Sec. 13a-79. Interest payable ninety days after acceptance of agreement.
Sec. 13a-79. Interest payable ninety days after acceptance of agreement. When
the commissioner desires to take property for highway purposes and has entered into
an agreement to purchase at a stipulated amount any real estate or any interest therein
which appears of record with the owner or owners thereof and the amount agreed to be
paid for such property or interest is not paid within ninety days from the date when the
owner or owners of such property file with the commissioner a notice in writing of
acceptance of such agreement, interest at eight per cent per annum shall be paid on such
amount by the state unless the property owner fails to furnish clear title within such
ninety days. Such interest shall commence to accrue at the end of such ninety-day period,
whether or not an assessment has been filed as provided in subsection (b) of section
13a-73. Whenever the state enters into possession of property being condemned prior
to the date of execution of such an agreement, such interest shall commence to accrue
from the date of actual taking of possession by the state.
(November, 1955, S. N159; 1957, P.A. 632, S. 1; 1958 Rev. S. 13-147; 1963, P.A. 226, S. 79; P.A. 83-54.)
History: 1963 act replaced previous provisions: See title history; P.A. 83-54 required interest to be payable by state
after 90 days, instead of 60 days, following agreement and increased interest rate from 6% to 8%.
Cited. 17 CS 47.