I 
112TH CONGRESS 
2D SESSION 
H. R. 4070 
To clarify certain provisions relating to the interests of Iran in certain 
assets, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 16, 2012 
Mr. TURNER of New York introduced the following bill; which was referred 
to the Committee on Foreign Affairs, and in addition to the Committees 
on Financial Services and the Judiciary, for a period to be subsequently 
determined by the Speaker, in each case for consideration of such provi-
sions as fall within the jurisdiction of the committee concerned 
A BILL 
To clarify certain provisions relating to the interests of Iran 
in certain assets, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. INTERESTS IN FINANCIAL ASSETS OF IRAN. 
(a) INTERESTS
IN
BLOCKED
ASSETS.—Notwith-
standing any other provision of law, and preempting any 
inconsistent provision of State law, the property interest 
of Iran in a blocked asset shall include an interest in prop-
erty of any nature whatsoever, direct or indirect, including 
any direct or indirect interest in securities or other finan-
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cial assets immobilized or in any other manner held in 
book entry form and credited to a securities account in 
the United States and the proceeds thereof, or in any 
funds transfers held in a United States financial institu-
tion. The property interest of Iran in securities or other 
financial assets immobilized or in any other manner held 
in book entry form and credited to a securities account 
in the United States and proceeds thereof shall be deemed 
to exist at every tier of securities intermediary necessary 
to hold an interest in any such securities or other financial 
assets. The property interest of Iran in a funds transfer 
shall exist at any intermediary bank necessary to complete 
such funds transfer. 
(b) PROPERTY IN THE UNITED STATES OF IRAN.— 
Notwithstanding any other provision of law, and pre-
empting any inconsistent provision of State law, the prop-
erty, including any interest in the property, of Iran shall 
be deemed to be property in the United States of Iran 
if— 
(1) that property is an interest, held directly or 
indirectly for the benefit of Iran or for the benefit 
of any securities intermediary that directly or indi-
rectly holds the interest for the benefit of Iran, in 
securities or other financial assets that are rep-
resented by certificates or are in other physical form 
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and are immobilized, custodized, or held for safe-
keeping or any other reason in the United States; or 
(2) that property is an interest in securities or 
other financial assets held in book entry form or oth-
erwise, and credited to a securities account in the 
United States by any securities intermediary directly 
or indirectly for the benefit of Iran or for the benefit 
of any other securities intermediary that directly or 
indirectly holds the interest for the benefit of Iran. 
(c) DETERMINATION OF WHETHER SECURITIES OR 
OTHER ASSETS ARE HELD OR CREDITED TO A SECURI-
TIES ACCOUNT IN THE UNITED STATES.—For purposes 
of this section, an interest in securities or other financial 
assets is held and credited to a securities account in the 
United States by a securities intermediary if the securities 
intermediary is located in the United States. A securities 
intermediary is conclusively presumed to be located in the 
United States if it is regulated in its capacity as a securi-
ties intermediary under the laws of the United States. 
(d) 
COMMERCIAL
ACTIVITY
IN
THE
UNITED 
STATES.—Notwithstanding any other provision of law, the 
ownership by Iran, or its central bank or monetary author-
ity, of any property, including the interest in property de-
scribed in paragraphs (1) and (2) of subsection (b), or 
any other interest in property, shall be deemed to be com-
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mercial activity in the United States and that property, 
including any interest in that property, shall be deemed 
not to be held for the central bank’s or monetary 
authority’s own account. 
(e) APPLICABILITY.—This section applies to all at-
tachments and proceedings in aid of execution issued or 
obtained before, on, or after the date of the enactment 
of this Act with respect to judgments entered against Iran 
for damages for personal injury or death caused by an 
act of torture, extrajudicial killing, aircraft sabotage, or 
hostage-taking, or the provision of material support or re-
sources for such an act. 
(f) DEFINITIONS.—In this section: 
(1) BLOCKED
ASSET.—The term ‘‘blocked 
asset’’— 
(A) means any asset seized or frozen by 
the United States under section 5(b) of the 
Trading With the Enemy Act (50 U.S.C. App. 
5(b)) or under section 202 or 203 of the Inter-
national Emergency Economic Powers Act (50 
U.S.C. 1701 and 1702); and 
(B) does not include property that— 
(i) is subject to a license issued by the 
United States Government for final pay-
ment, transfer, or disposition by or to a 
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person subject to the jurisdiction of the 
United States in connection with a trans-
action for which the issuance of the license 
has been specifically required by a provi-
sion of law other than the International 
Emergency Economic Powers Act (50 
U.S.C. 1701 et seq.) or the United Nations 
Participation Act of 1945 (22 U.S.C. 287 
et seq.); or 
(ii) is property subject to the Vienna 
Convention on Diplomatic Relations or the 
Vienna Convention on Consular Relations, 
or that enjoys equivalent privileges and im-
munities under the laws of the United 
States, and is being used exclusively for 
diplomatic or consular purposes. 
(2) 
CLEARING
CORPORATION.—The 
term 
‘‘clearing corporation’’ means— 
(A) a clearing agency (as defined in section 
3(a)(23) of the Securities Exchange Act of 
1934 (15 U.S.C. 78c(a)(23))); 
(B) a Federal reserve bank; or 
(C) any other person that provides clear-
ance or settlement services with respect to fi-
nancial assets that would require it to register 
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as a clearing agency under the Federal securi-
ties laws but for an exclusion or exemption 
from the registration requirement under section 
3(a)(23)(B) of the Securities Exchange Act of 
1934, if its activities as a clearing corporation, 
including promulgation of rules, are subject to 
regulation by a Federal or State governmental 
authority. 
