31 CFR § 515.517 - Access to safe deposit boxes under certain conditions.

Date issued: Jul. 09 1963

TURBOFAC Commentary (156 words)

Notes:

1) Read in conjunction with 515.306 (Custody of safe deposit boxes) and 515.408 (Access to certain safe deposit boxes prohibited). Note that 515.311 specifies that "safe deposit boxes and their contents" are "property." No further guidance is provided with respect to the question of whether the removal of blocked contents pursuant to the terms of this license means that the blocked person loses its "interest" in the box itself, such that it could be re-leased, but that would appear to be the purpose of allowing the transfer of the contents to another box.

2) The Office of Alien Property was abolished in 1966.

3) See FAC No. CU-155527; C-19065; Related OFAC Email from 2017 for an interpretation of this provision. The related OFAC Email from 2017 suggests that 515.523 unblocks safe deposit boxes in many cases in which one might otherwise be inclined to refer to this provision.