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40 U.S.C. § 552 - U.S. Code - Unannotated Title 40. Public Buildings, Property, and Works § 552. Abandoned or unclaimed property on Government premises

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Authority to take property.--The Administrator of General Services may take possession of abandoned or unclaimed property on premises owned or leased by the Federal Government and determine when title to the property vests in the Government. The Administrator may use, transfer, or otherwise dispose of the property.

(b) Claim filed by former owner.--If a former owner files a proper claim within three years from the date that title to the property vests in the Government, the former owner shall be paid an amount--

(1) equal to the proceeds realized from the disposition of the property less costs incident to care and handling as determined by the Administrator; or

(2) if the property has been used or transferred, equal to the fair value of the property as of the time title vested in the Government less costs incident to care and handling as determined by the Administrator.

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Cite this article: FindLaw.com - 40 U.S.C. § 552 - U.S. Code - Unannotated Title 40. Public Buildings, Property, and Works § 552. Abandoned or unclaimed property on Government premises - last updated January 01, 2024 | https://codes.findlaw.com/us/title-40-public-buildings-property-and-works/40-usc-sect-552/

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