§ 72.40. Acquisition for official use and sale for account of petitioner in allowed petitions.
287 words·~1 min read·
/us/cfr/t27/s§ 72.40·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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. \[T.D. ATF-9, 39 FR 9954, Mar. 15, 1974, as amended by T.D. ATF-183, 49 FR 37061, Sept. 21, 1984\]