just compensation

just compensation
Compensation which is fair to both the owner and the public when property is taken for public use through condemnation (eminent domain). Consideration is taken of such criteria as the cost of reproducing the property, its market value, and the resulting damage to the remaining property of the owner. The Fifth Amendment to the U.S. Constitution provides that no private property shall be taken for public use, without "just compensation." Within Fifth Amendment provision that private property shall not be taken for public use without just compensation, "just compensation" means the full monetary equivalent of the property taken. U. S. v. Reynolds, Ky., 397 U.S. 14, 90 S.Ct. 803, 805, 25 L.Ed.2d 12.
As regards property taken for public use, the term is comprehensive and includes all elements, Jacobs v. U. S., Ala., 290 U.S. 13, 54 S.Ct. 26, 78 L.Ed. 142; Metropolitan Water Dist. of Southern California v. Adams, 16 Cal.2d 676, 107 P.2d 618, 621,
but does not exceed market value. U. S. v. Waterhouse, C.C.A.Hawaii, 132 F.2d 699, 703.
It means a settlement which leaves one no poorer or richer than he was before the property was taken. U. S. ex rel. Tennessee Valley Authority v. Indian Creek Marble Co., D.C.Tenn., 40 F.Supp. 811, 818, 819.
Adequate compensation. State v. Hale, Tex.Civ. App., 96 S.W.2d 135, 141. Fair market value. Cameron Development Co. v. United States, C.C.A.Fla., 145 F.2d 209, 210.
Full and perfect equivalent of the property taken. U. S. v. 2.4 Acres of Land, More or Less, in Lake County, 111., C.C.A.I11., 138 F.2d 295, 297.
It is the fair market value of property taken at time of taking, Danforth v. U. S., Mo., 308 U.S. 271, 60 S.Ct. 231, 236, 84 L.Ed. 240; plus compensation for delay in payment, Kieselbach v. Commissioner of Internal Revenue, 317 U.S. 399, 63 S.Ct. 303, 305, 87 L.Ed. 358; or consequential damages to the owner, In re Board of Water Supply of City of New York, 277 N.Y. 452, 14 N.E.2d 789; or value of use of property from date of taking possession to date of judgment if possession is taken by condemnor prior to judgment. Los Angeles County Flood Control Dist. v. Hansen, 48 Cal.App.2d 314, 119 P.2d 734, 735.
It requires that the owner be put in as good position pecuniarily as he would otherwise have been if the property had not been taken. Almota Farmers Elevator & Warehouse Co. v. U.S., Wash., 93 S.Ct. 791, 794, 409 U.S. 470.
Interest is recoverable in eminent domain proceedings as part of "just compensation" when payment is not contemporaneous with the taking. New Hampshire Water Resources Bd. v. Pera, 108 N.H. 18, 226 A.2d 774, 775, 776.
Market value at time of taking; i.e. highest price for which property considered at its best and most profitable use can be sold in open market by willing seller to willing buyer, neither acting under compulsion and both exercising reasonable judgment. State Highway Commission v. American Memorial Parks, Inc., 82 S.D. 231, 144 N.W.2d 25, 27.
On government's cancellation of contract, "just compensation" recoverable consists of such sum as in court's judgment will fairly compensate contractor. Enright v. U. S., 73 CtCl. 416, 54 F.2d 182, 190.
It is the value of contract at time of cancellation, not profits which it would have produced. De Laval Steam Turbine Co. v. U. S., 284 U.S. 61, 52 S.Ct. 78, 79, 76 L.Ed. 168

Black's law dictionary. . 1990.

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