§1641i — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The Treasury must pay awards that the Commission certifies, following a set order. It must pay in full the principal of awards under section 1641d(a)(1) and any awards of $1,000 or less under sections 1641b, 1641c, and 1641d(a)(2). For awards over $1,000 under sections 1641b, 1641c, or 1641d(a)(2), the Treasury must first pay $1,000 on each. After those payments from a fund are made, it must pay the remaining principal on awards over $1,000 from that fund in proportion to each award’s unpaid share. Once all principal from a fund is paid, any money left in that fund must be paid out proportionally for accrued interest on awards that earn interest. Special rules apply for Romania, Bulgaria, and Hungary. If the Commission is allowed to settle certain claims for those countries, the Treasury must hold or balance payments so new settlement awards are paid in equal proportion to earlier payments on other award types, and some Hungarian awards (including certain U.S. dollar bonds and specified Standstill creditor claims) cannot get further payments. The Treasury must also deduct $125,000 from the Hungarian Claims Fund and transfer it to miscellaneous receipts in the U.S. Treasury in annual installments while Hungary makes payments under the March 6, 1973 agreement. All payments and applications follow Treasury regulations. An “award” means all certified awards for the same claimant from the same fund. If a claim now belongs to several people, the Commission can issue one award showing each person’s share, and payments go out in those shares.

Title 22, §1641i

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)The Secretary of the Treasury shall make payments on account of awards certified by the Commission pursuant to this subchapter as follows:

(1)Payment in full of the principal amount of each award made pursuant to section 1641d(a)(1) of this title and each award of $1,000 or less made pursuant to section 1641b or 1641c of this title;

(2)Payment in full of the principal amount of each award of $1,000 or less made pursuant to section 1641d(a)(2) of this title;

(3)Payment in the amount of $1,000 on account of the principal of each award of more than $1,000 in amount made pursuant to section 1641b, 1641c, or 1641d(a)(2) of this title;

(4)After completing the payments under the preceding paragraphs of this subsection from any one fund, payments from time to time, in ratable proportions, on account of the then unpaid principal of all awards in the principal amount of more than $1,000, according to the proportions which the unpaid principal of such awards bear to the total amount in the fund available for distribution on account of such awards at the time such payments are made;

(5)After payment has been made in full of the principal amounts of all awards from any one fund, pro rata payments from the remainder of such fund then available for distribution on account of accrued interest on such awards as bear interest;

(6)Whenever the Commission is authorized to settle claims by the enactment of paragraph (4) of section 1641b of this title with respect to Rumania and Bulgaria, no further payments shall be authorized by the Secretary of the Treasury on account of awards certified by the Commission pursuant to paragraph (1), (2), or (3) of section 1641b of this title of the Bulgarian or Rumanian Claims Funds, as the case may be, until payments on account of awards certified pursuant to paragraph (4) of section 1641b of this title with respect to such fund have been authorized in equal proportion to payments previously authorized on existing awards certified pursuant to paragraphs (1), (2), and (3) of section 1641b of this title.

(7)(A)Except as otherwise provided in subparagraph (D), whenever the Commission is authorized to settle claims by enactment of paragraph (5) of section 1641b of this title with respect to Hungary, no further payments shall be authorized by the Secretary of the Treasury on account of awards certified by the Commission under paragraphs (2) and (3) of section 1641b of this title out of the Hungarian Claims Fund until payments on account of awards certified under paragraph (5) of section 1641b of this title with respect to such fund have been authorized in equal proportions to payments previously authorized on existing awards certified under paragraphs (2) and (3) of section 1641b of this title.

(B)Except as otherwise provided in subparagraph (D), with respect to awards previously certified under paragraph (1) of section 1641b of this title, the Secretary of the Treasury shall not authorize any further payments until payments on account of awards certified under paragraphs (2), (3), and (5) of section 1641b of this title have been authorized in equal proportions to payments previously authorized on existing awards certified under paragraph (1) of section 1641b of this title.

(C)Except as otherwise provided in subparagraph (D), the Secretary of the Treasury shall not authorize any further payments on account of awards certified under paragraph (3) of section 1641b of this title based on Kingdom of Hungary bonds expressed in United States dollars or upon awards to Standstill creditors of Hungary that were the subject matter of the agreement of December 5, 1969, between the Government of Hungary and the American Committee for Standstill creditors of Hungary.

(D)No payments shall be authorized by the Secretary of the Treasury on account of awards certified by the Commission under paragraph (5) of section 1641b of this title, and no further payments shall be so authorized under paragraphs (1), (2), or (3) of section 1641b of this title (except payments certified as the result of claims filed under subsection (d) of section 1641e of this title), until payments on account of awards certified under such paragraphs (1), (2), and (3) as the result of a claims 11 So in original. Probably should be “claim”. filed under subsection (d) of section 1641e of this title have been authorized in equal proportions to payments previously authorized on existing awards certified under such paragraphs and arising out of claims filed other than under such subsection (d).

(E)The Secretary of the Treasury is authorized and directed to deduct the sum of $125,000 from the Hungarian Claims Fund and cover such amount into the Treasury to the credit of miscellaneous receipts in satisfaction of the claim of the United States referred to in article 2, paragraph 4 of the United States-Hungarian Claims Agreement of March 6, 1973. Such amount shall be deducted in annual installments over the period during which the Government of Hungary makes payments to the Government of the United States as provided in article 4 of the agreement.

(b)Such payments, and applications for such payments, shall be made in accordance with such regulations as the Secretary of the Treasury shall prescribe.

(c)For the purposes of making any such payments, an “award” shall be deemed to mean the aggregate of all awards certified in favor of the same claimant and payable from the same fund.

(d)With respect to any claim which, at the time of the award, is vested in persons other than the person to whom the claim originally accrued, the Commission may issue a consolidated award in favor of all claimants then entitled thereto, which award shall indicate the respective interests of such claimants therein; and all such claimants shall participate, in proportion to their indicated interests, in the payments provided by this section in all respects as if the award had been in favor of a single person.

Editorial Notes

Amendments

1974—Subsec. (a)(7). Pub. L. 93–460 added par. (7). 1968—Subsec. (a)(6). Pub. L. 90–421 added par. (6).

§1641i Payment of awards

Summary

Title 22, §1641i

Notes & Related Subsidiaries

Editorial Notes

Amendments

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