[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR500.403]

[Page 533]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 500_FOREIGN ASSETS CONTROL REGULATIONS--Table of Contents
 
                        Subpart D_Interpretations
 
Sec. 500.403  Termination and acquisition of the interest of a 
designated national.

    (a) Except as provided in Sec. 500.525, whenever a transaction 
licensed or authorized by or pursuant to this chapter results in the 
transfer of property (including any property interest) away from a 
designated national, such property shall no longer be deemed to be 
property in which a designated national has or has had an interest 
unless there exists in such property an interest of a designated 
national, the transfer of which has not been effected pursuant to 
license or other authorization.
    (b) Unless otherwise specifically provided in a license or 
authorization contained in or issued pursuant to this chapter, if 
property (including any property interest) is transferred to a 
designated national such property shall be deemed to be property in 
which there exists the interest of a designated national.