31 CFR § 515.406 - Drafts under irrevocable letters of credit; documentary drafts.
---identifier: "/us/cfr/t31/s515.406"source: "ecfr"legal_status: "authoritative_unofficial"title: "31 CFR § 515.406 - Drafts under irrevocable letters of credit; documentary drafts."title_number: 31title_name: "Money and Finance: Treasury"section_number: "515.406"section_name: "Drafts under irrevocable letters of credit; documentary drafts."chapter_name: "OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY"part_number: "515"part_name: "CUBAN ASSETS CONTROL REGULATIONS"positive_law: falsecurrency: "2026-04-05"last_updated: "2026-04-05"format_version: "1.1.0"generator: "[email protected]"authority: "22 U.S.C. 2370(a), 6001-6010, 7201-7211; 31 U.S.C. 321(b); 50 U.S.C. 4301-4341; Pub. L. 101-410, 104 Stat. 890 (28 U.S.C. 2461 note); 22 U.S.C. 6021-6091; Pub. L. 105-277, 112 Stat. 2681; Pub. L. 111-8, 123 Stat. 524; Pub. L. 111-117, 123 Stat. 3034; E.O. 9989, 13 FR 4891, 3 CFR, 1943-1948 Comp., p. 748; Proc. 3447, 27 FR 1085, 3 CFR, 1959-1963 Comp., p. 157; E.O. 12854, 58 FR 36587, 3 CFR, 1993 Comp., p. 614."regulatory_source: "28 FR 6974, July 9, 1963, unless otherwise noted."cfr_part: "515"---
Identifier
/us/cfr/t31/s515.406
Currency
2026-04-05
Positive Law
No
Updated
2026-04-05
Chapter
Office of Foreign Assets Control, Department of the Treasury
Authority
22 U.S.C. 2370(a), 6001-6010, 7201-7211; 31 U.S.C. 321(b); 50 U.S.C. 4301-4341; Pub. L. 101-410, 104 Stat. 890 (28 U.S.C. 2461 note); 22 U.S.C. 6021-6091; Pub. L. 105-277, 112 Stat. 2681; Pub. L. 111-... 22 U.S.C. 2370(a), 6001-6010, 7201-7211; 31 U.S.C. 321(b); 50 U.S.C. 4301-4341; Pub. L. 101-410, 104 Stat. 890 (28 U.S.C. 2461 note); 22 U.S.C. 6021-6091; Pub. L. 105-277, 112 Stat. 2681; Pub. L. 111-8, 123 Stat. 524; Pub. L. 111-117, 123 Stat. 3034; E.O. 9989, 13 FR 4891, 3 CFR, 1943-1948 Comp., p. 748; Proc. 3447, 27 FR 1085, 3 CFR, 1959-1963 Comp., p. 157; E.O. 12854, 58 FR 36587, 3 CFR, 1993 Comp., p. 614.
# 515.406 Drafts under irrevocable letters of credit; documentary drafts.Section 515.201 prohibits the presentation, acceptance or payment of:(a) Drafts or other orders for payment drawn under irrevocable letters of credit issued in favor or on behalf of any designated national;(b) Drafts or other orders for payment, in which any designated national has on or since the “effective date” had any interest, drawn under any irrevocable letter of credit; and(c) Documentary drafts in which any designated national has on or since the “effective date” had any interest.