26 U.S.C. § 7324 — Special disposition of perishable goods
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 322 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
When any property which is seized under the provisions of section 7301 or section 7302 is liable to perish or become greatly reduced in price or value by keeping, or when it cannot be kept without great expense—
The owner thereof, or the United States marshal of the district, may apply to the Secretary* to examine it; and
If, in the opinion of the Secretary, it shall be necessary that such property should be sold to prevent such waste or expense, the Secretary shall appraise the same; and thereupon
The owner shall have such property returned to him upon giving bond in an amount equal to such appraised value to abide the final order, decree, or judgment of the court having cognizance of the case, and to pay the amount of said appraised value to the Secretary, the United States marshal, or otherwise, as may be ordered and directed by the court, which bond shall be filed by the Secretary with the United States attorney for the district in which the proceedings in rem authorized in section 7323 may be commenced.
If such owner shall neglect or refuse to give such bond, the Secretary shall issue to any Treasury officer or employee* or to the United States marshal an order to sell the same.
Such Treasury officer or employee or the marshal shall as soon as practicable make public sale of such property in accordance with such regulations as may be prescribed by the Secretary.
The proceeds of the sale, after deducting the reasonable costs of the seizure and sale, shall be paid to the court to abide its final order, decree, or judgment.
For provisions relating to form and sureties on bonds, see section 7101.
Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 870; Pub. L. 85–859, title II, § 204(9), Sept. 2, 1958, 72 Stat. 1429; Pub. L. 85–866, title I, § 78, Sept. 2, 1958, 72 Stat. 1662; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
- 1958Amended · Pub. L. 85-859 · 72 Stat. 1429
- 1958Amended · Pub. L. 85-866 · 72 Stat. 1662
- 1976Amended · Pub. L. 94-455 · 90 Stat. 1834
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
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