[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: 31CFR550.210]

[Page 758-759]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 550_LIBYAN SANCTIONS REGULATIONS--Table of Contents
 
                         Subpart B_Prohibitions
 
Sec. 550.210  Effect of transfers violating the provisions of this part.

    (a) Any transfer after 4:10 p.m. e.s.t., January 8, 1986, which is 
in violation of any provision of this part or of any regulation, ruling, 
instruction, license, or other direction or authorization thereunder and 
involves any property in which the Government of Libya has or has had an 
interest since such date is null and void and shall not be the basis for 
the assertion or recognition of any interest in or right, remedy, power 
or privilege with respect to such property.
    (b) No transfer before 4:10 p.m. e.s.t., January 8, 1986, shall be 
the basis for the assertion or recognition of any right, remedy, power, 
or privilege with respect to, or interest in, any property in which the 
Government of Libya has or has had an interest since such date, unless 
the person with whom such property is held or maintained had written 
notice of the transfer or by any written evidence had recognized such 
transfer prior to such date.
    (c) Unless otherwise provided, an appropriate license or other 
authorization issued by or pursuant to the direction or authorization of 
the Secretary of the Treasury before, during or after a transfer shall 
validate such transfer or render it enforceable to the same extent as it 
would be valid or enforceable but for the provisions of the 
International Emergency Economic Powers Act and this part and any 
ruling, order, regulation, direction or instruction issued hereunder.
    (d) Transfers of property which otherwise would be null and void or 
unenforceable, by virtue of the provisions of this section, shall not be 
deemed to be null and void or unenforceable pursuant to such provisions, 
as to any person with whom such property was held or maintained (and as 
to such person only) in cases in which such person is able to establish 
each of the following:
    (1) Such transfer did not represent a willfull violation of the 
provisions of this part by the person with whom such property was held 
or maintained:
    (2) The person with whom such property was held or maintained did 
not have reasonable cause to know or suspect, in view of all the facts 
and circumstances known or available to such person, that such transfer 
required a license or authorization by or pursuant to this part and was 
not so licensed or authorized, or if a license or authorization did 
purport to cover the transfer, that such license or authorization had 
been obtained by misrepresentation or the withholding of material facts 
or was otherwise fraudulently obtained; and
    (3) Promptly upon discovery that:
    (i) Such transfer was in violation of the provisions of this part or 
any regulation, ruling, instruction, license or other direction or 
authorization thereunder, or
    (ii) Such transfer was not licensed or authorized by the Secretary 
of the Treasury, or
    (iii) If a license did purport to cover the transfer, such license 
had been obtained by misrepresentation or the withholding of material 
facts or was otherwise fraudulently obtained; the person with whom such 
property was held or maintained filed with the Treasury Department, 
Washington, DC, a report in triplicate setting forth in full the 
circumstances relating to such transfer.

[[Page 759]]


The filing of a report in accordance with the provisions of this 
paragraph shall not be deemed to be compliance or evidence of compliance 
with paragraphs (d)(1) and (2) of this section.
    (e) Unless licensed or authorized pursuant to this part, any 
attachment, judgment, decree, lien, execution, garnishment or other 
judicial process is null and void with respect to any property in which 
on or since 4:10 p.m. e.s.t., January 8, 1986, there existed an interest 
of the Government of Libya.

[51 FR 2462, Jan. 16, 1986]