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Government property sold at public auction may include surplus government equipment, abandoned property over which the government has asserted ownership, property which has passed to the government by escheat, government land, and intangible assets over which the government asserts authority, such as broadcast frequencies sold through a spectrum auction.
Surplus Property Act of 1944 (ch. 479, 58 Stat. 765, 50A U.S.C. § 1611 et seq., enacted October 3, 1944) is an act of the United States Congress that was enacted to provide for the disposal of surplus government property to "a State, political subdivision of a State, or tax-supported organization".
The aims of the Surplus Property Act were not limited to distributing surplus property; they also included re-establishing free independent enterprise, strengthening the competitive position of new and small businesspersons and family farmers, and putting government property to widespread, nonmonopolistic use.
Liquidity Services’ online marketplaces include: Liquidation.com, [22] Secondipity.com, [4] GovLiquidation.com, [23] Allsurplus.com, GovDeals.com, [2] Bid4Assets, and Sierraauction.com. [3] They offer over 500 product categories [24] organized into categories across 12 major industry verticals: government, energy, construction and mining, transportation, industrial manufacturing ...
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Thomas P. Scanlan (1896–1986), was the founder and publisher of the Chicago-based Surplus Record. Mr. Scanlan was a University of Notre Dame graduate. After World War I, he began Surplus Record, which grew into a national trade publication for the used-machinery business which listed used machine tools and capital equipment.