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

(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 before December 31, 1961 , are divested: Provided , That the provisions of this section may 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 before December 31, 1961 .

(b) Exception to requirement where beneficial owner convicted of certain crimes Nothing contained in this section must 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 must send to the lawful owner or custodian of any interest divested by this section written notice of such divestment.