§ 225 — Appraisal of damages and deposit of money as security

New York § 225

• Jurisdiction: New York
• Law RRD: Railroad
• Art. 6: Rapid Transit Act of 1875

Text

§ 225. Appraisal of damages and deposit of money as security. The\ncommissioners shall, within one hundred and ten days after their\norganization, ascertain and determine the aggregate pecuniary damage\narising from the diminution in the value of the property bounded on that\nportion of such street or streets, highway or highways, upon which it is\nproposed to construct and operate such railroad to be caused by the\nconstruction and operation thereof. For that purpose they shall view the\nseveral parcels of real property so bounded, and shall appraise\nseparately the pecuniary damages arising from such diminution in value\nof each parcel thereof, and for the purposes of such appraisal they\nshall give notice of the time and place, when and where they will meet\nto hear the owners, or persons interested in such real property, which\nnotice shall be published for at least ten days consecutively in at\nleast two newspapers in the county where such railroad is to be\nconstructed, and shall take such material testimony upon the probable\ndiminution in value of any or all such parcels to be so caused as may be\noffered by or in behalf of any person or party interested therein, and\nthe aggregate sum of the amounts so appraised and determined by them\nshall be the aggregate pecuniary damage required to be ascertained and\ndetermined as above provided. No corporation which shall hereafter be\norganized under this article shall enter upon any street, highway or\nlane therein, until it shall first have deposited with some trust\ncompany, to be designated by the mayor of the city within which it is\nproposed to construct the railroad or any part thereof, and by the board\nof supervisors, when the road does not lie wholly within a city, a sum\nof money equal to the amount so ascertained and determined by the\ncommissioners to be the aggregate pecuniary damage to such property\nwithin the city, or within the county outside of any city, or shall have\nsecured the payment of such amount by depositing with such trust company\nnegotiable securities, equivalent at their par and actual value to such\naggregate amount, and approved by the mayor of the city in which such\nroad is wholly or in part located, and by the county treasurer of the\ncounty if the road is located wholly or in part outside of the limits of\nsuch city. The court may accept in lieu of the deposit of money or\nsecurities herein required the bond of the corporation, with two or more\nsureties, to be approved by the court, to the effect that the\ncorporation before constructing or operating its railroad in front of\nany premises, shall pay to the owner of the real property all the\ndamages sustained, or which will be sustained by him, as fixed and\ndetermined by such commissioners, and the costs allowed, if any. Such\nbond shall be in a sum double the amount of such damages, and the\nsureties shall justify in the aggregate to an amount equal to the amount\nof such bond. Such corporation shall also, at the same time, deposit\nwith such trust company or with the county treasurer, as the\ncommissioners may direct, the sum of five thousand dollars in cash, for\nthe payment of the expense of apportioning and distributing such fund.\nUnless such moneys or securities shall be deposited by such corporation\nwithin one year after it shall have obtained the consent of the local\nauthorities, and of the property owners, or the confirmation by the\nappellate division of the supreme court, of the determination of three\ncommissioners in lieu thereof, and in the case of a corporation\norganized prior to May eighteenth, eighteen hundred and ninety-two,\nwithin one year after it shall have obtained the confirmation by the\nappellate division of the supreme court of the report of three\ncommissioners in lieu of the consent of property owners, or within one\nyear after the commissioners appointed to ascertain and determine the\naggregate pecuniary damages as provided in this article shall have made\ntheir report, then such corporation shall be deemed not to have accepted\nthe franchises granted. Where the commissioners shall fix and determine\ndifferent periods of time within which different sections of such\nrailroad shall be constructed and ready for operation, they shall\nascertain, determine, and report separately the aggregate pecuniary\ndamage to property bounded upon that portion of such street or streets\nupon which each of such sections is located. Upon the deposit by the\ncorporation as above provided of moneys or securities equivalent to the\naggregate pecuniary damage to be sustained by any one of such sections,\nor of any bond given in lieu thereof, it shall immediately be vested\nwith the right and privilege to construct its railroad through such\nsection.\n