What you must do
Hold real property, equipment, and intangible property acquired or improved with the Federal award in trust, as trustee, for the beneficiaries of the project or program under which the property was acquired or improved; record liens or other notices of record indicating Federal acquisition/improvement and applicable use and disposition conditions when the agency or pass-through entity requires it.
When it applies
Any real property, equipment, or intangible property is acquired or improved with Federal award funds.