Section 40 Interest on payments to mortgagee paid late

Not yet in force

(1)

Section 52B of the Land Compensation Act 1973 (interest on advance payments of compensation paid late) is amended as follows.

(2)

In the heading, after “compensation” insert “etc.

(3)

In subsection (1)—

(a)

after “(1B)” insert “ , 52ZA(3) or 52ZB(3) ”,

(b)

after “compensation” insert “ or (as the case may be) a payment to a mortgagee ”, and

(c)

after “interest” insert “ to the claimant ”.

(4)

In subsection (2), after “(4ZA)” insert “ or (as the case may be) section 52ZC(3A) or (3B) ”.

(5)

In subsection (3)—

(a)

for “the amount of the advance payment” substitute “ the total amount which the acquiring authority pays under section 52, 52ZA or 52ZB in respect of the claimant (the “paid amount”) ”, and

(b)

for “by which the advance payment” substitute “ by which the paid amount ”.