Вы находитесь на странице: 1из 24

Department of the

Treasury

Fiscal Service, Bureau of the Public Debt

Offering and Governing Regulations for Series EE and Series I


Savings Bonds, TreasuryDirect

Amendments to:

31 CFR Part 351, Department Circular, Public Debt Series 1-80


31 CFR Part 353, Department Circular, Public Debt Series 3-80
31 CFR Part 359, Department Circular, Public Debt Series 1-98
31 CFR Part 360, Department Circular, Public Debt Series 2-98
31 CFR Part 363

As Amended December 3, 2007


Federal Register / Vol. 72, No. 231 / Monday, December 3, 2007 / Rules and Regulations 67853

DEPARTMENT OF THE TREASURY and conducting transactions in Treasury purchased in the name and TIN of any
securities. Reducing the cap on yearly person in any calendar year is limited
Fiscal Service purchases will not affect the vast to $5,000.
majority of current savings bond * * * * *
31 CFR Parts 351, 353, 359, 360, and purchasers, approximately 98 percent of ■ 3. Revise § 351.65 to read as follows:
363 whom buy less than $5,000, our new
cap, annually. § 351.65 What amount of book-entry
Offering and Governing Regulations Series EE savings bonds may I acquire per
for Series EE and Series I Savings Procedural Requirements year?
Bonds, TreasuryDirect This final rule does not meet the The principal amount of book-entry
AGENCY: Bureau of the Public Debt, criteria for a ‘‘significant regulatory Series EE savings bonds that you may
Fiscal Service, Treasury. action’’ as defined in Executive Order acquire in your name and TIN per
12866. Therefore, a regulatory calendar year is limited to $5,000.
ACTION: Final rule.
assessment is not required.
SUMMARY: This rule lowers the annual Because this final rule relates to PART 353—REGULATIONS
purchase limitation per person for matters of public contract and GOVERNING DEFINITIVE UNITED
Series EE and Series I savings bonds, procedures for United States securities, STATES SAVINGS BONDS, SERIES EE
and eliminates the definitive $10,000 notice and public procedure and AND HH
denomination for Series I savings bonds. delayed effective date requirements are
inapplicable, pursuant to 5 U.S.C. ■ 4. The authority citation for Part 353
DATES: Effective: January 1, 2008. continues to read as follows:
ADDRESSES: You can download this final
553(a)(2).
As no notice of proposed rulemaking Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31
rule at the following Internet addresses: U.S.C. 3105, 3125.
is required, the Regulatory Flexibility
http://www.publicdebt.treas.gov or
Act (5 U.S.C. 601 et seq.) does not ■ 5. Revise the heading for Part 353 to
http://www.gpoaccess.gov/ecfr.
apply. read as set forth above.
FOR FURTHER INFORMATION CONTACT: We ask for no new collections of
Elisha Whipkey, Director, Division of ■ 6. Amend § 353.10 by revising
information in this final rule. Therefore,
Program Administration, Office of paragraph (a)(1) to read as follows:
the Paperwork Reduction Act (44 U.S.C.
Securities Operations, Bureau of the 3507) does not apply. § 353.10 Amounts which may be
Public Debt, at (304) 480–6319 or purchased.
elisha.whipkey@bpd.treas.gov. List of Subjects
Susan Sharp, Attorney-Adviser, Dean * * * * *
31 CFR Part 351 (a) Series EE—(1) General annual
Adams, Assistant Chief Counsel,
Edward Gronseth, Deputy Chief Bonds, Federal Reserve system, limitation. $5,000 (principal amount).
Counsel, Office of the Chief Counsel, Government securities. * * * * *
Bureau of the Public Debt, at (304) 480– 31 CFR Part 353
8692 or susan.sharp@bpd.treas.gov. PART 359—OFFERING OF UNITED
Banks and banking, Government STATES SAVINGS BONDS, SERIES I
SUPPLEMENTARY INFORMATION: This rule
securities, Federal Reserve system.
lowers the annual purchase limitation ■ 7. The authority citation for part 359
for Series EE and Series I savings bonds. 31 CFR Part 359 continues to read as follows:
Prior to this rule, an investor could Bonds, Federal Reserve system, Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31
purchase $30,000 each of definitive and Government securities, Securities. U.S.C. 3105.
book-entry Series EE savings bonds and
$30,000 each of definitive and book- 31 CFR Part 360 ■ 8. Revise the first sentence of § 359.25
entry Series I savings bonds per person, Bonds, Federal Reserve system, to read as follows:
per calendar year. This rule will permit Government securities, Securities. § 359.25 What are the denominations and
an investor to purchase a principal prices of definitive Series I savings bonds?
amount of $5,000 each of definitive and 31 CFR Part 363
Definitive Series I saving bonds are
book-entry Series EE savings bonds and Bonds, Electronic funds transfer,
issued in denominations of $50, $75,
$5,000 each of definitive and book-entry Federal Reserve system, Government
$100, $200, $500, $1,000, and
Series I savings bonds per person, per securities, Securities.
$5,000. * * *
calendar year. As a result of the change ■ Accordingly, for the reasons set out in
in the annual purchase limitation, we ■ 9. Revise § 359.29 to read as follows:
the preamble, 31 CFR Chapter II,
are withdrawing the $10,000 Series I Subchapter B, is amended as follows: § 359.29 What amount of definitive Series
definitive savings bond denomination I savings bonds may I purchase per year?
on original issue. PART 351—OFFERING OF UNITED The principal amount of definitive
The change will permit Treasury to STATES SAVINGS BONDS, SERIES EE Series I savings bonds that may be
continue to offer savings options for purchased in the name and TIN of any
investors with limited means and ■ 1. The authority citation for Part 351
continues to read as follows: person in any calendar year is limited
market opportunities, while to $5,000.
encouraging those with greater financial Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31
U.S.C. 3105. ■ 10. Revise § 359.50 to read as follows:
resources to participate in marketable
Treasury securities auctions, which are ■ 2. Amend § 351.44 by revising the first § 359.50 What amount of book-entry
a more efficient means for Treasury to sentence to read as follows: Series I savings bonds may I acquire per
yshivers on PROD1PC62 with RULES

