[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: 31CFR535.333]

[Page 659-660]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 535_IRANIAN ASSETS CONTROL REGULATIONS--Table of Contents
 
                      Subpart C_General Definitions
 
Sec. 535.333  Properties.

    (a) The term properties as used in Sec. 535.215 means all 
uncontested and non-contingent liabilities and property interests of the 
Government of Iran, its agencies, instrumentalities, or controlled 
entities, including debts. It does not include bank deposits or funds 
and securities. It also does not include obligations under standby 
letters of credit

[[Page 660]]

or similar instruments in the nature of performance bonds, including 
accounts established pursuant to Sec. 535.568.
    (b) Properties do not cease to fall within the definition in 
paragraph (a), above, merely due to the existence of unpaid obligations, 
charges or fees relating to such properties, or undischarged liens 
against such properties.
    (c) Liabilities and property interests of the Government of Iran, 
its agencies, instrumentalities, or controlled entities may be 
considered contested only if the holder thereof reasonably believes that 
Iran does not have title or has only partial title to the asset. After 
October 23, 2001, such a belief may be considered reasonable only if it 
is based upon a bona fide opinion, in writing, of an attorney licensed 
to practice within the United States stating that Iran does not have 
title or has only partial title to the asset. For purposes of this 
paragraph, the term holder shall include any person who possesses the 
property, or who, although not in physical possession of the property, 
has, by contract or otherwise, control over a third party who does in 
fact have physical possession of the property. A person is not a holder 
by virtue of being the beneficiary of an attachment, injunction or 
similar order.
    (d) Liabilities and property interests shall not be deemed to be 
contested solely because they are subject to an attachment, injunction, 
or other similar order.

[66 FR 38554, July 25, 2001]