---
kind: "section"
citation: "31 C.F.R. § 535.567"
title: "31"
number: "535.567"
heading: "Payment under advised letters of credit."
url: "https://uscodex.org/cfr/31/535.567"
---

# §535.567. Payment under advised letters of credit.

- (a) Specific licenses may be issued for presentation, acceptance, or payment of documentary drafts under a letter of credit opened by an Iranian entity and advised by a domestic bank or an Iranian bank subject to the jurisdiction of the United States, provided, That:
  - (1) The letter of credit was advised prior to the effective date;
  - (2) The property which is the subject of the payment under the letter of credit was not in the possession or control of the exporter on or after the effective date;
  - (3) **The Beneficiary is a person subject to the jurisdiction of the United States.**
- (b) As a general matter, licenses will not be issued if the amount to be paid to a single payee exceeds $500,000, or if hardship cannot be shown.

## Notes

### Amendments

[44 FR 75354, Dec. 19, 1979]

### Authority

Authority: 3 U.S.C. 301; 18 U.S.C. 2332d; 31 U.S.C. 321(b); 50 U.S.C. 1601-1651, 1701-1706; Pub. L. 101-410, 104 Stat. 890, as amended (28 U.S.C. 2461 note); E.O. 12170, 44 FR 65729, 3 CFR, 1979 Comp., p. 457; E.O. 12205, 45 FR 24099, 3 CFR, 1980 Comp., p. 248; E.O. 12211, 45 FR 26685, 3 CFR, 1980 Comp., p. 253; E.O. 12276, 46 FR 7913, 3 CFR, 1981 Comp., p. 104; E.O. 12279, 46 FR 7919, 3 CFR, 1981 Comp., p. 109; E.O. 12280, 46 FR 7921, 3 CFR, 1981 Comp., p. 110; E.O. 12281, 46 FR 7923, 3 CFR, 1981 Comp., p. 112; E.O. 12282, 46 FR 7925, 3 CFR, 1981 Comp., p. 113; E.O. 12283, 46 FR 7927, 3 CFR, 1981 Comp., p. 114; E.O. 12294, 46 FR 14111, 3 CFR, 1981 Comp., p. 139.

### Source

Source: 44 FR 65956, Nov. 15, 1979, unless otherwise noted.

### Amendments

[44 FR 75354, Dec. 19, 1979]