1. Regulations
  2. title 31
  3. chapter V
  4. part 547
  5. subpart D
  6. § 547.410

View all text of Subpart D [§ 547.401 - § 547.411]

§ 547.410 - Setoffs prohibited.

A setoff against blocked property (including a blocked account), whether by a U.S. bank or other U.S. person, is a prohibited transfer under § 547.201 if effected after the effective date.

AUTHORITY: 3 U.S.C. 301; 31 U.S.C. 321(b); 50 U.S.C. 1601-1651, 1701-1706; 22 U.S.C. 287c; Pub. L. 101-410, 104 Stat. 890, as amended (28 U.S.C. 2461 note); E.O. 13413, 71 FR 64105, 3 CFR, 2006 Comp., p. 247; E.O. 13671, 79 FR 39949, 3 CFR, 2015 Comp., p. 280.

SOURCE: 74 FR 25441, May 28, 2009, unless otherwise noted.

CITE AS: 31 CFR 547.410