
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC7324]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                Subtitle F--Procedure and Administration
 
           CHAPTER 75--CRIMES, OTHER OFFENSES, AND FORFEITURES
 
                        Subchapter C--Forfeitures
 
                PART II--PROVISIONS COMMON TO FORFEITURES
 
Sec. 7324. Special disposition of perishable goods

    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--

                   (1) Application for examination

        The owner thereof, or the United States marshal of the district, 
    may apply to the Secretary to examine it; and

                            (2) Appraisal

        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

                   (3) Return to owner under bond

        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.

                     (4) Sale in absence of bond

        (A) Order to sell

            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.

        (B) Manner of sale

            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.

        (C) Disposition of proceeds

            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.

                    (5) Form of bond and sureties

            For provisions relating to form and sureties on bonds, see 
        section 7101.

(Aug. 16, 1954, ch. 736, 68A Stat. 870; Pub. L. 85-859, title II, 
Sec. 204(9), Sept. 2, 1958, 72 Stat. 1429; Pub. L. 85-866, title I, 
Sec. 78, Sept. 2, 1958, 72 Stat. 1662; Pub. L. 94-455, title XIX, 
Sec. 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)


                               Amendments

    1976--Pars. (1) to (4). Pub. L. 94-455 struck out ``or his 
delegate'' after ``Secretary'' wherever appearing.
    1958--Par. (3). Pub. L. 85-866 struck out ``district'' before 
``attorney''.
    Pub. L. 85-859 included property seized under section 7302 of this 
title.


                    Effective Date of 1958 Amendments

    Amendment by Pub. L. 85-866 effective Aug. 17, 1954, see section 
1(c)(2) of Pub. L. 85-866, set out as a note under section 165 of this 
title.
    Amendment by Pub. L. 85-859 effective Sept. 3, 1958, see section 
210(a)(1) of Pub. L. 85-859, set out as an Effective Date note under 
section 5001 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 7103, 7323 of this title.
