TITLE 31 - MONEY AND FINANCE: TREASURY

SUBTITLE B - REGULATIONS RELATING TO MONEY AND FINANCE

CHAPTER V - OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY

PART 535 - IRANIAN ASSETS CONTROL REGULATIONS

subpart i - MISCELLANEOUS PROVISIONS

535.902 - Set - offs by U.S. owned or controlled firms abroad.

  (a) Branches and subsidiaries in foreign countries of persons subject to the jurisdiction of the United States are licensed to set-off their claims against Iran or Iranian entities by debit to blocked accounts held by them for Iran or Iranian entities.

  (b) The general license in paragraph (a) of this section is revoked as of January 19, 1981.

  (c) For purposes of this section, set-offs include combinations of accounts and any similar actions.

(Secs. 201207, 91 Stat. 1626, 50 U.S.C. 17011706; E.O. 12170, 44 FR 65729; E.O. 12205, 45 FR 24099; E.O. 12211, 45 FR 26685; E.O. 12276, 46 FR 7913; E.O. 12279, 46 FR 7919; E.O. 12280, 46 FR 7921; E.O. 12281, 46 FR 7923; E.O. 12282, 46 FR 7925; E.O. 12283, 46 FR 7927, and E.O. 12294, 46 FR 14111) [46 FR 14337, Feb. 26, 1981]