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LegalText 38 U.S.C. § 8158 Deposit in escrow us united_states_code code_section 38 VETERANS BENEFITS 81 ACQUISITION AND OPERATION OF HOSPITAL AND DOMICILIARY FACILITIES; PROCUREMENT AND SUPPLY; ENHANCED-USE LEASES OF REAL PROPERTY 8158 38 U.S.C. § 8158 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc38@119-100.zip /us/usc/t38/s8158 data/legal/raw/us/code/title-38/usc38.xml 1b581993a4242bd564c83882001a9195a0936b1dd0d2a690b237d45e59c09624 372998691b72ade88787dfa7633dbda4954bd1b037ec7926c5e06e9b1d17fc66 6aecaeb59ca35eba971d8c3e4b82b8a26f19874c5d0d1d70b3e3010f660f7221 2026-07-04 official
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38 U.S.C. § 8158 - Deposit in escrow

Text

(a) To facilitate the procurement of medical equipment pursuant to section 8157 of this title, the Secretary may enter into escrow agreements with institutions described in section 8153(a) of this title. Any such agreement shall provide that—

(1) the institutions shall pay to the Secretary the funds necessary to make a payment under section 8157(b)(4) of this title;

(2) the Secretary, as escrow agent, shall administer those funds in an escrow account; and

(3) the Secretary shall disburse the escrowed funds to pay for such equipment upon its delivery or in accordance with the contract to procure the equipment and shall disburse all accrued interest or other earnings on the escrowed funds to the institution.

(b) As escrow agent for funds placed in escrow pursuant to an agreement under subsection (a), the Secretary may—

(1) invest the escrowed funds in obligations of the Federal Government or obligations which are insured or guaranteed by the Federal Government;

(2) retain in the escrow account interest or other earnings on such investments;

(3) disburse the funds pursuant to the escrow agreement; and

(4) return undisbursed funds to the institution.

(c) (1) If the Secretary enters into an escrow agreement under this section, the Secretary may enter into an agreement to procure medical equipment if one-half the purchase price of the equipment is available in an appropriation or fund for the expenditure or obligation.

(2) Funds held in an escrow account under this section shall not be considered to be public funds.

(Added Pub. L. 102405, title I, § 103(a)(1), Oct. 9, 1992, 106 Stat. 1974.)