UNAPPROVED DRAFT BILL -- Subject to Change Without Notice!
BILL NO.
INTRODUCED BY
(Primary Sponsor)BY REQUEST OF THE DEPARTMENT OF TRANSPORTATION
A BILL FOR AN ACT ENTITLED: "AN ACT REDUCING FROM 10 PERCENT TO 5 PERCENT THE ANNUAL INTEREST RATE FOR MONEY DEPOSITED WITH THE COURT IN PROPERTY CONDEMNATION ACTIONS; LIMITING THE ACCRUAL OF INTEREST; AMENDING SECTION 70-30-302, MCA; AND PROVIDING AN EFFECTIVE DATE AND AN APPLICABILITY DATE."
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Section 70-30-302, MCA, is amended to read:
"70-30-302. Assessing compensation -- date and measure -- interest. (1) (a) For the purpose of assessing
compensation, the right thereto shall to compensation must be deemed determined to have accrued at the date of the service
of the summons, and its.
(b) The current fair market value of the property as of that date shall the date of the service of the summons must be the
measure of compensation for all property to be actually taken and the basis of depreciation in the current fair market value
of property not actually taken but injuriously affected.
(2) This shall section may not be construed to limit the amount of compensation payable by the department of
transportation under the provisions of any legislation enacted pursuant to the federal Highway Beautification Act of 1965.
(2)(3) If an order be is made letting the plaintiff into possession, as provided in 70-30-311, the full amount finally
awarded shall must draw interest at the rate of 10% per annum 5% a year from the date of the service of the summons to the
earlier of the following dates:
(a) the date on which the right to appeal to the Montana supreme court expires or, if appeal is filed, to the date of final
decision by the supreme court; or
(b) the date on which the property owner withdraws from court the full amount finally awarded date that the property
owner is able to withdraw the amount deposited.
(3)(4) If the property owner withdraws from court a fraction of the amount finally awarded, interest on such fraction
shall cease on the date it is withdrawn but (a) The department may deposit a fraction of the amount finally awarded pending
a decision by the court on the amount of final compensation.
(b) Interest on the fraction of the amount deposited by the department ceases on the date that the court issues an order allowing the property owner to withdraw the fraction.
(c) interest Interest on the remainder of the amount finally awarded shall continue to the earlier of the aforesaid dates
defined in (2)(a) and (2)(b) of this section of final compensation continues until the full amount is withdrawn from the court
the date that the court issues an order allowing the property owner to withdraw the full amount of compensation awarded.
(4)(5) None of the The amount finally awarded shall may not draw interest after the date on which the right to appeal to
the Montana supreme court expires.
(5)(6) No improvements put upon Improvements put on the property subsequent to the date of the service of summons
shall be may not be included in the assessment of compensation or depreciation in current fair market value, nor shall the
same may improvements be used as the basis of computing such compensation or depreciation in current fair market value."
NEW SECTION. Section 2. Effective date. [This act] is effective July 1, 1999.
NEW SECTION. Section 3. Applicability. [This act] applies to proceedings begun after July 1, 1999.
- END -
Latest Version of LC 266 (LC0266.01)
Processed for the Web on December 7, 1998 (3:52PM)
New language in a bill appears underlined, deleted material appears stricken.
Sponsor names are handwritten on introduced bills, hence do not appear on the bill until it is reprinted. See the status of this bill for the bill's primary sponsor.
Status of this Bill
| 1999 Session | Leg. Branch HomePrepared by Montana Legislative Services
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