issue debt. Both savings bonds and year?


marketable securities are offered to § 351.44 What amount of definitive Series The principal amount of book-entry
individuals through TreasuryDirect, EE savings bonds may I purchase per year? Series I savings bonds that you may
which is an internet-accessed, book- The principal amount of definitive acquire in your name and TIN in any
entry system for purchasing, holding, Series EE savings bonds that may be calendar year is limited to $5,000.

VerDate Aug<31>2005 14:39 Nov 30, 2007 Jkt 214001 PO 00000 Frm 00023 Fmt 4700 Sfmt 4700 E:\FR\FM\03DER1.SGM 03DER1
67854 Federal Register / Vol. 72, No. 231 / Monday, December 3, 2007 / Rules and Regulations

PART 360—REGULATIONS
GOVERNING DEFINITIVE UNITED
STATES SAVINGS BONDS, SERIES I

■ 11. The authority citation for Part 360


continues to read as follows:
Authority: 5 U.S.C. 301; 31 U.S.C. 3105
and 3125.

■ 12. Amend § 360.10 by revising


paragraph (a) to read as follows:
§ 360.10 Amounts which may be
purchased.
* * * * *
(a) General annual limitation, $5,000
(par value).
* * * * *

PART 363—REGULATIONS
GOVERNING SECURITIES HELD IN
TREASURYDIRECT

■ 13. The authority citation for part 363


continues to read as follows:
Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31
U.S.C. 3102, et seq.; 31 U.S.C. 3121, et seq.

