(a) In General.—Foreign excess property not disposed of under section 702 or 703 of this title may be disposed of as provided in this section.
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Terms Used In 40 USC 704
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(b) Methods of Disposal.—
(1) Sale, exchange, lease, or transfer.—The head of an executive agency may dispose of foreign excess property by sale, exchange, lease, or transfer, for cash, credit or other property, with or without warranty, under terms and conditions the head of the executive agency considers proper.
(2) Exchange for foreign currency or credit.—If the head of an executive agency determines that it is in the interest of the United States, foreign excess property may be exchanged for—
(A) foreign currencies or credits; or
(B) substantial benefits or the discharge of claims resulting from the compromise or settlement of claims in accordance with law.
(3) Abandonment, destruction, or donation.—The head of an executive agency may authorize the abandonment, destruction, or donation of foreign excess property if the property has no commercial value or if estimated costs of care and handling exceed the estimated proceeds from sale.
(c) Advertising.—The head of an executive agency may dispose of foreign excess property without advertising if the head of the executive agency finds that disposal without advertising is the most practicable and advantageous means for the Federal Government to dispose of the property.
(d) Transfer of Title.—The head of an executive agency may execute documents to transfer title or other interests in, and take other action necessary or proper to dispose of, foreign excess property.
