[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR587.205]

[Page 877-878]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 587--FEDERAL REPUBLIC OF YUGOSLAVIA (SERBIA AND MONTENEGRO) MILOSEVIC SANCTIONS REGULATIONS--Table of Contents
 
                         Subpart B--Prohibitions
 
Sec. 587.205  Expenses of maintaining blocked property; liquidation of blocked account.

    (a) Except as otherwise authorized, and notwithstanding the 
existence of any rights or obligations conferred or imposed by any 
international agreement or contract entered into or any license or 
permit granted before 12:01 a.m., eastern standard time, January 19, 
2001, all expenses incident to the maintenance of physical property 
blocked pursuant to Sec. 587.201(a) shall be the responsibility of the 
owners or operators of such property, which expenses shall not be met 
from blocked funds.

[[Page 878]]

    (b) Property blocked pursuant to Sec. 587.201(a) may, in the 
discretion of the Director, Office of Foreign Assets Control, be sold or 
liquidated and the net proceeds placed in a blocked interest-bearing 
account in the name of the owner of the property.