§1631a Property owned by Bulgaria, Hungary, and Rumania or any national thereof

Summary

Property that was frozen under Executive Order 8389 of April 10, 1940, and still frozen on August 9, 1955, and that was owned (directly or indirectly) on September 15, 1947 by Bulgaria, Hungary, Rumania, or their nationals must be taken over by whatever officer or agency the President names. That property will be sold or liquidated as quickly as possible under rules the President sets. After paying costs and settling claims, the money left must go into the U.S. Treasury. If the President or the person he names decides a piece of property was owned directly by a natural person, that property will stay frozen instead of being taken. If the President later (within one year after taking it) finds it was owned by a person, the property or its sale money must be returned to frozen status or put in a blocked Treasury account in the owner’s name, with no interest, until the President allows release. Property that had already been taken under the Trading With the Enemy Act after December 17, 1941 and was owned by those countries or their nationals is handled the same way: after administration and sale the net money goes to the Treasury, except money from property later found to have been owned by a natural person must be put into a blocked, no-interest Treasury account in that person’s name. The President or his designee alone decides whether property was not owned by a natural person, and courts may not review that decision. The President or his designee may require people to give reports, papers, and records needed to enforce these rules.