Opinion
December 21, 1970
In a condemnation proceeding, (1) petitioner appeals from a final decree of Supreme Court, Suffolk County, entered August 22, 1969, which awarded claimants $214,935, with 4% interest per annum, and (2) claimants cross-appeal from so much of the decree as limits interest upon the award to 4% per annum instead of 6% per annum. Final decree modified, on the law, so as to add thereto, immediately after the decretal provision that interest on the principal amount of the award shall be at the rate of 4% per annum "from August 26, 1966, the date of the taking", the following: "to July 24, 1969 and at the rate of 6% per annum from July 25, 1969 to the date of payment". As so modified, final decree affirmed, without costs. The findings of fact below are affirmed. Subdivision 2 of section 3-a Gen. Mun. of the General Municipal Law formerly established a maximum rate of interest of 4% per annum on condemnation awards. The Legislature on May 26, 1969 enacted into law a significant change in the statute — the 4% maximum was changed to 6%. The effective date of the change was fixed at the 60th day after the enactment, i.e., July 25, 1969 (L. 1969, ch. 1102). We must modify the decree so as to provide for interest on the award at the rate of 4% from the vesting date to July 24, 1969 and at the rate of 6% from July 25, 1969 to the date of payment. (See Matter of Incorporated Vil. of Hempstead [ Y.M.C.A. of Nassau Suffolk Counties], 33 A.D.2d 1036.) Munder, Acting P.J., Martuscello, Kleinfeld, Brennan and Benjamin, JJ., concur.