§705 Handling of Proceeds From Disposal

Summary

Money from selling, leasing, or otherwise getting rid of foreign excess property must be handled this way. Money in foreign currencies or credits must be managed under rules the Secretary of the Treasury makes. If the sale is for U.S. currency, Section 572(a) applies. Otherwise, money that is U.S. currency, including foreign currency or credits converted into U.S. currency, must be deposited in the Treasury as miscellaneous receipts. A federal agency that sells foreign excess property may put part of the proceeds into a special Treasury account to cover refunds when a sale is undone and to pay breach-of-warranty claims. The agency can take money out of that account for those refunds or warranty payments without needing to match the withdrawn money to where it originally came from.