A bill to amend title 10, United States Code, to provide for more efficient and expeditious disposal of lost, abandoned, and unclaimed property in the custody of the military departments.

Shortens the period after which notice has been sent to the last known address of an owner of unclaimed property which has come into the custody or control of one of the armed forces before such property may be disposed of.

Stipulates that where the armed force concerned has been unable to ascertain the owner of such property worth more than $200, such property may be disposed of 30 days after it has been received at a storage point (previously property worth $25 or more could be disposed of after three months in storage).