Page:United States Statutes at Large Volume 70A.djvu/537

This page needs to be proofread.


479 § 7664. Delivery of property on stipulation (a) Prize property may be delivered to a claimant on stipulation, deposit, or other security, if— (1) the claimant satisfies the court that the property has a peculiar and intrinsic value to him, independent of its market value; (2) the court is satisfied that the rights and interests of the United States or of other claimants will not be prejudiced; (3) an opportunity is given to the United States attorney and the naval prize commissioner or the naval special prize commissioner to be heard as to the appointment of appraisers; and (4) a satisfactory appraisal is made. (b) Money collected on a stipulation, or deposited instead of it, that does not represent costs shall be deposited with the Treasurer of the United States or a public depositary in the same manner as proceeds of a sale. §7665. Sale of prize (a) The court shall order a sale of prize property if— (1) the property has been condemned; (2) the court finds, at any stage of the proceedings, that the property is perishable, liable to deteriorate, or liable to depreciate in value; or (3) the cost of keeping the property is disproportionate to its value. (b) The court may order a sale of the prize property if, after the return-day on the libel, all the parties in interest who have appeared in the cause agree to it, (c) An appeal does not prevent the order of a sale under this iwction or the execution of such an order. ft 7666. Mode of making sale (a) If a sale of prize property is ordered by the court, the marshal shall— (1) prepare and circulate full catalogues and schedules of the property to be sold and return a copy of each to the court; (2) advertise the sale fully and conspicuously by posters and in newspapers ordered by the court; (3) give notice to the naval prize commissioner at least live days before the sale; and (4) keep the goods open for inspection for at least three days before the sale. (b) An auctioneer of known skill in the business to which the sale nertains shall be employed by the Secretary of the Navy to make the wiie. The auctioneer, or his agent, shall collect and deposit the gross nroceeds of the sale. The auctioneer and his agent are responsible to the marshal for the conduct of the sale and the collection and deposit of the gross proceeds. § 7667. Transfer of prize property to another district for sale (a) Tn the case of any prize property ordered to be sold, if the court believes that it will be in the interest of all parties to have the property +