§705 Handling of proceeds from disposal

Summary

Handles money from selling, leasing, or otherwise getting rid of foreign excess property. If the proceeds are in foreign money or credits, the Treasury will set rules for how to manage them. Proceeds paid in U.S. dollars, or foreign money converted to dollars, must be deposited into the U.S. Treasury as miscellaneous receipts, except where section 572(a) applies. A federal agency that sells this property may put some proceeds into a special Treasury account to cover refunds when sales are canceled and to pay breach-of-warranty claims. The agency may take money from that account to make those payments no matter where the money in the account originally came from.