31 C.F.R. § 515.557

Accounts of Cuban partnerships

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Specific licenses are issued unblocking partnerships established under the laws of Cuba as follows:

(a) Where all of the general partners and limited partners, if any, have emigrated from Cuba and have established residence in the United States or in a country in the authorized trade territory, specific licenses are issued unblocking the assets of the partnership after deducting the total debt due creditors wherever located.

(b) Where one or more partners, whether general or limited, is still in Cuba (or elsewhere but still blocked), specific licenses are issued unblocking only the net pro-rata shares of those partners who are resident in the United States or in a country in the authorized trade territory after deducting the total debt due creditors wherever located.

(1) Detailed information as to the status of all debts and other obligations of the blocked partnership, specifying the citizenship and residence of each creditor as of July 8, 1963, and as of the date of the application;

(2) Current status of the Cuban partnership, e.g., liquidated, nationalized, inoperative, etc.;

(3) A detailed description of all the partnership's assets, wherever located; and,

(4) A list of all partners, indicating whether they are general, limited, etc. and giving their citizenship and residence as of July 8, 1963, and as of the date of filing of the application.

[39 FR 25319, July 10, 1974]

Notes of Decisions

Cited in 2 cases, 1981–1981 · leading case: Tole S.A. v. Miller, 530 F. Supp. 999 (S.D.N.Y. 1981).

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Tole S.A. v. Miller, 530 F. Supp. 999 (S.D.N.Y. 1981). · cites it 3× “In July, 1974, the Regulations were amended to issue licenses unblocking assets owned by partners and sole proprietors, whether American citizens or citizens of countries in “authorized trade territories”, 3 31 C.F.R. § 515.557 , allowing them to obtain their pro rata shares…”

Mario Alfonso Tagle & Lourdes A. Martinez v. Donald T. Regan, as Sec'y of Treasury of the United States, Defendant, 643 F.2d 1058 (5th Cir. 1981). “Specific licenses are issued unblocking partnerships established under the laws of Cuba as follows: (a) Where all of the general partners and limited partners, if any, have emigrated from Cuba and have established residence in the United States or in a country in the authorized…”

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