Victorian Consolidated Legislation

Land Acquisition and Compensation Act 1986 - SECT 53

Interest on compensation for acquisition

53. Interest on compensation for acquisition



(1) If an amount of compensation is awarded by the Court or the Tribunal under
this Act, the amount that represents the difference between the amount of
compensation awarded and the amount of compensation offered by the Authority
immediately before the claimant's claim became a disputed claim bears interest
at the rate for the time being determined under section 52 from-

   (a)  the date of acquisition of the claimant's interest; or

   (b)  the date on which the Authority entered into possession of the land in
        which that interest subsists-

whichever is the earlier, until the date that the compensation is paid by the
Authority.

(2) If the Authority and the claimant or claimants have agreed on the amount
of compensation, that amount bears interest at the rate for the time being
determined under section 52 from the date of the agreement until the date that
the compensation is paid by the Authority.