Eminent domain, the awesome inherent power of the sovereign, has developed a distinct body of law. Practitioners in this area should be aware of the key holdings. In other words, don’t leave for the courthouse until you are familiar with the following cases.

Keator v. State of New York, 23 N.Y.2d 337 (1968). Keator holds that the just compensation to which a claimant is entitled is to be determined by reference to the fair market value of the property at the date of the taking, and the fair market value also is the price that property would sell if there was a willing buyer under no compulsion to buy and a seller under no compulsion to sell. The important part of the decision is that property is to be valued at its highest and best use regardless of whether it was so used, or whether the ante litem plans to so use it.