§560.422 Termination and acquisition of an interest in blocked property.
(a) Whenever a transaction licensed or authorized by or pursuant to this part results in the transfer of property (including any property interest) away from the Government of Iran, an Iranian financial institution, or any other person whose property and interests in property are blocked pursuant to §560.211, such property shall no longer be deemed to be property blocked pursuant to §560.211, unless there exists in the property another interest that is blocked pursuant to §560.211, the transfer of which has not been effected pursuant to license or other authorization.
(b) Unless otherwise specifically provided in a license or authorization issued pursuant to this part, if property (including any property interest) is transferred or attempted to be transferred to the Government of Iran, an Iranian financial institution, or any other person whose property and interests in property are blocked pursuant to §560.211, such property shall be deemed to be property in which the Government of Iran, an Iranian financial institution, or that person has an interest and therefore blocked.
1) This provision is found in all sanctions regulations involving the blocking of property, and is substantively identical to all of its analogues (except for 515.403 of the CACR). Several of these provisions use the construction "has or has had" an interest, rather than "has an interest," but OFAC does not interpret that language to mean different things across programs. See General Note on the Meaning and Significance of the Construction "has or has had an interest."
2) For commentary on the scope and significance of this provision, see Note Common to “Termination and acquisition of an interest in blocked property” Interpretive Provisions (System Ed. Note).