1. Regulations
  2. title 31
  3. chapter V
  4. part 578
  5. subpart D
  6. § 578.410

View all text of Subpart D [§ 578.401 - § 578.411]

§ 578.410 - Setoffs prohibited.

A setoff against blocked property (including a blocked account), whether by a U.S. financial institution or other U.S. person, is a prohibited transfer under § 578.201 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; Pub. L. 101-410, 104 Stat. 890, as amended (28 U.S.C. 2461 note); Pub. L. 115-44, 131 Stat. 886 (codified in scattered sections of 22 U.S.C.); E.O. 13694, 80 FR 18077, 3 CFR 2015 Comp., p. 297; E.O. 13757, 82 FR 1, 3 CFR 2016 Comp., p. 659.

SOURCE: 87 FR 54376, Sept. 6, 2022, unless otherwise noted.

CITE AS: 31 CFR 578.410