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Internal Revenue Code · 26 U.S.C.

§ 7324. Special disposition of perishable goods

In force Text current through Public Law 119-121 (October 9, 2026) release point 119-121

Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).

Cite as 26 U.S.C. § 7324

At a glance

Read from the text, the source credit and the official notes. Not part of the law.

Status
In force
Enacted
September 2, 1958 by Pub. L. 85–859
Last amended
October 4, 1976 by Pub. L. 94–455
Amendments
1 dated changes in the source credit
Length
5 subsections · 363 words · about 2 min to read
Cross-references
cites 4; cited by 2 Code sections and 0 other regulations
Regulations
1 issued under this section
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, § 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.)

Regulations under this section

Treasury regulations (26 CFR) issued under § 7324

Cross-references

Computed from the citations in the text of Title 26 and 26 CFR.

This section cites 4 other sections

Cited by 2 Code sections

Amendment history

From the source credit and the official notes, newest first.

  1. Amended by Pub. L. 94–455
  2. Enacted by Pub. L. 85–859, Pub. L. 85–866

Where it sits in the Code

  1. Subtitle F Procedure and Administration
  2. Chapter 75 CRIMES, OTHER OFFENSES, AND FORFEITURES
  3. Subchapter C Forfeitures
  4. Part II PROVISIONS COMMON TO FORFEITURES

Nearby sections

Official notes

Show the Law Revision Counsel's notes (amendments, effective dates)

Editorial Notes

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.

Statutory Notes and Related Subsidiaries

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.