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2026-07-06 10:51:44 -04:00

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LegalText 40 U.S.C. § 705 Handling of proceeds from disposal us united_states_code code_section 40 PUBLIC BUILDINGS, PROPERTY, AND WORKS 7 FOREIGN EXCESS PROPERTY 705 40 U.S.C. § 705 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc40@119-100.zip /us/usc/t40/s705 data/legal/raw/us/code/title-40/usc40.xml 7acc0ffeee1b2e40ad36632ccb8714be30d9d3f76ff5e63f140e083035d939b4 9e671d5f37f9148634c9ba568a4c16d4864b567130b66bcf607f680414560a29 c12f9e4c6321d7e80febbb9fbcac58fcd678f693340cef1c47126568ecad836b 2026-07-04 official
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40 U.S.C. § 705 - Handling of proceeds from disposal

Text

(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(A) appropriate refunds to purchasers for dispositions that are rescinded or that do not become final; and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paragraph (1) may withdraw amounts to be refunded or paid from the account without regard to the origin of the amounts withdrawn.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. 107217, Aug. 21, 2002, 116 Stat. 1127.)

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 70540:513.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.