Us Code § 705 - Handling of proceeds from disposal

Full text of Us Code United States Code § 705 — Handling of proceeds from disposal, with citation guidance and answers to common questions.

§ 705. Handling of proceeds from disposal

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(A) appropriate refunds to purchasers for dispositions that are rescinded or that do not become final; and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paragraph (1) may withdraw amounts to be refunded or paid from the account without regard to the origin of the amounts withdrawn.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

Historical and Revision Notes
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.

CHAPTER 9—URBAN LAND USE

Sec.
901.
Purpose and policy.
902.
Definitions.
903.
Acquisition and use.
904.
Disposal.
905.
Waiver.

        

About This Section

40 U.S.C. § 705 is part of Title 40 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.

This section may be cited in legal writing as 40 U.S.C. § 705. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.

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Frequently Asked Questions About Us Code § 705

What does United States Code § 705 cover?

Section 705 ("Handling of proceeds from disposal") is part of the United States Code, the codified statutory law of Us Code. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Us Code § 705?

A common citation format is "United States Code § 705" (Us Code). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Us Code law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Us Code official source linked on this page or consult a licensed Us Code attorney.

How does Us Code § 705 apply to my situation?

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Sources & Verification

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