[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: 31CFR535.333]



[Page 147]

 

                  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 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]