§705 Handling of Proceeds From Disposal

Summary

Explains how money from selling, leasing, or otherwise disposing of foreign excess property must be handled. Money in foreign currency or credits must be managed under rules the Secretary of the Treasury sets. When proceeds are in U.S. dollars, Section 572(a) of this title requires a separate Treasury fund for sales made for U.S. currency. Otherwise, U.S. currency (including foreign money converted to dollars) must be deposited in the Treasury as miscellaneous receipts. A federal agency may put some of its sale proceeds into a special Treasury account to cover refunds if a sale is rescinded or not final, and to pay for breach of warranty. The agency may withdraw money from that account to make those refunds or payments regardless of which sale the money originally came from.