(a) General rule.--Compensation for delay in payment shall be paid at an annual rate equal to the prime rate as listed in the first edition of the Wall Street Journal published in the year, plus 1%, not compounded, from:
(1) the date of relinquishment of possession of the condemned property by the condemnee; or
(2) if possession is not required to effectuate condemnation, the date of condemnation.
(b) Exclusion.--
(1) No compensation for delay shall be payable with respect to funds paid on account or by deposit in court after the date of the payment or deposit.
(2) During the period the condemnee remains in possession after the condemnation:
(i) the condemnee shall not be entitled to compensation for delay in payment; and
(ii) the condemnor shall not be entitled to rent or other charges for use and occupancy of the condemned property by the condemnee.
(c) Award or judgment.--Compensation for delay shall not be included by the viewers or the court or jury on appeal as part of the award or verdict but shall, at the time of payment of the award or judgment, be calculated under subsection (a) and added to the award or judgment. There shall be no further or additional payment of interest on the award or verdict.
Cross References. Section 713 is referred to in section 521 of this title.
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