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Title 40 — Public Buildings, Property, and WorksRelease 119-73

§503 Exchange or sale of similar items

Title 40 › Subtitle SUBTITLE I— - FEDERAL PROPERTY AND ADMINISTRATIVE SERVICES › Chapter CHAPTER 5— - PROPERTY MANAGEMENT › Subchapter SUBCHAPTER I— - PROCUREMENT AND WAREHOUSING › § 503

Last updated Apr 6, 2026|Official source

Summary

Agencies may trade in or sell similar items and apply the trade‑in allowance or sale proceeds, wholly or partly, to buy property; such transactions must be written, follow GSA and procurement rules under division B (except 1704, 2303) of subtitle I, title 41, and 6101(b)–(d) of title 41 applies (fixed‑price sales may follow 545(d) of this title).

Full Legal Text

Title 40, §503

Public Buildings, Property, and Works — Source: USLM XML via OLRC

(a)In acquiring personal property, an executive agency may exchange or sell similar items and may apply the exchange allowance or proceeds of sale in whole or in part payment for the property acquired.
(b)(1)A transaction under subsection (a) must be carried out in accordance with regulations the Administrator of General Services prescribes, subject to regulations prescribed by the Administrator for Federal Procurement Policy under division B (except section 1704 and 2303) of subtitle I of title 41.
(2)A transaction under subsection (a) must be evidenced in writing.
(3)section 6101(b) to (d) of title 41 applies to a sale of property under subsection (a), except that fixed price sales may be conducted in the same manner and subject to the same conditions as are applicable to the sale of property under section 545(d) of this title.

Legislative History

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 50340:481(c).June 30, 1949, ch. 288, title II, § 201(c), 63 Stat. 384; Pub. L. 93–400, § 15(2), Aug. 30, 1974, 88 Stat. 800; Pub. L. 96–83, § 10(a), Oct. 10, 1979, 93 Stat. 652; Pub. L. 98–191, §§ 8(d)(1), 9(a)(2), Dec. 1, 1983, 97 Stat. 1331; Pub. L. 100–612, § 2, Nov. 5, 1988, 102 Stat. 3180. In subsection (a), the words “in such cases” are omitted as unnecessary. In subsection (b)(1), the words “subject to

Regulations

” are substituted for “subject to

Regulations

and

Regulations

” in section 201(c) of the Federal Property and Administrative Services Act of 1949 to correct an error resulting from an inconsistency between section 8(d)(1) and section 9(a)(2) of the Office of Federal Procurement Policy Act

Amendments

of 1983 (Public Law 98–191, 97 Stat. 1331). In subsection (b)(2), the words “the authority of” are omitted as unnecessary.

Editorial Notes

Amendments

2011—Subsec. (b)(1). Pub. L. 111–350, § 5(l)(8)(A), substituted “division B (except section 1704 and 2303) of subtitle I of title 41” for “the Office of Federal Procurement Policy Act (41 U.S.C. 401 et seq.)”. Subsec. (b)(3). Pub. L. 111–350, § 5(l)(8)(B), substituted “section 6101(b) to (d) of title 41” for “section 3709 of revised statutes” in heading and “section 6101(b) to (d) of title 41” for “section 3709 of the Revised Statutes (41 U.S.C. 5)” in text.

Reference

Citations & Metadata

Citation

40 U.S.C. § 503

Title 40 — Public Buildings, Property, and Works

Last Updated

Apr 6, 2026

Release point: 119-73