PRIA, Government Policy, Made Personal

Summary

If a corporation or other legal entity can get an award under this law, no one else can get an award for that same claim. If a person claims loss because they owned, directly or indirectly, part of a company that actually suffered the loss, the claim will be considered no matter the company’s nationality if at the time of the loss at least 25 percent of the company’s outstanding stock or other ownership was owned, directly or indirectly, by people who were U.S. nationals. Claims from direct owners for losses caused by nationalization, compulsory liquidation, or other taking by the Governments of Bulgaria, Hungary, Italy, Rumania, or the Soviet Government may be allowed even if the U.S. ownership was less than 25 percent.

Title 22, §1641j

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)If a corporation or other legal entity has a claim on which an award may be made under this subchapter, no award may be made to any other person under this subchapter with respect to such claim.

(b)A claim based upon an interest, direct or indirect, in a corporation or other legal entity which directly suffered the loss with respect to which the claim is asserted, but which was not a national of the United States at the time of the loss, shall be acted upon without regard to the nationality of such legal entity if at the time of the loss at least 25 per centum of the outstanding capital stock or other beneficial interest in such entity was owned, directly or indirectly, by natural persons who were nationals of the United States. This subsection shall not be construed so as to exclude from eligibility a claim based upon a direct ownership interest in a corporation, association, or other entity, or the property thereof, for loss by reason of the nationalization, compulsory liquidation, or other taking of such corporation, association, or other entity by the Governments of Bulgaria, Hungary, Italy, Rumania, or the Soviet Government. Any such claim may be allowed without regard to the per centum of ownership vested in the claimant.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1958—Subsec. (b). Pub. L. 85–604 provided that it shall not be construed so as to exclude from eligibility a claim based upon a direct ownership interest in a corporation, association, or other entity, or the property thereof, for loss by reason of the nationalization, compulsory liquidation, or other taking, and permitted allowance of such claim without regard to the per centum of ownership vested in the claimant.

Statutory Notes and Related Subsidiaries

Reconsideration of Claims Pub. L. 85–604, § 3(b), Aug. 8, 1958, 72 Stat. 531, provided that any claim heretofore denied under subsec. (b) of this section, prior to Aug. 8, 1958, would be reconsidered by the Foreign Claims Settlement Commission solely to redetermine its validity and amount.

§1641j Claims by Corporations or Other Legal Entities