View all text of Subchapter I [§ 1621 - § 1627]
§ 1623. Claims
(a) Jurisdiction of Commission; bases for determination; fair market value
(1) The Commission shall have jurisdiction to receive, examine, adjudicate, and render a final decision with respect to any claim of the Government of the United States or of any national of the United States—
(A) included within the terms of the Yugoslav Claims Agreement of 1948;
(B) included within the terms of any claims agreement concluded on or after March 10, 1954, between the Government of the United States and a foreign government (exclusive of governments against which the United States declared the existence of a state of war during World War II) similarly providing for the settlement and discharge of claims of the Government of the United States and of nationals of the United States against a foreign government, arising out of the nationalization or other taking of property, by the agreement of the Government of the United States to accept from that government a sum in en bloc settlement thereof; or
(C) included in a category of claims against a foreign government which is referred to the Commission by the Secretary of State.
(2) In the decision of claims under this subchapter, the Commission shall apply the following in the following order:
(A) The provisions of the applicable claims agreement as provided in this subsection.
(B) The applicable principles of international law, justice, and equity. In determining the value of a claim under international law, the Commission shall award the fair market value of the property as of the time of the taking by the foreign government involved (without regard to any action or event that occurs after the taking), except that the value of the claim shall not reflect any diminution in value attributable to actions which are carried out, or threats of action which are made, by the foreign government with respect to the property before the taking. Fair market value shall be ascertained in accordance with the method most appropriate to the property taken and equitable to the claimant, including—
(i) market value of outstanding equity securities;
(ii) replacement value;
(iii) going-concern value (which includes consideration of an enterprise’s profitability); and
(iv) book value.
In the case of any claim for losses in a service industry, the appropriate basis of valuation shall be presumed to be that referred to in clause (iii). For purposes of the preceding sentence, the term “service” means economic activity the output of which is other than tangible goods.
(b) Notice of filing time; publication; basis of decisions; finality of decision
(c) Administration of oaths; examination of witnesses; subpenas; reporting of hearings; witness fees; contempt
(d) Depositions
(e) Penalties
(f) Attorney’s fees; limitation
(g) Representation by United States; payments
(h) Notification of disposition of claims; right to hearing; finality of Commission’s decision
(i) Separation of awards
(j) Compliance with administrative procedure law
(k) Compliance with principles of international law, justice and equity; fair market value
(Mar. 10, 1950, ch. 54, title I, § 4, 64 Stat. 13; Aug. 9, 1955, ch. 645, §§ 1, 2, 69 Stat. 562; Pub. L. 90–421, § 1(1), July 24, 1968, 82 Stat. 420; Pub. L. 99–451, § 1, Oct. 8, 1986, 100 Stat. 1138; Pub. L. 105–277, div. G, subdiv. B, title XXII, § 2211, Oct. 21, 1998, 112 Stat. 2681–812.)