[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: 31CFR535.438]



[Page 150-151]

 

                  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 D_Interpretations

 

Sec. 535.438  Standby letters of credit, performance or payment bonds 

and similar obligations.



    (a) Nothing contained in Sec. Sec. 535.212, 535.213 and 535.214 or 

in any other provision or revocation or amendment of any provision in 

this part affects the prohibition in Sec. 535.201 and the licensing 

procedure in Sec. 535.568 relating to certain standby letters of 

credit, performance bonds and similar obligations. The term funds and 

securities as used in this part does not include substitute blocked 

accounts established under section 535.568 relating to standby letters 

of credit, performance or payment bonds and similar obligations.

    (b) No transfer requirement under Sec. 535.213 or Sec. 535.214 

shall be deemed to authorize or compel any payment or transfer of any 

obligation under a standby letter of credit, performance bond or similar 

obligation as to which a blocked account has been established



[[Page 151]]



pursuant to Sec. 535.568 or as to which payment is prohibited under an 

injunction obtained by the account party.



(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 14336, Feb. 26, 1981, as amended at 46 FR 30341, June 8, 1981]