(3) FINANCIAL ASSET; SECURITY.—The terms 
‘‘financial asset’’ and ‘‘security’’ have the meanings 
given those terms in the Uniform Commercial Code. 
(4) IRAN.—The term ‘‘Iran’’ means the Govern-
ment of Iran, including the central bank or mone-
tary authority of that Government and any agency 
or instrumentality of that Government. 
(5) PROPERTY SUBJECT TO THE VIENNA CON-
VENTION ON DIPLOMATIC RELATIONS OR THE VI-
ENNA CONVENTION ON CONSULAR RELATIONS.—The 
term ‘‘property subject to the Vienna Convention on 
Diplomatic Relations or the Vienna Convention on 
Consular Relations’’ means any property the attach-
ment in aid of execution or execution of which would 
result in a violation of an obligation of the United 
States under the Vienna Convention on Diplomatic 
Relations, done at Vienna April 18, 1961, or the 
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Convention on Consular Relations, done at Vienna 
April 24, 1963. 
(6) SECURITIES
INTERMEDIARY.—The term 
‘‘securities intermediary’’ means— 
(A) a clearing corporation; or 
(B) a person, including a bank or broker, 
that in the ordinary course of its business 
maintains securities accounts for others and is 
acting in that capacity. 
(7) UNITED
STATES.—The terms ‘‘United 
States’’ includes all territory and waters, continental 
or insular, subject to the jurisdiction of the United 
States. 
SEC. 2. EXCEPTIONS TO THE IMMUNITY FROM ATTACH-
MENT OR EXECUTION. 
(a) TITLE 28, UNITED STATES CODE.—Section 1610 
of title 28, United States Code, is amended— 
(1) in subsection (a)(7), by inserting after ‘‘sec-
tion 1605A’’ the following: ‘‘or section 1605(a)(7) 
(as such section was in effect on January 27, 
2008)’’; 
(2) in subsection (b)— 
(A) in paragraph (2)— 
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(i) by striking ‘‘(5), 1605(b), or 
1605A’’ and inserting ‘‘(5) or 1605(b)’’; 
and 
(ii) by striking the period at the end 
and inserting ‘‘, or’’; and 
(B) by adding after paragraph (2) the fol-
lowing: 
‘‘(3) the judgment relates to a claim for which 
the agency or instrumentality is not immune by vir-
tue of section 1605A of this chapter or section 
1605(a)(7) of this chapter (as such section was in 
effect on January 27, 2008), regardless of whether 
the property is or was involved in the act upon 
which the claim is based.’’; 
(3) by amending subsection (c) to read as fol-
lows: 
‘‘(c)(1) No attachment or execution referred to in any 
of paragraphs (1) through (6) of subsection (a), or in 
paragraph (1) or (2) of subsection (b), shall be permitted 
until the court of original jurisdiction has ordered such 
attachment and execution after having determined that a 
reasonable period of time has elapsed following the entry 
of judgment and the giving of any notice required under 
section 1608(e) of this chapter. 
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‘‘(2) No attachment or execution referred to in para-
graph (7) of subsection (a) or paragraph (3) of subsection 
(b) shall be permitted until the court of original jurisdic-
tion has ordered that such attachment and execution may 
proceed after having determined that a reasonable period 
of time has elapsed following the entry of judgment and 
the giving of any notice required under section 1608(e) 
of this chapter. For purposes of the preceding sentence, 
substantial compliance with the requirements of section 
1608(e) shall be deemed to be sufficient service under such 
section, and the rejection of or refusal to accept delivery 
of a default judgment served in substantial compliance 
with such requirements shall not affect the sufficiency of 
such service. The order of the court under this paragraph 
need not specify the assets that are to be subject to such 
attachment or execution.’’; and 
(4) in subsection (g)(1), in the matter pre-
ceding subparagraph (A), by inserting after ‘‘section 
1605A’’ the following: ‘‘or section 1605(a)(7) (as 
such section was in effect on January 27, 2008)’’. 
(b) TERRORISM RISK INSURANCE ACT OF 2002.— 
Section 201(a) of the Terrorism Risk Insurance Act of 
2002 (28 U.S.C. 1610 note) is amended by striking ‘‘sec-
tion 1605(a)(7)’’ and inserting ‘‘section 1605A or 
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1605(a)(7) (as such section was in effect on January 27, 
2008)’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall take effect as if included in the enact-
ment of the National Defense Authorization Act for Fiscal 
Year 2008 (Public Law 110–181; 122 Stat. 3) and shall 
apply with respect to— 
(1) any judgment pursuant to section 1605A of 
title 28, United States Code, or section 1605(a)(7) 
of such Code (as such section was in effect on Janu-
ary 27, 2008), that is entered before, on, or after 
the date of the enactment of such Act; and 
(2) any attachment or other proceedings in aid 
of execution, or execution, that is issued, obtained, 
or commenced before, on, or after the date of the en-
actment of such Act, upon a judgment described in 
paragraph (1). 
Æ 
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