NJ Court Sides With Town On Eminent Domain Interest

Law360, New York (February 14, 2014, 5:51 PM EST) -- A former Long Branch, N.J., property owner couldn't nab a market interest rate on a $3.94 million condemnation award despite arguing that the difference between that amount and the town's initial deposit was something akin to a commercial loan, according to an appellate decision posted Friday.

A three-judge panel with the New Jersey Appellate Division rejected the arguments of West of Pier Associates LLC and backed a lower court finding that a court rule interest rate, rather than prime rate plus a risk premium, best indemnified...
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