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31 CFR § 515.403 - Termination and acquisition of the interest of a designated national.

Date issued: Jul. 09 1963

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§515.403 Termination and acquisition of the interest of a designated national.
(a) Except as provided in §515.525, whenever a transaction licensed or authorized by or pursuant to this part results in the transfer of property (including any property interest) away from a designated national, such property shall no longer be deemed to be property in which a designated national has or has had an interest unless there exists in such property an interest of a designated national, the transfer of which has not been effected pursuant to license or other authorization.
(b) Unless otherwise specifically provided in a license or authorization contained in or issued pursuant to this part, if property (including any property interest) is transferred to a designated national such property shall be deemed to be property in which there exists the interest of a designated national.

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TURBOFAC Commentary (446 words)

Notes:

1) This provision uses the "designated national" terminology unique to the CACR, but is substantively equivalent to the analogue in IEEPA-based sanctions programs dealing with blocked property generally. Refer to Note Common to “Termination and acquisition of an interest in blocked property” Interpretive Provisions (System Ed. Note). 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) The "Except as provided in §515.525" clause in subsection (a) appears to be included in error. There is no longer a proviso relating to "termination of interest," as there was...