§ 1631a. — Property owned by Bulgaria, Hungary, and Rumania or any national thereof.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC1631a]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 21--SETTLEMENT OF INTERNATIONAL CLAIMS
SUBCHAPTER II--VESTING AND LIQUIDATION OF BULGARIAN, HUNGARIAN, AND
RUMANIAN PROPERTY
Sec. 1631a. Property owned by Bulgaria, Hungary, and Rumania or
any national thereof
(a) Vesting of property; liquidation; disposition of net proceeds
In accordance with article 25 of the treaty of peace with Bulgaria,
article 29 of the treaty of peace with Hungary, and article 27 of the
treaty of peace with Rumania, any property which was blocked in
accordance with Executive Order 8389 of April 10, 1940, as amended, and
remains blocked on August 9, 1955, and which, as of September 15, 1947,
was owned directly or indirectly by Bulgaria, Hungary, and Rumania or by
any national thereof as defined in such Executive order, shall vest in
such officer or agency as the President may from time to time designate
and shall vest when, as, and upon such terms as the President or his
designee shall direct. Such property shall be sold or otherwise
liquidated as expeditiously as possible after vesting under such rules
and regulations as the President or his designee may prescribe. The net
proceeds remaining upon completion of the administration and liquidation
thereof, including the adjudication of any suits or claims with respect
thereto under sections 1631f and 1631g of this title, shall be covered
into the Treasury. Notwithstanding the preceding provisions of this
subsection, any such property determined by the President or his
designee to be owned directly by a natural person shall not be vested
under this subsection but shall remain blocked subject to release when,
as, and upon such terms as the President or his designee may prescribe.
If, at any time within one year from the date of the vesting of any
property under this subsection, the President or his designee shall
determine that it was directly owned at the date of vesting by a natural
person, then the President or his designee shall divest such property
and restore it to its blocked status prior to vesting, subject to
release when, as, and upon such terms as the President or his designee
may prescribe, or if such property has been liquidated, shall divest the
net proceeds thereof and carry them in blocked accounts with the
Treasury, bearing no interest, in the name of the owner thereof at the
date of vesting, subject to release when, as, and upon such terms as the
President or his designee may prescribe.
(b) Net proceeds of property vested in Alien Property Custodian or
Attorney General
The net proceeds of any property which was vested in the Alien
Property Custodian or the Attorney General after December 17, 1941,
pursuant to the Trading With the Enemy Act, as amended, and which at the
date of vesting was owned directly or indirectly by Bulgaria, Hungary,
or Rumania, or any national thereof, shall after completion of the
administration, liquidation, and disposition of such property pursuant
to such Act, including the adjudication of any suits or claims with
respect thereto under such Act, be covered into the Treasury, except
that the net proceeds of any such property which the President or his
designee shall determine was directly owned by a natural person at the
date of vesting shall be divested by the President or such officer or
agency as he may designate and carried in blocked accounts with the
Treasury, bearing no interest, in the name of the owner thereof at the
date of vesting, subject to release when, as, and upon such terms as the
President or his designee may prescribe.
(c) Determination of ownership by natural person of vested property
The determination under this section that any vested property was
not directly owned by a natural person at the date of vesting shall be
within the sole discretion of the President or his designee and shall
not be subject to review by any court.
(d) Furnishing of information; production of books and records
The President or his designee may require any person to furnish, in
the form of reports or otherwise, complete information, including
information with regard to past transactions, relative to any property
blocked under Executive Order 8389 of April 10, 1940, as amended, or as
may be otherwise necessary to enforce the provisions of this section;
and the President or his designee may require of any person the
production of any books of account, records, contracts, letters,
memoranda, or other papers relative to such property or as may be
otherwise necessary to enforce the provisions of this section.
(Mar. 10, 1950, ch. 54, title II, Sec. 202, as added Aug. 9, 1955, ch.
645, Sec. 3, 69 Stat. 562.)
References in Text
Executive Order 8389 of April 10, 1940, referred to in subsecs. (a)
and (d), is Ex. Ord. 8389, Apr. 10, 1940, 5 F.R. 1400, which is set out
under section 95a of Title 12, Banks and Banking.
The Trading With the Enemy Act, as amended, and such Act, referred
to in subsec. (b), is act Oct. 6, 1917, ch. 106, 40 Stat. 411, as
amended, which is classified to sections 1 to 6, 7 to 39 and 41 to 44 of
Title 50, Appendix, War and National Defense. For complete
classification of this Act to the Code, see Tables.
Transfer of Alien Property Custodian Functions
Functions of Alien Property Custodian and Office of Alien Property
Custodian, except those relating to property or interests in
Philippines, are now vested in Attorney General. See notes set out under
section 6 of Title 50, Appendix, War and National Defense.
Executive Order No. 10644
Ex. Ord. No. 10644, Nov. 8, 1955, 20 F.R. 8363, as amended by Ex.
Ord. No. 11281, May 13, 1966, 31 F.R. 7215, which designated the
Attorney General to perform functions of the President under this
subchapter and the Secretary of the Treasury to perform functions under
this section with respect to the release of blocked property and
accounts, was revoked by Ex. Ord. No. 12553, Feb. 25, 1986, 51 F.R.
7237.
Section Referred to in Other Sections
This section is referred to in sections 1631g, 1631l, 1631o, 1641a
of this title.
