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Wyoming Statutes Title 1. Code of Civil Procedure § 1-26-713. Loss of goodwill

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) In addition to fair market value determined under W.S. 1-26-704, the owner of a business conducted on the property taken, or on the remainder if there is a partial taking, shall be compensated for loss of goodwill only if the owner proves that the loss:

(i) Is caused by the taking of the property or the injury to the remainder;

(ii) Cannot reasonably be prevented by a relocation of the business or by taking steps and adopting procedures that a reasonably prudent person would take and adopt in preserving the goodwill;

(iii) Will not be included in relocation payments under W.S. 16-7-101 through 16-7-121; and

(iv) Will not be duplicated in the compensation awarded to the owner.

(b) Within the meaning of this section, “goodwill” consists of the benefits that accrue to a business as a result of its location, reputation for dependability, skill or quality and any other circumstances resulting in probable retention of old or acquisition of new patronage.

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Cite this article: FindLaw.com - Wyoming Statutes Title 1. Code of Civil Procedure § 1-26-713. Loss of goodwill - last updated January 01, 2024 | https://codes.findlaw.com/wy/title-1-code-of-civil-procedure/wy-st-sect-1-26-713/

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