C.F.R. » Title 31 » CHAPTER V—OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY › PART 535—IRANIAN ASSETS CONTROL REGULATIONS › Subpart B—Prohibitions

31 C.F.R. § 535.203

Effect of transfers violating the provisions of this part

Read at: eCFRecfr.gov CornellLII GovInfogovinfo.gov CasesGoogle Scholar

(a) Any transfer after the effective date 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 Iran has or has had an interest since such effective 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 the effective date 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 Iran has or has had an interest since the effective 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 effective 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.

(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 willful 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 the provision of 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, D.C., 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 the effective date there existed an interest of Iran.

(f) For the purpose of this section the term property includes gold, silver, bullion, currency, coin, credit, securities (as that term is defined in section 2(l) of the Securities Act of 1933, as amended), bills of exchange, notes, drafts, acceptances, checks, letters of credit, book credits, debts, claims, contracts, negotiable documents of title, mortgages, liens, annuities, insurance policies, options and futures in commodities, and evidences of any of the foregoing. The term property shall not, except to the extent indicated, be deemed to include chattels or real property.

[44 FR 65956, Nov. 15, 1979, as amended at 45 FR 24432, Apr. 9, 1980]
Notes of Decisions
Cited in 14 cases, 1980–2000 · leading case: Dames & Moore v. Regan, 453 U.S. 654 (1981).
Sort: Relevance Newest Treatment
Dames & Moore v. Regan, 453 U.S. 654 (1981). · cites it 3× “" 31 CFR § 535.203 (e) (1980). The regulations also made clear that any licenses or authorizations granted could be "amended, modified, or revoked at any time.”
United States v. Sperry Corp., 493 U.S. 52 (1989). “31 CFR § 535.203 (e) (1980). The regulations provided that any such license could be “amended, modified, or revoked at any time.”
Reading & Bates Corp. v. United States, 40 Fed. Cl. 737 (Fed. Cl. 1998). “31 C.F.R. § 535.203 (e) (1980). The regulations provided any license or authorization granted could be “amended, modified, or revoked at any time.”
Nat'l Oil Corp. v. Libyan Sun Oil Co., 733 F. Supp. 800 (D. Del. 1990). “210 (e) (Libyan Regulations) with 31 C.F.R. § 535.203 (c) (Iranian Regulations).”
Sec. Pac. Nat'l Bank v. Gov't & State of Iran, 513 F. Supp. 864 (C.D. Cal. 1981). “” 31 C.F.R. § 535.203 (e) (1980). The Regulations specifically authorized judicial proceedings against the blocked assets.”
Cont'l Grain Exp. Corp. v. Ministry of War-Etka Co., 603 F. Supp. 724 (S.D.N.Y. 1984). “” 31 C.F.R. § 535.203 (e) (1980). On January 19,1981, the governments of the United States and Iran entered into an agreement called the Declarations of the Democratic and Popular Republic of Algeria and Declaration of the Government of the Democratic and Popular Republic of…”
Marks v. United States, 15 Cl. Ct. 609 (Ct. Cl. 1988). “31 C.F.R. § 535.203 (e) (1980). The 1980 default judgment and writ were issued after the regulations became effective.”
Am. Int'l Grp., Inc. v. Islamic Repub. of Iran, 657 F.2d 430 (D.C. Cir. 1981). · cites it 2× “Of especial importance to the instant case is 31 C.F.R. § 535.203 (e) (1980), which states: 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…”
United States v. Schofield, 197 F.R.D. 6 (D.D.C. 2000). “3227; 31 C.F.R. § 535.203 (e) (1980). In sum, the property in question is closely intertwined with federal interests of the highest nature.”
Review of Dom. & Int'l Legal Implications of Implementing the Agreement with Iran (OLC 1981). “” 31 C.F.R. § 535.203 (e). Subsequently, all of the attachments and all of the other court orders against the Iranian assets held by the Fed were entered pursuant to a general license or authorization given by the Secretary of the Treasury effective November 23, 1979.”
Legality of the Int'l Agreement with Iran & Its Implementing Exec. Orders (II) (OLC 1981). “” 31 C.F.R. § 535.203 (e). Subsequently, all of the attachments and all of the other court orders against the Iranian assets held by the Fed were entered pursuant to a general license or authorization given by the Secretary o f the Treasury effective Novem ber 23, 1979.”
Legality of the Int'l Agreement with Iran & Its Implementing Exec. Orders (I) (OLC 1981). “” 31 C.F.R. § 535.203 (e). Subsequently, all of the attachments and all of the other court orders against the Iranian assets held by the Fed were entered pursuant to a general license or authorization given by the Secretary of the Treasury effective November 23, 1979.”
Show all 14 citing cases →
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.