N.Y. Eminent Domain Procedure Law § 514: Interest; suspension

§ 514. Interest; suspension. (A) Subject to the provisions of this

chapter, a condemnee shall be entitled to lawful interest from the date

of acquisition to the date of payment. If it is determined that the

condemnor has in fact acquired the property prior to or without the

filing of an acquisition map as provided in section four hundred two of

this law, a condemnee shall be entitled to lawful interest from the date

of such acquisition. Where the condemnor has made an advance payment or

has deposited all or any part of the compensation owing to a condemnee

in an interest bearing account, or in the eminent domain account

established pursuant to section ninety-seven-dd of the state finance

law, the condemnor's obligation to pay interest on the amount so paid or

deposited shall terminate as of the date of such payment or deposit.

(B) In all acquisitions under subdivision (A) of section five hundred

one, unless a condemnee files and serves his claim against the condemnor

for damages arising from the acquisition of his property, within six

months after accrual of such claim, or within six months after personal

service of the notice of acquisition upon the condemnee, whichever is

later, interest shall be suspended; interest so suspended shall

thereafter again commence to accrue upon the date of the filing of such

claim.

(C) If an appeal is taken by the condemnor or the condemnee, the

condemnor shall pay such portion of the award of the court from which

appeal has not been taken upon proof of a condemnee's entitlement

thereto.

(D) Where an appeal has been taken by either a condemnee or the

condemnor or by both from all or part of an award of the court, the

condemnor may deposit in a special interest bearing account all or any

part of the amount directed to be paid in the award other than any

advance payment already made including the amount required to be paid

pursuant to subdivision (C) hereof. Interest on the amount deposited

shall not be allowed from the expiration of twenty days after

notification in writing by the condemnor to the condemnee or his

attorney, that the condemnor is ready and willing to pay said amount

upon proof of entitlement thereto, such as vouchers and instruments. Any

such deposit or payment shall be without prejudice to the rights of the

condemnor or the condemnee on such appeal.