[Code of Federal Regulations]

[Title 41, Volume 2]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 41CFR101-48.306-1]



[Page 205]

 

           TITLE 41--PUBLIC CONTRACTS AND PROPERTY MANAGEMENT

 

          CHAPTER 101--FEDERAL PROPERTY MANAGEMENT REGULATIONS

 

PART 101-48_UTILIZATION, DONATION, OR DISPOSAL OF ABANDONED AND 

FORFEITED PERSONAL PROPERTY--Table of Contents

 

 Subpart 101-48.3_Disposal of Abandoned and Forfeited Personal Property

 

Sec. 101-48.306-1  Abandoned or other unclaimed property.



    (a) Proceeds from sale of abandoned or other unclaimed property 

shall be deposited in a special fund by the finding agency for a period 

of 3 years. A former owner may be reimbursed for abandoned or other 

unclaimed property which had been disposed of in accordance with the 

provisions of this subpart 101-48.3 upon filing a proper claim with the 

finding agency within 3 years from the date of vesting of title in the 

United States. Such reimbursement shall not exceed the proceeds realized 

from the disposal of such property less disposal costs and costs of the 

care and handling of such property as determined by the head of the 

agency concerned.

    (b) Records of abandoned or other unclaimed property shall be 

maintained in such a manner as to permit identification of the property 

with the original owner, if known, when such property is offered for 

sale. Records of proceeds received from the sale of abandoned or other 

unclaimed property shall be maintained as part of the permanent file and 

record of sale until the 3-year period for filing claims has elapsed.



[56 FR 40262, Aug. 14, 1991]



[[Page 206]]