[Code of Federal Regulations]

[Title 31, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR535.218]



[Page 143]

 

                  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 B_Prohibitions

 

Sec. 535.218  Prohibitions and nullifications with respect to property 



described in Sec. Sec. 535.211, 535.212, 535.213, 535.214 and 535.215 

and standby 

          letters of credit.



    (a) All licenses and authorizations for acquiring or exercising any 

right, power or privilege, by court order, attachment, or otherwise, 

including the license contained in Sec. 535.504, with respect to the 

property described in Sec. Sec. 535.211, 535.212, 535.213, 535.214 and 

535.215 are revoked and withdrawn.

    (b) All rights, powers and privileges relating to the property 

described in Sec. Sec. 535.211, 535.212, 535.213, 535.214 and 535.215 

and which derive from any attachment, injunction, other like proceedings 

or process, or other action in any litigation after November 14, 1979, 

at 8:10 a.m., e.s.t., including those derived from Sec. 535.504, other 

than rights, powers and privileges of the Government of Iran and its 

agencies, instrumentalities and controlled entities, whether acquired by 

court order or otherwise, are nullified, and all persons claiming any 

such right, power or privilege are hereafter barred from exercising the 

same.

    (c) All persons subject to the jurisdiction of the United States are 

prohibited from acquiring or exercising any right, power or privilege, 

whether by court order or otherwise, with respect to property (and any 

income earned thereon) referred to in Sec. Sec. 535.211, 535.212, 

535.213, 535.214 and 535.215.

    (d) The prohibitions contained in paragraph (c) of this section 

shall not apply to Iran, its agencies, instrumentalities or controlled 

entities.

    (e) Paragraph (a) of this section does not revoke or withdraw 

specific licenses authorizing the operation of blocked accounts which 

were issued prior to January 19, 1981, and which do not relate to 

litigation. Such licenses shall be deemed to be revoked as of May 31, 

1981, unless extended by general or specific license issued subsequent 

to February 26, 1981.

    (f) The provisions of paragraphs (a), (b) and (c) of this section 

shall apply to contested and contingent liabilities and property 

interests of the Government of Iran, its agencies, instrumentalities or 

controlled entities, including debts.

    (g) All existing attachments on standby letters of credit, 

performance bonds and similar obligations and on substitute blocked 

accounts established under Sec. 535.568 relating to standby letters of 

credit, performance bonds and similar obligations are nullified and all 

future attachments on them are hereafter prohibited. All rights, powers 

and privileges relating to such attachments are nullified and all 

persons hereafter are barred from asserting or exercising any rights, 

powers or privileges derived therefrom.



(Secs. 201-207, 91 Stat. 1626, 50 U.S.C. 1701-1706; E.O. 12170, 44 FR 

65729; E.O. 12205, 45 FR 24099; E.O. 12211, 45 FR 26685; E.O. 12276, 46 

FR 7913; E.O. 12279, 46 FR 7919; E.O. 12280, 46 FR 7921; E.O. 12281, 46 

FR 7923; E.O. 12282, 46 FR 7925; E.O. 12283, 46 FR 7927, and E.O. 12294, 

46 FR 14111)



[46 FR 14334, Feb. 26, 1981, as amended at 46 FR 26477, May 13, 1981]