NC H1037

Changes the interest rate applied to Department of Transportation condemnation judgments from the legal rate under G.S. 24-1 to the prime rate plus one percent (1%).

Applies the interest rate as part of just compensation from the date of taking to the date of judgment, excluding deposits already paid into court.

Requires the interest rate to be set on the date of the declaration of taking and reset annually on each anniversary date until the damages award is paid.

Becomes effective October 1, 2012.