■ 14. Amend § 363.52 by revising the


heading and paragraph (a) to read as
follows:
§ 363.52 What amount of book-entry
Series EE and Series I savings bonds may
I purchase in one year?
(a) Purchase limitation. The amount
of book-entry savings bonds that you
may purchase in any calendar year is
limited to $5,000 for Series EE savings
bonds and $5,000 for Series I savings
bonds.
* * * * *
Dated: August 16, 2007.
Kenneth E. Carfine,
Fiscal Assistant Secretary.
[FR Doc. 07–5888 Filed 11–30–07; 8:45 am]
BILLING CODE 4810–39–M
yshivers on PROD1PC62 with RULES

VerDate Aug<31>2005 14:39 Nov 30, 2007 Jkt 214001 PO 00000 Frm 00024 Fmt 4700 Sfmt 4700 E:\FR\FM\03DER1.SGM 03DER1
Department of the
Treasury

Fiscal Service, Bureau of the Public Debt

31 CFR Part 360 - Regulations Governing Definitive


United States Savings Bonds, Series I

Department of the Treasury Circular,


Public Debt Series No. 2-98, as revised and amended

As of July 2007
Fiscal Service, Treasury Pt. 360

Subpart E—Judicial Proceedings


360.20 General.
360.21 Payment to judgment creditors.
360.22 Payment or reissue pursuant to di-
vorce.
360.23 Evidence.
360.24 Payment pursuant to judicial or ad-
ministrative forfeiture.

Subpart F—Relief for Loss, Theft, Destruc-


tion, Mutilation, Defacement, or Non-
receipt of Bonds
360.25 General.
360.26 Application for relief; after receipt of
bond.
360.27 Application for relief; nonreceipt of
bond.
360.28 Recovery or receipt of bond before or
after relief is granted.
360.29 Adjudication of claims.

Subpart G—General Provisions for


Payment
360.35 Payment (redemption).
360.36 Payment during life of sole owner.
360.37 Payment during lives of both co-
owners.
360.38 Payment during lifetime of owner of
beneficiary bond.
PART 360—REGULATIONS GOV- 360.39 Surrender for payment.
ERNING DEFINITIVE UNITED 360.40 Special provisions for payment.
STATES SAVINGS BONDS, SERIES 360.41 Partial redemption.
360.42 Nonreceipt or loss of remittance
I issued in payment.
360.43 Effective date of request for payment.
Subpart A—General Information 360.44 Withdrawal of request for payment.
Sec.
360.0 Applicability. Subpart H—Reissue and Denominational
360.1 Official agencies. Exchange
360.2 Definitions.
360.3 Converting definitive savings bonds to 360.45 General.
book-entry bonds in New Treasury Di- 360.46 Effective date of request for reissue.
rect. 360.47 Authorized reissue; during lifetime.
360.48 Restrictions on reissue; denomina-
Subpart B—Registration tional exchange.
360.49 Correction of errors.
360.5 General rules. 360.50 Change of name.
360.6 Authorized forms of registration. 360.51 Requests for reissue.
360.7 Chain letters prohibited.
Subpart I—Certifying Officers
Subpart C—Limitations on Annual
Purchases 360.55 Individuals authorized to certify.
360.56 General instructions and liability.
360.10 Amounts which may be purchased. 360.57 When a certifying officer may not
360.11 Computation of amount. certify.
360.12 Disposition of excess. 360.58 Forms to be certified.
360.13 Employee plans—Conditions of eligi-
bility. Subpart J—Minors, Incompetents, Aged
Persons, Absentees, et al.
Subpart D—Limitations on Transfer or
Pledge 360.60 Payment to representative of an es-
tate.
360.15 Transfer. 360.61 Payment after death.
360.16 Pledge. 360.62 Payment to minor.

461

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00471 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
§ 360.0 31 CFR Ch. II (7–1–07 Edition)
360.63 Payment to a parent or other person (b) The regulations in 31 CFR part 363
on behalf of a minor. apply to:
360.64 Payment or reinvestment—voluntary
(1) book-entry Series I savings bonds
guardian of an incapacitated person.
360.65 Reissue. that were originally issued as book-
entry bonds in New Treasury Direct;
Subpart K—Deceased Owner, Coowner or and
Beneficiary (2) definitive Series I savings bonds
that have been converted to book-entry
360.70 General rules governing entitlement.
bonds through New Treasury Direct.
360.71 Decedent’s estate.
360.72 [Reserved] [70 FR 14942, Mar. 23, 2005]

Subpart L—Fiduciaries § 360.1 Official agencies.


