40 U.S.C. § 3116 — Interest as part of just compensation
submitted 24 years ago by Pub. L. 107-217 to r/title-40-PUBLIC-BUILDINGS-PROPERTY-AND-WORKS · 228 words · no verdicts yet
A district court calculates condemnation interest using specified one-year Treasury yields. The Administrative Office Director must distribute notice of those rates to all Federal courts.
(a) Calculation. (1) For an interest period of one year or less, the district court must calculate interest from the taking date at the annual rate equal to the Federal Reserve Board’s published weekly average one-year constant-maturity Treasury yield for the calendar week before the taking. (2) For a period longer than one year, first-year interest uses paragraph (1). Each additional year’s interest uses the amount by which the compensation award exceeds the section 3114 deposit, plus accrued interest, at the annual rate equal to the published weekly average one-year constant-maturity Treasury yield for the week before that additional year begins. (b) Notice. The Director of the Administrative Office of the United States Courts must distribute notice of those rates to all Federal courts.
The district court shall calculate interest required to be paid under this subchapter as follows:
Where the period for which interest is owed is not more than one year, interest shall be calculated from the date of taking at an annual rate equal to the weekly average one-year constant maturity Treasury yield, as published by the Board of Governors of the Federal Reserve System, for the calendar week preceding the date of taking.
Where the period for which interest is owed is more than one year, interest for the first year shall be calculated in accordance with paragraph (1) and interest for each additional year shall be calculated on the amount by which the award of compensation is more than the deposit referred to in section 3114 of this title, plus accrued interest, at an annual rate equal to the weekly average one-year constant maturity Treasury yield, as published by the Board of Governors of the Federal Reserve System, for the calendar week preceding the beginning of each additional year.
The Director of the Administrative Office of the United States Courts shall distribute to all federal courts notice of the rates described in paragraphs (1) and (2) of subsection (a).
Source credit: (Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1146.)
- 2002Enacted · Pub. L. 107-217 · 116 Stat. 1146
A history note hasn’t been published yet. The record shows enactment by Pub. L. 107-217 on 2002-08-21.
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