50 U.S.C. § 4338 — Divestment of estates, trusts, insurance policies, annuities, remainders, pensions, workmen's compensation and veterans' benefits; exceptions; notice of divestment

FEDERAL · 50 U.S.C. · Chapter 53

Divestment of estates, trusts, insurance policies, annuities, remainders, pensions, workmen's compensation and veterans' benefits; exceptions; notice of divestment

Current through Pub. L. 119-102

Title 50 — War and National Defense·Ch. 53 — TRADING WITH THE ENEMY

(a)In general Subject to the provisions of subsection (b) hereof, all rights and interests of individuals in estates, trusts, insurance policies, annuities, remainders, pensions, workmen's compensation and veterans' benefits vested under this chapter after December 17, 1941, which have not become payable or deliverable to or have not vested in possession in the Attorney General prior to December 31, 1961, are divested: Provided, That the provisions of this section shall not affect the right of the Attorney General to retain all such property rights and interests and to collect all income which is payable to or vested in possession in him prior to December 31, 1961.

(b)Exception to requirement where beneficial owner convicted of certain crimes Nothing contained in this section shall dives

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(a) In general
Subject to the provisions of subsection (b) hereof, all rights and interests of individuals in estates, trusts, insurance policies, annuities, remainders, pensions, workmen's compensation and veterans' benefits vested under this chapter after December 17, 1941, which have not become payable or deliverable to or have not vested in possession in the Attorney General prior to December 31, 1961, are divested: Provided, That the provisions of this section shall not affect the right of the Attorney General to retain all such property rights and interests and to collect all income which is payable to or vested in possession in him prior to December 31, 1961.
(b) Exception to requirement where beneficial owner convicted of certain crimes
Nothing contained in this section shall divest or require the divestment of any portion of any such interest the beneficial owner of which is a natural person who has been convicted personally and by name by a court of competent jurisdiction of murder, ill treatment, or deportation for slave labor of prisoners of war, political opponents, hostages, or civilian population in occupied territories, or of murder or ill treatment of military or naval persons, or of plunder or wanton destruction without justified military necessity.
(c) Notice of divestment
At the earliest practicable time after the effective date of this Act, the Attorney General shall transmit to the lawful owner or custodian of any interest divested by this section written notice of such divestment.

50 U.S.C. § 4338 (Divestment of estates, trusts, insurance policies, annuities, remainders, pensions, workmen's compensation and veterans' benefits; exceptions; notice of divestment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Oct. 6, 1917, ch. 106, §40, as added Pub. L. 87–846, title II, §205, Oct. 22, 1962, 76 Stat. 1115.)

Editorial Notes

Editorial Notes

References in Text
This chapter, referred to in subsec. (a), was in the original "this Act", meaning act Oct. 6, 1917, ch. 106, 40 Stat. 411, known as the Trading with the enemy Act, also known as the Trading with the Enemy Act, which is classified principally to this chapter. For complete classification of this Act to the Code, see section 4301 of this title and Tables.
The effective date of this Act, referred to in subsec. (c), probably means the date of enactment of Pub. L. 87–846, which added this section and was approved Oct. 22, 1962.

Codification
Section was formerly classified to section 41 of the former Appendix to this title prior to editorial reclassification and renumbering as this section.