[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: 31CFR550.210]



[Page 275-276]

 

                  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.



[[Page 276]]



    (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.



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]