Section 31-19-47 - Owner's agreement with state relinquishing possession pending determination of damages--Interest pending payment of damages--Tender of payment

31-19-47. Owner's agreement with state relinquishing possession pending determination of damages--Interest pending payment of damages--Tender of payment.Whenever the owner of real property relinquishes possession of it to the Department of Transportation under an agreement whereby the amount of damages for the taking remain to be determined, interest shall accrue at the Category A rate of interest as established in §54-3-16 from the date of the agreement to the date of payment of the damages finally determined, whether the damages are determined by negotiation or condemnation, unless payment is tendered under the provisions of §31-19-48. Source: SL 1963, ch 193; SL 1964, ch 96; SL 1967, ch 117; SL 1983, ch 28, §45; SL 1984, ch 319, §21.