New Jersey A439 replaces fixed interest rate awards in eminent domain cases with interest rates based on just compensation awards.
New Jersey A439 amends eminent domain procedures by replacing fixed interest rate awards with interest rates based on just compensation awards. Under current law, interest rates in certain eminent domain cases are either fixed at 6 percent or set at an applicable "legal rate." This bill eliminates the fixed rate and provides that the interest will be determined by the court in a summary manner after final determination of compensation. The court may consider relevant factors in making its determination.
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