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

31 C.F.R. § 535.902

Set-offs by U.S. owned or controlled firms abroad

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(a) Branches and subsidiaries in foreign countries of persons subject to the jurisdiction of the United States are licensed to set-off their claims against Iran or Iranian entities by debit to blocked accounts held by them for Iran or Iranian entities.

(b) The general license in paragraph (a) of this section is revoked as of January 19, 1981.

(c) For purposes of this section, set-offs include combinations of accounts and any similar actions.

(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 14337, Feb. 26, 1981]
Notes of Decisions
Cited in 3 cases, 1980–1981 · leading case: Chase Manhattan Bank v. State of Iran, 484 F. Supp. 832 (S.D.N.Y. 1980).
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Chase Manhattan Bank v. State of Iran, 484 F. Supp. 832 (S.D.N.Y. 1980). “Oné of these regulations, 31 C.F.R. § 535.902 , provided: “Branches and subsidiaries in foreign countries of persons subject to the jurisdiction of the United States are licensed to set-off their claims against Iran or Iranian entities by debit to blocked accounts held by them…”
Legality of the Int'l Agreement with Iran & Its Implementing Exec. Orders (II) (OLC 1981). “31 C.F.R. §535.902 . As a result of this license, American banks with 18 branches overseas set off various debts owing to them by Iran and Iranian entities.”
Legality of the Int'l Agreement with Iran & Its Implementing Exec. Orders (I) (OLC 1981). “31 C.F.R. §535.902 . As a result of this license, American banks with 307 branches overseas set off various debts owing to them by Iran and Iranian entities.”
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