Source: https://www.law.cornell.edu/cfr/text/31/551.202
Timestamp: 2016-10-25 05:06:26
Document Index: 51467189

Matched Legal Cases: ['art 551', '§ 551', '§ 551', '§ 551', '§ 551', '§ 551']

31 CFR 551.202 - Effect of transfers violating the provisions of this part. | US Law | LII / Legal Information Institute
CFR › Title 31 › Subtitle B › Chapter V › Part 551 › Subpart B › Section 551.202 31 CFR 551.202 - Effect of transfers violating the provisions of this part.
§ 551.202 Effect of transfers violating the provisions of this part.
(a) Any transfer after the effective date that is in violation of any provision of this part or of any regulation, order, directive, ruling, instruction, or license issued pursuant to this part, and that involves any property or interest in property blocked pursuant to § 551.201, is null and void and shall not be the basis for the assertion or recognition of any interest in or right, remedy, power, or privilege with respect to such property or property interests.
(b) No transfer before the effective date shall be the basis for the assertion or recognition of any right, remedy, power, or privilege with respect to, or any interest in, any property or interest in property blocked pursuant to § 551.201, unless the person who holds or maintains such property, prior to that date, had written notice of the transfer or by any written evidence had recognized such transfer.
Transfers of property that otherwise would be null and void or unenforceable by virtue of the provisions of this section shall not be deemed to be null and void or unenforceable as to any person with whom such property is or was held or maintained (and as to such person only) in cases in which such person is able to establish to the satisfaction of the Office of Foreign Assets Control each of the following paragraphs (d)(1) through (3):
Note to paragraph (d) of § 551.202:
(e) Unless licensed pursuant to this part, any attachment, judgment, decree, lien, execution, garnishment, or other judicial process is null and void with respect to any property in which, on or since the effective date, there existed an interest of a person whose property and interests in property are blocked pursuant to § 551.201.