N.Y. Eminent Domain Procedure Law Section 514
Interest

  • suspension
(A) Subject to the provisions of this chapter, a condemnee shall be entitled to lawful interest from the date of acquisition to the date of payment. If it is determined that the condemnor has in fact acquired the property prior to or without the filing of an acquisition map as provided in § 402 (Filing of acquisition maps)section four hundred two of this law, a condemnee shall be entitled to lawful interest from the date of such acquisition. Where the condemnor has made an advance payment or has deposited all or any part of the compensation owing to a condemnee in an interest bearing account, or in the eminent domain account established pursuant to State Finance Law § 97-DD (Eminent domain account)section ninety-seven-dd of the state finance law, the condemnor’s obligation to pay interest on the amount so paid or deposited shall terminate as of the date of such payment or deposit. (B) In all acquisitions under subdivision (A) of section five hundred one, unless a condemnee files and serves his claim against the condemnor for damages arising from the acquisition of his property, within six months after accrual of such claim, or within six months after personal service of the notice of acquisition upon the condemnee, whichever is later, interest shall be suspended; interest so suspended shall thereafter again commence to accrue upon the date of the filing of such claim. (C) If an appeal is taken by the condemnor or the condemnee, the condemnor shall pay such portion of the award of the court from which appeal has not been taken upon proof of a condemnee’s entitlement thereto. (D) Where an appeal has been taken by either a condemnee or the condemnor or by both from all or part of an award of the court, the condemnor may deposit in a special interest bearing account all or any part of the amount directed to be paid in the award other than any advance payment already made including the amount required to be paid pursuant to subdivision (C) hereof. Interest on the amount deposited shall not be allowed from the expiration of twenty days after notification in writing by the condemnor to the condemnee or his attorney, that the condemnor is ready and willing to pay said amount upon proof of entitlement thereto, such as vouchers and instruments. Any such deposit or payment shall be without prejudice to the rights of the condemnor or the condemnee on such appeal.

Source: Section 514 — Interest; suspension, https://www.­nysenate.­gov/legislation/laws/EDP/514 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 514’s source at nysenate​.gov

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