N.Y. State Law 59-B – Purchase or acquisition of lands; payment of purchase price
§ 59-b. Purchase or acquisition of lands; payment of purchase price. The commission shall cause an appraisal to be made of just compensation to the owners of the lands and the structures and waters thereon, appropriated by the state as hereinbefore provided, and of the estates and interests therein of all persons, corporations or municipalities. The commission shall negotiate with the owners of such property for the purchase thereof, but in no case shall an amount greater than the appraised compensation for such property be paid. The commission and the persons, corporations and municipalities whose property has been appropriated and who have agreed upon a compensation to be paid therefor, shall enter into an agreement for the conveyance or transfer of the property appropriated and for the payment of the compensation to be paid, which shall be executed by the commission and the said owners. Such agreement shall be filed in the office of the comptroller. If the commission is unable to agree as to the compensation to be paid for such lands and the structures and waters thereon, the court of claims shall have jurisdiction to determine the amount of such compensation, and upon proceedings being brought before such court as provided by law, an award shall be made of compensation for the lands, structures and waters or interests therein so appropriated.
Terms Used In N.Y. State Law 59-B
- Appraisal: A determination of property value.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
The persons, corporations or municipalities whose property has been taken under the provisions of this article, and who have agreed upon the compensation to be paid therefor or to whom an award of compensation has been made by the court of claims, shall be entitled to interest from the time of the actual occupancy thereof by the state to the date of the payment of the said compensation; but such interest shall cease upon the service by the comptroller upon the person, corporation or municipality entitled thereto of a notice that the state is ready and willing to pay the amount of such compensation upon the presentation of proper proof and vouchers.