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.

Revises procedures regarding the disposal of unclaimed property which comes into the custody of a military department. Reduces the period after which the owner is notified that the property is in the custody of a military department before the property may be disposed of. Stipulates that property with a value of more than $200 may not be disposed of for 30 days in the event the owner cannot be ascertained (previously property worth $25 or more could not be disposed of for three months).