6B.24  Reduction of damages--interest on increased award.

If the amount of damages awarded by the commissioners is decreased on appeal, the reduced amount shall be paid to the landowner. If the amount of damages awarded by the commissioners is increased on appeal, interest shall be paid from the date of the condemnation. Interest shall not be paid on any amount which was previously paid. Interest shall be calculated at an annual rate equal to the coupon issue yield equivalent, as determined by the United States secretary of the treasury, of the average accepted auction price for the last auction of fifty-two-week United States treasury bills settled immediately before the date of the award.

Section History: Early form

  [C73, § 1259; C97, § 2013; C24, 27, 31, 35, 39, § 7843; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 472.24]

Section History: Recent form

  C93, § 6B.24

  95 Acts, ch 135, § 1

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