PRIA, Government Policy, Made Personal

Summary

The Alien Property Custodian must divide the unallocated interest fund among the different trusts based on earnings figured by the Treasury Secretary. The "unallocated interest fund" is the pool of interest earnings not yet assigned. After the split, the Custodian must pay each person their trust share when a final U.S. court decision or an opinion of the Attorney General says they are entitled to it. For certain claimants named in the law, the total amount allocated to their trusts is counted as a credit against $25,000,000 already invested in participating certificates; any excess over $25,000,000 is invested the same way. If those investments are repaid under section 4 of the Settlement of War Claims Act of 1928, the repayments must be shared pro rata among those claimants even if they signed receipts or releases. The fund may also be used to carry out these actions and to pay allocation costs.

Title 50, §4323

War and National Defense, Source: USLM XML via OLRC

(a)Allocation among trusts; basis of allocation

The Alien Property Custodian shall allocate among the various trusts the funds in the “unallocated interest fund” (as defined in section 4325 of this title). Such allocation shall be based upon the earnings (determined by the Secretary of the Treasury) on the total amounts deposited under section 4312 of this title.

(b)Payment to persons entitled to distributions

The Alien Property Custodian, when the allocation has been made, is authorized and directed to pay to each person entitled, in accordance with a final decision of a court of the United States or of the District of Columbia, or of an opinion of the Attorney General, to the distribution of any portion of such unallocated interest fund, the amount allocated to his trust, except as provided in subsection (c) of this section.

(c)Credit against amount invested in certificates

In the case of persons entitled, under paragraph (12), (13), (14), or (16) of subsection (b) of section 4309 of this title, to such return, and in the case of persons who would be entitled to such return thereunder if all such money or property had not been returned under paragraph (9) or (10) of such subsection, and in the case of persons entitled to such return under subsection (n) of section 4309 of this title, an amount equal to the aggregate amount allocated to their trusts shall be credited against the sum of $25,000,000 invested in participating certificates under paragraph (1) of subsection (b) of section 4322 of this title. If the aggregate amount so allocated is in excess of $25,000,000, an amount equal to the excess shall be invested in the same manner. Upon the repayment of any of the amounts so invested, under the provisions of section 4 of the Settlement of War Claims Act of 1928, the amount so repaid shall be distributed pro rata among such persons, notwithstanding any receipts or releases given by them.

(d)Availability of unallocated interest fund

The unallocated interest fund shall be available for carrying out the provisions of this section, including the expenses of making the allocation.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 4 of the Settlement of War Claims Act of 1928, referred to in subsec. (c), is section 4 of act Mar. 10, 1928, ch. 167, 45 Stat. 260, which is not classified to the Code. Codification Section was formerly classified to section 26 of the former Appendix to this title prior to editorial reclassification and renumbering as this section.

Amendments

1929—Subsec. (a). Act June 11, 1929, struck out “average rate of” before “earnings” in second sentence.

Executive Documents

Transfer of Functions

Functions vested by law in Alien Property Custodian and Office of Alien Property Custodian transferred to Attorney General by Reorg. Plan No. 1 of 1947, § 101, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 951, set out in the Appendix to Title 5, Government Organization and Employees.

§4323 Allocation of “unallocated Interest Fund”