§ 6335.
(e)
Manner and conditions of sale
(1)
In general
(A)
Determinations relating to minimum price
Before the sale of property seized by levy, the Secretary shall determine—
(i)
a minimum price below which such property shall not be sold (taking into account the expense of making the levy and conducting the sale), and
(ii)
whether, on the basis of criteria prescribed by the Secretary, the purchase of such property by the United States at such minimum price would be in the best interest of the United States.
(B)
Sale to highest bidder at or above minimum price
(C)
Property deemed sold to United States at minimum price in certain cases
(D)
Release to owner in other cases
(2)
Additional rules applicable to sale
The Secretary shall by regulations prescribe the manner and other conditions of the sale of property seized by levy. If one or more alternative methods or conditions are permitted by regulations, the Secretary shall select the alternatives applicable to the sale. Such regulations shall provide:
(A)
That the sale shall not be conducted in any manner other than—
(i)
by public auction, or
(ii)
by public sale under sealed bids.
(B)
In the case of the seizure of several items of property, whether such items shall be offered separately, in groups, or in the aggregate; and whether such property shall be offered both separately (or in groups) and in the aggregate, and sold under whichever method produces the highest aggregate amount.
(C)
Whether the announcement of the minimum price determined by the Secretary may be delayed until the receipt of the highest bid.
(D)
Whether payment in full shall be required at the time of acceptance of a bid, or whether a part of such payment may be deferred for such period (not to exceed 1 month) as may be determined by the Secretary to be appropriate.
(E)
The extent to which methods (including advertising) in addition to those prescribed in subsection (b) may be used in giving notice of the sale.
(F)
Under what circumstances the Secretary may adjourn the sale from time to time (but such adjournments shall not be for a period to exceed in all 1 month).
(3)
Payment of amount bid
([Aug. 16, 1954, ch. 736], [68A Stat. 785]; [Pub. L. 89–719, title I, § 104(d)], Nov. 2, 1966, [80 Stat. 1137]; [Pub. L. 94–455, title XIX, § 1906(b)(13)(A)], Oct. 4, 1976, [90 Stat. 1834]; [Pub. L. 99–514, title XV, § 1570(a)], Oct. 22, 1986, [100 Stat. 2764]; [Pub. L. 100–647, title VI, § 6236(g)], Nov. 10, 1988, [102 Stat. 3740]; [Pub. L. 105–206, title III, § 3441(a)], (b), July 22, 1998, [112 Stat. 761].)