[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: 31CFR587.205]



[Page 396]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY

 

PART 587_FEDERAL REPUBLIC OF YUGOSLAVIA (SERBIA AND MONTENEGRO) 

MILOSEVIC SANCTIONS REGULATIONS--Table of Contents

 

                         Subpart B_Prohibitions

 

Sec. 587.205  Expenses of maintaining blocked property; liquidation of 

blocked account.



    (a) Except as otherwise authorized, and notwithstanding the 

existence of any rights or obligations conferred or imposed by any 

international agreement or contract entered into or any license or 

permit granted before 12:01 a.m., eastern standard time, January 19, 

2001, all expenses incident to the maintenance of physical property 

blocked pursuant to Sec. 587.201(a) shall be the responsibility of the 

owners or operators of such property, which expenses shall not be met 

from blocked funds.

    (b) Property blocked pursuant to Sec. 587.201(a) may, in the 

discretion of the Director, Office of Foreign Assets Control, be sold or 

liquidated and the net proceeds placed in a blocked interest-bearing 

account in the name of the owner of the property.