2014 US Code
Title 40 - Public Buildings, Property, and Works (Sections 101 - 18304)
Subtitle I - Federal Property and Administrative Services (Sections 101 - 1315)
Chapter 7 - Foreign Excess Property (Sections 701 - 705)
Sec. 705 - Handling of proceeds from disposal
Publication Title | United States Code, 2012 Edition, Supplement 2, Title 40 - PUBLIC BUILDINGS, PROPERTY, AND WORKS |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 40 - PUBLIC BUILDINGS, PROPERTY, AND WORKS SUBTITLE I - FEDERAL PROPERTY AND ADMINISTRATIVE SERVICES CHAPTER 7 - FOREIGN EXCESS PROPERTY Sec. 705 - Handling of proceeds from disposal |
Contains | section 705 |
Date | 2014 |
Laws In Effect As Of Date | January 5, 2015 |
Positive Law | Yes |
Disposition | standard |
Source Credit | Pub. L. 107-217, Aug. 21, 2002, 116 Stat. 1127. |
Statutes at Large References | 63 Stat. 398 64 Stat. 1280 116 Stat. 1127 |
Public and Private Laws | Public Law 107-217 |
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(a) In General.—This section applies to proceeds from the sale, lease, or other disposition of foreign excess property under this chapter.
(b) Foreign Currencies or Credits.—Proceeds in the form of foreign currencies or credits, must be administered in accordance with procedures that the Secretary of the Treasury may establish.
(c) United States Currency.—
(1) Separate fund in treasury.—Section 572(a) of this title applies to proceeds of foreign excess property disposed of for United States currency under this chapter.
(2) Deposited in treasury as miscellaneous receipts.—Except as provided in paragraph (1), proceeds in the form of United States currency, including foreign currencies or credits that are reduced to United States currency, must be deposited in the Treasury as miscellaneous receipts.
(d) Special Account for Refunds or Payments for Breach.—
(1) Deposits.—A federal agency that disposes of foreign excess property under this chapter may deposit, in a special account in the Treasury, amounts of the proceeds of the dispositions that the agency decides are necessary to permit—
(A) appropriate refunds to purchasers for dispositions that are rescinded or that do not become final; and
(B) payments for breach of warranty.
(2) Withdrawals.—A federal agency that deposits proceeds in a special account under paragraph (1) may withdraw amounts to be refunded or paid from the account without regard to the origin of the amounts withdrawn.
(Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1127.)
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
705 | 40:513. | June 30, 1949, ch. 288, title IV, §403, 63 Stat. 398. |
In subsection (d)(1), the words "in the Treasury" are substituted for "with the Treasurer of the United States" because of section 1 of Reorganization Plan No. 26 of 1950 (eff. July 31, 1950, 64 Stat. 1280), restated as section 321 of title 31.
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