§1631a Property Owned by Bulgaria, Hungary, and Rumania or Any National Thereof

Summary

Blocked property tied to Bulgaria, Hungary, or Rumania that was frozen under Executive Order 8389 and still frozen on August 9, 1955, and that was owned (directly or indirectly) by those countries or their nationals on September 15, 1947, must be transferred to an officer or agency the President chooses. The President decides when and on what terms. After transfer, the property should be sold or liquidated quickly under rules the President sets. The money left after costs and any claims goes into the U.S. Treasury. If the President finds a piece of property was owned directly by a private person (a "natural person") at the time of transfer, that property stays blocked instead of being transferred. If a transfer is made but within one year the President later decides it had been owned by a private person at the transfer date, the property is put back into blocked status, or if it was already sold, the cash is put into a non‑interest blocked Treasury account in the owner’s name. The same rule applies to property taken under the Trading With the Enemy Act after December 17, 1941: net proceeds go to the Treasury unless the President finds direct private ownership, in which case the proceeds go into a non‑interest blocked Treasury account in the owner’s name. The President’s decision that property was not directly owned by a private person is final and cannot be reviewed by a court. The President or his designee may require people to provide reports, records, and other papers needed to enforce these rules.