§ 535.567. Payment under advised letters of credit.
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/us/cfr/t31/s§ 535.567·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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. \[44 FR 75354, Dec. 19, 1979\]