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Seized Forfeited Voluntarily Abandoned Unclaimed Personal Property

Seized Forfeited Voluntarily Abandoned Unclaimed Personal Property. Governing Regulation. Federal Management Regulations (FMR) Subchapter B – Personal Property Part 102-41 Disposition of Seized, Forfeited, Voluntarily Abandoned, and Unclaimed Personal Property. DEFINITIONS.

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Seized Forfeited Voluntarily Abandoned Unclaimed Personal Property

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  1. SeizedForfeitedVoluntarily AbandonedUnclaimed Personal Property

  2. Governing Regulation Federal Management Regulations (FMR) Subchapter B – Personal Property Part 102-41 Disposition of Seized, Forfeited, Voluntarily Abandoned, and Unclaimed Personal Property

  3. DEFINITIONS • Forfeited - Federal Government acquires ownership through summary process or court order pursuant to U.S. law • Seized - Confiscated by a Federal agency • Judicial process determines ownership • Unclaimed- Unknowingly abandoned and found on government premises (i.e. lost and found). • Voluntarily Abandoned - Abandoned to Federal agency • Title immediately vests to the government • Written or circumstantial evidence property was intentionally and voluntarily abandoned • Clear evidence property wasn’t lost by owner

  4. AGENCY REPONSIBILITIES • Holding agency: • Retains property • Responsibly for the care and handling of property • If not used for official purposes: • Responsible for reporting property to GSA

  5. FORFEITED PROPERTY Unless required by law: • Property can be retained for official use • Sale proceeds go to U.S. Treasury

  6. FORFEITED PROPERTY -RETAINED FOR OFFICIAL USE • Judicial proceedings must be finalized • Loses its identity as forfeited property • When no longer needed: • Reported to GSA for disposal as personal property

  7. FORFEITED PROPERTY -TRANSFERRED TO FEDERAL AGENCY • Gaining agency may be charged for : • Storing, packing, loading, shipping preparation and transportation costs

  8. SEIZED PROPERTY Forfeited through court decree (judicial forfeiture): • Title vested with the U.S. Government

  9. UNCLAIMED PERSONAL PROPERTY • Holding agency must retain property for 30 days from the date it is found • Owner has 30 days to file claim • Title vests to the U.S. Government on 31st day • Cannot be donated

  10. UNCLAIMED PROPERTY-HOLDING AGENCY OPTIONS • May be retained for official agency use, when: • 31 days have passed from date of being found • No claim by valid former owner • When not retained for official agency use: • Agency determines condition: • Reports to GSA as personal property • Abandonment/destruction

  11. UNCLAIMED PROPERTY -RETAINED FOR OFFICIAL USE • Documents/Records must be retained for 3 years • Funds from the sale and/or disposal: • deposited in a special account • held for 3 years to cover any future valid claim • When the property is no longer required, report to GSA as excess property

  12. UNCLAIMED PROPERTY-TRANSFERRED TO FEDERAL AGENCY • Acquiring agency: • Must pay fair market value to holding agency: • Proceeds deposited in special account for 3 years to cover valid claim from former owner • After 3 years, money is deposited in the U.S. Treasury • May be charged for storage, packing, shipping preparation, loading and transportation • Property loses its identity as unclaimed property

  13. UNCLAIMED PROPERTY- CLAIM FROM FORMER OWNER • If property was sold: • Reimbursement must not exceed sales proceeds less government’s cost of care and handling • If property is abandoned/destroyed, retained for official use, or, transferred: • Former owner’s reimbursement must not exceed estimated resale value at time of vesting, less cost of care and handling

  14. UNCLAIMED PERSONAL PROPERTY -STATE DONATIONS • Unclaimed property can not be donated • Fair market value reimbursement is required

  15. VOLUNTARILY ABANDONED PROPERTY • Holding agency may: • Retain for official use • Excess • Abandonment and destroy

  16. VOLUNTARILY ABANDONED PROPERTY-RETAINED FOR OFFICIAL USE Property is classified as personal property

  17. VOLUNTARILY ABANDONED PROPERTY- SALE OF Holding agency: • Does not retain proceeds from the sale • Proceeds deposited with the U.S. Treasury • unless holding agency has specific statutory authority to do otherwise

  18. QUESTIONS?

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