31 C.F.R. § 535.504

Certain judicial proceedings with respect to property of Iran or Iranian entities

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(a) Subject to the limitations of paragraphs (b) and (c) of this section and § 535.222, judicial proceedings are authorized with respect to property in which on or after 8:10 a.m., e.s.t., November 14, 1979, there has existed an interest of Iran or an Iranian entity.

(b) This section does not authorize:

(1) Any pre-judgment attachment or any other proceeding of similar or analogous effect pertaining to any property (and any income earned thereon) subject to the provisions of §§ 535.211, 535.212, 535.213, 535.214 or 535.215 on January 19, 1981, including, but not limited to, a temporary restraining order or preliminary injunction, which operates as a restraint on property, for purposes of holding it within the jurisdiction of a court, or otherwise;

(2) Any payment or delivery out of a blocked account based upon a judicial proceeding, pertaining to any property subject to the provisions of § 535.211, § 535.212, § 535.213, § 535.214 or § 535.215 on January 19, 1981;

(3)(i) Any final judicial judgment or order (A) permanently enjoining, (B) terminating or nullifying, or (C) otherwise permanently disposing of any interest of Iran in any standby letter of credit, performance bond or similar obligation. Any license authorizing such action is hereby revoked and withdrawn. This revocation and withdrawal of prior licenses prohibits judgments or orders that are within the terms of this paragraph (b)(3)(i), including any such judgments or orders which may have been previously entered but which had not become final by July 2, 1982, through the conclusion of appellate proceedings or the expiration of the time for appeal.

(ii) Nothing in this paragraph (b)(3) shall prohibit the assertion of any defense, set-off or counterclaim in any pending or subsequent judicial proceeding commenced by the Government of Iran, any political subdivision of Iran, or any agency, instrumentality or entity owned or controlled by the Government of Iran or any political subdivision thereof.

(iii) Nothing in this paragraph (b)(3) shall preclude the commencement of an action for the purpose of tolling the period of limitations for commencement of such action.

(iv) Nothing in this paragraph (b)(3) shall require dismissal of any action for want of prosecution.

(c) For purposes of this section, contested and contingent liabilities and property interests of the Government of Iran, its agencies, instrumentalities, or controlled entities, including debts, shall be deemed to be subject to § 535.215.

(d) A judicial proceeding is not authorized by this section if it is based on transactions which violated the prohibitions of this part.

(e) Judicial proceedings to obtain attachments on standby letters of credit, performance bonds or similar obligations and on substitute blocked accounts established under § 535.568 relating to standby letters of credit, performance bonds and similar obligations are not authorized or licensed.

(Secs. 201-207, 91 Stat. 1626, 50 U.S.C. 1701-1706; E.O. 12170, 44 FR 65729; E.O. 12205, 45 FR 24099; E.O. 12211, 45 FR 26685; E.O. 12276, 46 FR 7913; E.O. 12279, 46 FR 7919; E.O. 12280, 46 FR 7921; E.O. 12281, 46 FR 7923; E.O. 12282, 46 FR 7925; E.O. 12283, 46 FR 7927, and E.O. 12294, 46 FR 14111) [46 FR 14336, Feb. 26, 1981, as amended at 46 FR 26477, May 13, 1981; 47 FR 29529, July 7, 1982; 47 FR 55482, Dec. 10, 1982; 48 FR 57129, Dec. 28, 1983]

Notes of Decisions

Cited in 13 cases, 1980–1998 · leading case: Islamic Repub. of Iran, Air Force of the Islamic Repub. of Iran v. The Boeing Co. & Logistics Support Corp., 771 F.2d 1279 (9th Cir. 1985).

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Islamic Repub. of Iran, Air Force of the Islamic Repub. of Iran v. The Boeing Co. & Logistics Support Corp., 771 F.2d 1279 (9th Cir. 1985). · cites it 2× “222 (g) (1984), while exempting these claims, also provides that “assertion of such a claim through judicial proceedings is governed by the general license in [31 C.F.R.] § 535.504.” Id. This regulation provides that, except for claims that are suspended pursuant to the Accords…”

Rockwell Int'l Sys., Inc., Plaintiff-Appellee-Cross-Appellant v. Citibank, N.A. & Bank Tejarat, Defendants-Appellants-Cross-Appellees, 719 F.2d 583 (2d Cir. 1983). · cites it 2× “” 31 C.F.R. § 535.504 (b)(3)(i) (1983). As the “supplementary information” accompanying this regulation makes clear, the purpose of the regulation “is to preserve the status quo by continuing to allow U.”

Itek Corp. v. The First Nat'l Bank of Boston, Bank Melli Iran, Itek Corp. v. The First Nat'l Bank of Boston, 704 F.2d 1 (1st Cir. 1983). · cites it 2× “31 C.F.R. § 535.504 , which had barred the entry of any final judgment affecting blocked assets, was amended to remove the prohibition against final judgments in proceedings not suspended by § 535.”

Reading & Bates Corp. v. United States, 40 Fed. Cl. 737 (Fed. Cl. 1998). “” 31 C.F.R. § 535.504 (b)(1). On December 19, 1979, the regulations were amended to clarify that the “general authorization for judicial proceedings .”

Marschalk Co., Inc. v. Iran Nat. Airlines Corp., 518 F. Supp. 69 (S.D.N.Y. 1981). · cites it 2× “Part 535, authorizing the maintenance of law suits against Iran, 31 C.F.R. § 535.504 (a) (1979), 6 and the imposi *74 tion of attachments on Iranian property located within the United States, 31 C.”

Sec. Pac. Nat'l Bank v. Gov't & State of Iran, 513 F. Supp. 864 (C.D. Cal. 1981). “31 C.F.R. § 535.504 (1980). The Regulations also authorized the issuance of pre-judgment attachments against the blocked funds.”

Repub. Nat. Bank of New York v. Sabet, 512 F. Supp. 416 (S.D.N.Y. 1981). “Finally, Hormoz Sabet asserts that Republic has set off Firooz’s obligations under the note against the assets of other Iranian instrumentalities currently held frozen by Republic pursuant to President Carter’s Executive Orders of November 14, 1979 and April 7, 1980 and 31 CFR…”

Elec. Data Sys. Corp. Iran v. Soc. Sec. Org. of the Gov't of Iran, 508 F. Supp. 1350 (N.D. Tex. 1981). “1980), the Court refused to accept the interpretation of the Government of the United States that Section 504(d) of the Freeze Regulations 31 C.F.R. 535.504(b) precluded further judicial proceedings.”

Itek Corp. v. First Nat. Bank of Boston, 566 F. Supp. 1210 (D. Mass. 1983). “As a result, claims concerning the validity of standby letters of credit became subject to the general licensing provisions of 31 C.F.R. § 535.504 . On December 7, 1982, just two days before argument in the Court of Appeals, the regulations were again amended to prevent the…”

Am. Int'l Grp., Inc. v. Islamic Repub. of Iran, 657 F.2d 430 (D.C. Cir. 1981). · cites it 3× “” 31 C.F.R. § 535.504 (a), (b)(1) (1980). On December 19, 1979, the President issúed another regulation intended to clarify 31 C.”

Marks v. United States, 15 Cl. Ct. 609 (Ct. Cl. 1988). “31 C.F.R. § 535.504 ; 44 Fed.Reg. 67,617 (1979).”

Chas. T. Main Int'l, Inc. v. Khuzestan Water & Power Auth., 651 F.2d 800 (1st Cir. 1981). “31 C.F.R. § 535.504 , 44 Fed.Reg. 67617.) Effective November 19, 1979, all OFAC “rulings, licenses .”

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