[Code of Federal Regulations]
[Title 27, Volume 1]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 27CFR72.40]

[Page 1128]
 
            TITLE 27--ALCOHOL, TOBACCO PRODUCTS AND FIREARMS
 
 CHAPTER I--BUREAU OF ALCOHOL, TOBACCO AND FIREARMS, DEPARTMENT OF THE 
                                TREASURY
 
PART 72--DISPOSITION OF SEIZED PERSONAL PROPERTY--Table of Contents
 
            Subpart D--Remission or Mitigation of Forfeitures
 
Sec. 72.40  Acquisition for official use and sale for account of petitioner in allowed petitions.

    (a) Acquisition for official use. The property or carrier may be 
purchased by the United States pursuant to agreement and retained for 
official use. Where the petitioner is the owner, the purchase price is 
the appraised value of the property or carrier less all costs. Where the 
petitioner is a creditor, the purchase price is whichever one of these 
amounts is the smaller: (1) The petitioner's equity, or (2) the 
appraised value of the property or carrier less the amount of all costs 
incident to the seizure and forfeiture.
    (b) Sale for account of petitioner. The petitioner may elect not to 
comply with the condition on which the property or carrier may be 
returned. In this event, the Director or his delegate is authorized to 
sell it. Where the petitioner is the owner of the property or carrier, 
there is deducted from the proceeds of the sale all costs incident to 
the seizure, forfeiture, and sale, and the Director or his delegate pays 
to the petitioner, out of the proper appropriation, an amount equal to 
the balance, if any. Where the petitioner is a creditor, there is 
deducted from the proceeds of the sale all costs incident to the 
seizure, forfeiture, and sale, and the Director or his delegate pays to 
the petitioner, out of the proper appropriation, an amount equal to the 
balance, if any, of the selling price after deduction of all costs 
incident to the seizure, forfeiture, or sale: Provided, That if the 
amount of such balance exceeds the amount of the equity of the 
petitioner, only the latter amount is paid to the petitioner.

[T.D. ATF-9, 39 FR 9954, Mar. 15, 1974, as amended by T.D. ATF-183, 49 
FR 37061, Sept. 21, 1984]