2 date of relinquishment of possession of the condemned property
3 by the condemnee, or if the condemnation is such that possession
4 is not required to effectuate it, then delay compensation shall
5 be paid from the date of condemnation: Provided, however, That
6 no compensation for delay shall be payable with respect to funds
7 paid on account, or by deposit in court, after the date of such
8 payment or deposit. Compensation for delay shall not be included
9 by the viewers or the court or jury on appeal as part of the
10 award or verdict, but shall at the time of payment of the award
11 or judgment be calculated as above and added thereto. There
12 shall be no further or additional payment of interest on the
13 award or verdict.
14 Section 2. This act shall take effect in 60 days.
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