(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.
June 30, 1949, ch. 288, title II, § 203(m), formerly § 203(l), 63 Stat. 388; redesignated § 203(m), Aug. 1, 1955, ch. 442, 69 Stat. 430.
2006—Subsec. (a). Pub. L. 109–284substituted “(a) Authority To Take Property.—The Administrator” for “(a) Authority To Take Property Administrator”.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.