Federally Owned Property Law and Legal Definition

According to 32 CFR 34.2 (Title 32 - National Defense; Subtitle A - Department Of Defense; Chapter I - Office Of The Secretary Of Defense; Subchapter C - DoD Grant And Agreement Regulations; Part 34 - Administrative Requirements For Grants And Agreements With For-Profit Organizations; Subpart A – General), federally owned property means “property in the possession of, or directly acquired by, the Government and subsequently made available to the recipient.”