Any payment of funds or transfer of credit in which a person whose property and interests
in property are blocked pursuant to § 548.201(a) has any interest that comes within the possession or control of a U.S. financial institution must be blocked in an account on the books of that financial
institution. A transfer of funds or credit by a U.S. financial institution between blocked accounts
in its branches or offices is authorized, provided that no transfer is made from an
account within the United States to an account held outside the United States, and
further provided that a transfer from a blocked account may be made only to another
blocked account held in the same name.
Note to § 548.504: See § 501.603 of this chapter for mandatory reporting requirements
regarding financial transfers. See also § 548.203 concerning the obligation to hold blocked funds in interest-bearing
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.