61 STAT.] MULTILATERAL-PEACE WITH HUNGARY-FEB. 10, 1947 2125 Article 28 Hungary recognizes that the Soviet Union is entitled to all German assets in Hungary transferred to the Soviet Union by the Control Council for Germany and undertakes to take all necessary measures to facilitate such transfers. Article 29 1. Each of the Allied and Associated Powers shall have the right to seize, retain, liquidate or take any other action with respect to all property, rights and interests which at the coming into force of the present Treaty are within its territory and belong to Hungary or to Hungarian nationals, and to apply such property or the proceeds thereof to such purposes as it may desire, within the limits of its claims and those of its nationals against Hungary or Hungarian nationals, including debts, other than claims fully satisfied under other Articles of the present Treaty. All Hungarian property, or the proceeds thereof, in excess of the amount of such claims, shall be returned.
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2. The liquidation and disposition of Hungarian property shall be carried out in accordance with the law of the Allied or Associated Power concerned. The Hungarian owner shall have no rights with respect to such property except those which may be given him by that law. 3. The Hungarian Government undertakes to compensate Hungarian nationals whose property is taken under this Article and not returned to them. 4. No obligation is created by this Article on any Allied or Associated Power to return industrial property to the Hungarian Government or Hun- garian nationals, or to include such property in determining the amounts which may be retained under paragraph 1 of this Article. The Government of each of the Allied and Associated Powers shall have the right to impose such limitations, conditions and restrictions on rights or interests with respect to industrial property in the territory of that Allied or Associated Power, acquired prior to the coming into force of the present Treaty by the Govern- ment or nationals of Hungary, as may be deemed by the Government of the Allied or Associated Power to be necessary in the national interest. 5. The property covered by paragraph 1 of this Article shall be deemed to include Hungarian property which has been subject to control
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