If the Secretary determines that any property seized is liable to perish, he shall appraise the value of such property and—
I.R.C. § 6336(1) Return To Owner —
If the owner of the property can be readily found, the Secretary shall give him notice of such determination of the appraised value of the property. The property shall be returned to the owner if, within such time as may be specified in the notice, the owner—
I.R.C. § 6336(1)(A) —
Pays to the Secretary an amount equal to the appraised value, or
I.R.C. § 6336(1)(B) —
Gives bond in such form, with such sureties, and in such amount as the Secretary shall prescribe, to pay the appraised amount at such time as the Secretary determines to be appropriate in the circumstances.
I.R.C. § 6336(2) Immediate Sale —
If the owner does not pay such amount or furnish such bond in accordance with this section, the Secretary shall as soon as practicable make public sale of the property in accordance with such regulations as may be prescribed by the Secretary.
(Aug. 16, 1954, ch. 736, 68A Stat. 786; Oct. 4, 1976, Pub. L. 94-455, title XIX, 1906(b)(13)(A), 90 Stat. 1834; Pub. L. 116-25, title I, Sec. 1404(a), July 1, 2019, 133 Stat. 981.)
2019 — Pub. L. 116-25, Sec. 1404(a), amended by striking “or become greatly reduced in price or value by keeping, or that such property cannot be kept without great expense”.
1976—Pub. L. 94-455 struck out “or his delegate" after “Secretary” wherever appearing.
EFFECTIVE DATE OF 2019 AMENDMENTS
Amendment by Sec. 1404(a) of Pub. L. 116-25, effective for property seized after the date of the enactment of this Act. [Enacted: July 1, 2019].
Section Referred to in Other Sections