C.F.R. » Title 31 » CHAPTER V—OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY › PART 535—IRANIAN ASSETS CONTROL REGULATIONS › Subpart E—Licenses, Authorizations and Statements of Licensing Policy

31 C.F.R. § 535.502

Effect of license or authorization

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(a) No license or other authorization contained in this part or otherwise issued by or under the direction of the Secretary of the Treasury pursuant to section 203 of the International Emergency Economic Powers Act, shall be deemed to authorize or validate any transaction effected prior to the issuance thereof, unless such license or other authorization specifically so provides.

(b) No regulation, ruling, instruction, or license authorizes a transaction prohibited under this part unless the regulation, ruling, instruction, or license is issued by the Treasury Department and specifically refers to this part. No regulation, ruling, instruction or license referring to this part shall be deemed to authorize any transaction prohibited by any provision of parts 500, 505, 515, 520 or 530 of this chapter unless the regulation, ruling, instruction or license specifically refers to such provision.

(c) Any regulation, ruling, instruction or license authorizing a transaction otherwise prohibited under this part has the effect of removing a prohibition or prohibitions in subpart B from the transaction, but only to the extent specifically stated by its terms. Unless the regulation, ruling, instruction or license otherwise specifies, such an authorization does not create any right, duty, obligation, claim, or interest in, or with respect to, any property which would not otherwise exist under ordinary principles of law.

[44 FR 66833, Nov. 21, 1979, as amended at 44 FR 75353, Dec. 19, 1979]
Notes of Decisions
Cited in 5 cases, 1980–2016 · leading case: Weinstein v. Islamic Repub. of Iran, 299 F. Supp. 2d 63 (E.D.N.Y 2004).
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Weinstein v. Islamic Repub. of Iran, 299 F. Supp. 2d 63 (E.D.N.Y 2004). · cites it 2× “” 31 C.F.R. § 535.502 (c). Thus, the general license of § 535.”
Est. of Heiser v. Islamic Repub. of Iran, 807 F. Supp. 2d 9 (D.D.C. 2011). “” 31 C.F.R. § 535.502 (c). Thus, because transactions between Sprint and TIC are undertaken under an OFAC licensing scheme, they are unblocked and not subject to attachment.”
Behring Int'l, Inc. v. Miller, 504 F. Supp. 552 (D.N.J. 1980). “See 31 C.F.R. §§ 535.502 (c), 535.567 (1980).”
Receivers of Sabena SA v. Deutsche Bank A.G., 142 A.D.3d 242 (N.Y. App. Div. 2016). “82-Civ-1087 (RLC)] [in dismissing claims against a bank for refusing to make a payment permitted by a license as an exception to sanctions against Iran, the court relied on 31 CFR 535.502 (c), containing language identical to the above-quoted language from 31 CFR 538.”
Receivers of Sabena SA v. Deutsche Bank A.G. (N.Y. App. Div. 2016). “17, 1983] [in dismissing claims against a bank for refusing to make a payment permitted by a license as an exception to sanctions against Iran, the court relied on 31 CFR 535.502(c), containing language identical to the above-quoted language from 31 CFR 538.”
— 31 C.F.R. § 535.502(c) — 1 case
Receivers of Sabena SA v. Deutsche Bank A.G. (N.Y. App. Div. 2016). “17, 1983] [in dismissing claims against a bank for refusing to make a payment permitted by a license as an exception to sanctions against Iran, the court relied on 31 CFR 535.502(c), containing language identical to the above-quoted language from 31 CFR 538.”
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