40-U.S.C.-3116
§3116 – Interest As Part of Just Compensation
Pathway
Title 40 > Subtitle II > Part A > Chapter 31 > Subchapter II > Section 3116
Details
- Reference: Section 3116
- Legend: §3116 – Interest As Part of Just Compensation
- USCode Year: 2013
Provision Content
(a) Calculation.—The district court shall calculate interest required to be paid under this subchapter as follows:
(1) Period of not more than one year.—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.
(2) Period of more than one year.—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.
(b) Distribution of Notice of Rates.—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).
(Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1146.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3116(a) | 40:258e–1 (less last sentence). | Feb. 26, 1931, ch. 307, §6, as added Pub. L. 99–656, §1(2), Nov. 14, 1986, 100 Stat. 3668; Pub. L. 106–554, §1(a)(7) [§307(a)], Dec. 21, 2000, 114 Stat. 2763A–635. |
| 3116(b) | 40:258e–1 (last sentence). |
U.S. Encyclopedia of Law Coverage
40-U.S.C.-901 in the Legal Encyclopedia: Public Property
In this entry about 40-U.S.C.-901, find legal reference material, bibliographies and premiere content related to public property in the American Encyclopedia of Law, presenting a comprehensive view of the United States public property-specific issues, written by authorities in the field.
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