29-17-504 - Determination and payment of compensation.
29-17-504. Determination and payment of compensation.
(a) The ultimate amount of compensation shall be determined pursuant to chapter 16 of this title.
(b) In the event a housing authority files a declaration of taking and pays into court an amount estimated to be fair compensation for such property as provided in § 29-17-501 and § 29-17-503, the property owner shall have the right to make written request to the clerk of the court wherein such funds have been deposited, to pay to such property owner without prejudice to any of the property owner's rights, the sum so deposited with the clerk, and the clerk shall pay to the owner the sum so deposited; provided the owner agrees to refund the difference between such sum and the final award in the case if the final award be less than the sum so paid into court or that a judgment may be entered against the owner in such case for the difference. Such payment to the property owner or into court shall in nowise limit or fix the amount to be allowed under subsequent proceedings in such case, and any further or additional sum that may be finally awarded in any subsequent proceedings shall bear interest from the date of taking possession of the property or property rights condemned by the condemner; provided, that no interest shall be allowed on the amount deposited with the clerk. The clerk shall be authorized to disburse the deficiency to the defendants as their interests may appear.
(c) In the event the housing authority shall not obtain possession of the property on the date of vesting of title, the ultimate amount of compensation, including any interest paid on the deficiency award, if any, shall be subject to abatement for use, income, rents, or profits derived from such property by the owner thereof subsequent to the vesting of title in the housing authority, and any funds disbursed shall be less the amount of abatement.
[Acts 1937, ch. 183, § 1; C. Supp. 1950, § 3130; Acts 1968, ch. 614, § 1; T.C.A. (orig. ed.), § 23-1510; T.C.A. § 29-17-404; Acts 2006, ch. 863, § 1.]