1. Regulations
  2. title 31
  3. chapter V
  4. part 597
  5. subpart D
  6. § 597.404

View all text of Subpart D [§ 597.401 - § 597.407]

§ 597.404 - Setoffs prohibited.

A setoff against blocked funds (including a blocked account) by a U.S. financial institution is a prohibited transaction under § 597.201 if effected after the effective date.

AUTHORITY: 8 U.S.C. 1189; 18 U.S.C. 2339B; 31 U.S.C. 321(b); Pub. L. 101-410, 104 Stat. 890, as amended (28 U.S.C. 2461 note).

SOURCE: 62 FR 52495, Oct. 8, 1997, unless otherwise noted.

CITE AS: 31 CFR 597.404