Historic Item Law and Legal Definition

According to 41 CFR 102-39.20 [Title 41 Public Contracts and Property Management; Subtitle C Federal Property Management Regulations System; Chapter 102 Federal Management Regulation System; Subchapter B Personal Property; Part 102-39 Replacement of Personal Property Pursuant to the Exchange/Sale Authority; Subpart A General], historic item means property having added value for display purposes because its historical significance is greater than its fair market value for continued use. Items that are commonly available and remain in use for their intended purpose, such as military aircraft still in use by active or reserve units, are not historic items.