§1643d — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

Claims for losses from owning or being owed money by a company have limits. If the company is a U.S. national, ownership claims are not accepted. Claims based on debt owed by a company organized under U.S., State, District of Columbia, or Puerto Rico law will be considered only if the debt is tied to property that was nationalized, expropriated, intervened, or taken by the Government of Cuba or the Chinese Communist regime. Direct ownership loss claims are allowed if the company was not a U.S. national when the loss happened, no matter how big the owner’s share was. Indirect ownership claims are allowed only if at least 25 percent of the company was owned by U.S. nationals at the time of the loss. The claim amount equals the company’s total loss multiplied by the claimant’s ownership share at that time.

Title 22, §1643d

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)A claim under section 1643b(a) of this title based upon an ownership interest in any corporation, association, or other entity which is a national of the United States shall not be considered. A claim under section 1643b(a) of this title based upon a debt or other obligation owing by any corporation, association, or other entity organized under the laws of the United States, or of any State, the District of Columbia, or the Commonwealth of Puerto Rico shall be considered, only when such debt or other obligation is a charge on property which has been nationalized, expropriated, intervened, or taken by the Government of Cuba, or the Chinese Communist regime.

(b)A claim under section 1643b(a) of this title based upon a direct ownership interest in a corporation, association, or other entity for loss shall be considered, subject to the other provisions of this subchapter, if such corporation, association, or other entity on the date of the loss was not a national of the United States, without regard to the per centum of ownership vested in the claimant.

(c)A claim under section 1643b(a) of this title based upon an indirect ownership interest in a corporation, association, or other entity for loss shall be considered, subject to the other provisions of this subchapter, only if at least 25 per centum of the entire ownership interest thereof at the time of such loss was vested in nationals of the United States.

(d)The amount of any claim covered by subsection (b) or (c) of this section shall be calculated on the basis of the total loss suffered by such corporation, association, or other entity, and shall bear the same proportion to such loss as the ownership interest of the claimant at the time of loss bears to the entire ownership interest thereof.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1966—Subsec. (a). Pub. L. 89–780 provided for applicability of subsection to property nationalized or taken by the Chinese Communist regime. 1965—Subsec. (a). Pub. L. 89–262 authorized consideration of claims based on debt or other obligation owing by corporations or other legal entities which is a charge on property nationalized, expropriated, intervened, or taken by Government of Cuba.

§1643d Claims Based on Ownership Interest in or Debt or Other Obligations Owing by Corporations or Other Legal Entities

Summary

Title 22, §1643d

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata