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TO AMEND SECTION 28-2-420, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INTEREST ON FUNDS DEPOSITED WITH THE CLERK OF COURT BY A CONDEMNOR PURSUANT TO THE EMINENT DOMAIN PROCEDURE ACT, SO AS TO CHANGE THE INTEREST RATE FROM EIGHT PERCENT TO INTEREST AT THE RATE PAID FOR SIX MONTH UNITED STATES TREASURY BILLS ON THE DAY THE NOTICE OF CONDEMNATION WAS FILED, TO PROVIDE THAT IT ACCRUE FROM THE DATE OF THE NOTICE FILING TO THE DATE OF ORDER OR JUDGMENT, AND TO PROVIDE THAT THIRTY DAYS AFTER THE ORDER OR JUDGMENT IS FILED, INTEREST ACCRUES AT THE RATE PROVIDED BY LAW FOR INTEREST ON JUDGMENTS; AND TO AMEND SECTION 28-2-480, RELATING TO A CONDEMNEE'S RIGHT TO DEPOSITED FUNDS UPON POSSESSION OF THE SUBJECT PROPERTY, SO AS TO PROVIDE FOR THE CLERK OF COURT TO PAY UP TO THE FULL AMOUNT UPON APPLICATION AND TO NOTIFY THE CONDEMNOR OF AMOUNTS PAID.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 28-2-420 of the 1976 Code is amended to read:
"Section 28-2-420. (A) A condemnor shall pay interest at the rate of eight percent a year upon sums found to be just compensation by the appraisal panel or to the condemnee on the difference between the amount paid to the condemnee directly or deposited with the Clerk of Court pursuant to Section 28-2-230 or 28-2-260(B)(1) and the amount of the final judgment of a court to the condemnee. The applicable interest rate is the rate published by the Board of Governors of the Federal Reserve System for twenty-six weeks (six months) United States Treasury bills effective on the date the condemnation notice was filed. This interest shall accrue accrues from the date of filing of the Condemnation Notice condemnation notice through the date of verdict or judgment by the court. Interest accruing on funds on deposit with the clerk of court must be offset against the interest computed pursuant to this section. Interest shall does not accrue during the twenty-day thirty-day period commencing upon beginning on the date of verdict or order of judgment. If the judgment is not paid within the twenty-day that thirty-day period, interest at the rate provided by law for interest on judgments must be added to the judgment. Thereafter After that, the entire judgment shall earn earns interest at the rate provided by law for interest on judgments.
(B) In the event If the court determines that just compensation is due the landowner in an amount less than the funds held by the clerk of court, the clerk of court shall refund to the condemnor the balance of the excess deposit with accrued interest."
SECTION 2. Section 28-2-480 of the 1976 Code is amended to read:
"Section 28-2-480. Upon written application, in form satisfactory to the clerk of court, by all named condemnees at any time after which the condemnor has taken takes possession, when and the right to take possession is not contested, the clerk of court shall pay to them the amount applied for up to fifty percent the full amount of the funds deposited with the clerk of court by the condemnor in that action. The clerk of court shall notify the condemnor in writing of amounts paid to condemnees."
SECTION 3. The repeal or amendment by this act of any law, whether temporary or permanent or civil or criminal, does not affect pending actions, rights, duties, or liabilities founded thereon, or alter, discharge, release or extinguish any penalty, forfeiture, or liability incurred under the repealed or amended law, unless the repealed or amended provision shall so expressly provide. After the effective date of this act, all laws repealed or amended by this act must be taken and treated as remaining in full force and effect for the purpose of sustaining any pending or vested right, civil action, special proceeding, criminal prosecution, or appeal existing as of the effective date of this act, and for the enforcement of rights, duties, penalties, forfeitures, and liabilities as they stood under the repealed or amended laws.
SECTION 4. This act takes effect upon approval by the Governor and applies to funds deposited after that date.
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