40 U.S.C. § 704: Other methods of disposal

Summary

Agency heads may get rid of foreign excess property by selling, trading, leasing, transferring, or exchanging it for cash, credit, other property, foreign currency, or settlement benefits. They can donate, abandon, or destroy items that have no market value or when the cost to care for them would be more than selling them. They may skip public advertising if that is most practical. They can sign papers and take other steps needed to transfer ownership.

Title 40, §704

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

(a)In General.—

Foreign excess property not disposed of under section 702 or 703 of this title may be disposed of as provided in this section.

(b)Methods of Disposal.—

(1)Sale, exchange, lease, or transfer.—

The head of an executive agency may dispose of foreign excess property by sale, exchange, lease, or transfer, for cash, credit or other property, with or without warranty, under terms and conditions the head of the executive agency considers proper.

(2)Exchange for foreign currency or credit.—

If the head of an executive agency determines that it is in the interest of the United States, foreign excess property may be exchanged for— (A)

(B)substantial benefits or the discharge of claims resulting from the compromise or settlement of claims in accordance with law.

(3)Abandonment, destruction, or donation.—

The head of an executive agency may authorize the abandonment, destruction, or donation of foreign excess property if the property has no commercial value or if estimated costs of care and handling exceed the estimated proceeds from sale.

(c)Advertising.—

The head of an executive agency may dispose of foreign excess property without advertising if the head of the executive agency finds that disposal without advertising is the most practicable and advantageous means for the Federal Government to dispose of the property.

(d)Transfer of Title.—

The head of an executive agency may execute documents to transfer title or other interests in, and take other action necessary or proper to dispose of, foreign excess property.

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 70440:512(a).June 30, 1949, ch. 288, title IV, § 402(a), 63 Stat. 398; Pub. L. 91–426, § 2(a)–(c), Sept. 26, 1970, 84 Stat. 883; Pub. L. 99–627, § 3(a), Nov. 7, 1986, 100 Stat. 3509.

§704 Other Methods of Disposal

Summary

Title 40, §704

Notes & Related Subsidiaries

Historical and Revision Notes

Citations & Metadata