360.75 Payment or reissue during the exist- (a) The Bureau of the Public Debt of
ence of the fiduciary estate. the Department of the Treasury is re-
360.76 Payment or reissue after termination sponsible for administering the Savings
of the fiduciary estate.
Bond Program. Authority to process
Subpart M—Miscellaneous Provisions transactions has been delegated to Fed-
eral Reserve Banks and Branches listed
360.90 Waiver of regulations. in paragraph (b) of this section, as fis-
360.91 Additional requirements; bond of in- cal agents of the United States. The
demnity. Federal Reserve Banks and Branches,
360.92 Supplements, amendments, or revi-
sions.
and their authority to process trans-
actions, as fiscal agents of the United
AUTHORITY: 5 U.S.C. 301; 31 U.S.C. 3105 and States, are subject to change, as deter-
3125.
mined by the Secretary of the Treas-
SOURCE: 63 FR 38049, July 14, 1998, unless ury, or his or her designee.
otherwise noted. (b) Communications concerning
transactions and requests for forms
Subpart A—General Information should be addressed to:
(1) A Federal Reserve Bank or Branch
§ 360.0 Applicability. in the list below; or, the Bureau of the
(a) The regulations in this part apply Public Debt, 200 Third Street, Parkers-
to definitive (paper) Series I savings burg, WV 26106–1328.
bonds that have not been converted to (2) The following Federal Reserve Of-
book-entry bonds through New Treas- fices have been designated to provide
ury Direct. savings bond services:
Servicing office Reserve district served Geographic area served

Federal Reserve Bank, New York, Boston ......... Connecticut, Maine, Massachusetts, New Hampshire, New Jersey,
Buffalo Branch, 160 (northern half), New York, Rhode Island, Vermont, Puerto Rico, Virgin
Delaware Avenue, Buf- Islands.
falo, NY 14202.
Federal Reserve Bank, Cleveland, Philadelphia Delaware, Kentucky (eastern half), New Jersey, (southern half), Ohio,
Pittsburgh Branch, 717 Pennsylvania, West Virginia.
Grant Street, Pitts-
burgh, PA 15219.
Federal Reserve Bank of Richmond, Atlanta ......... Alabama, District of Columbia, Florida, Georgia, Louisiana, (southern
Richmond, 701 East half), Maryland, Mississippi (southern half), North Carolina, South
Byrd Street, Richmond, Carolina, Tennessee (eastern half), Virginia, West Virginia (except
VA 23219. northern panhandle).
Federal Reserve Bank of Minneapolis, Chicago .... Illinois (northern half), Indiana, (northern half), Iowa, Michigan, Min-
Minneapolis, 90 Hen- nesota, Montana, North Dakota, South Dakota, Wisconsin.
nepin Avenue, Min-
neapolis, MN 55401.
Federal Reserve Bank of Dallas, San Francisco, Alaska, Arizona, Arkansas, California, Colorado, Hawaii, Idaho, Illinois
Kansas City, 925 Kansas City, St. Louis. (southern half), Indiana (southern half), Kansas, Kentucky, (western
Grand Boulevard, Kan- half), Louisiana (northern half), Mississippi (northern half), Missouri,
sas City, MO 64106. Nebraska, Nevada, New Mexico, Oklahoma, Oregon, Tennessee
(western half), Texas, Utah, Washington, Wyoming, Guam.

462

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00472 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
Fiscal Service, Treasury § 360.3

(c) Notices and documents must be same series, same issue date, and same
filed with the agencies referred to in total face amount.
paragraphs (a) and (b) of this section (l) Representative of the estate of a
and as indicated in the regulations in minor, incompetent, aged person, absen-
this part. tee, et al. means the court-appointed or
otherwise qualified person, regardless
§ 360.2 Definitions. of title, who is legally authorized to
(a) Bond, or Series I savings bonds, as act for the individual. The term does
used in this part, means a definitive not include parents in their own right,
United States Savings Bonds of Series voluntary or natural guardians, attor-
I. neys-in-fact, trustees of personal and
(b) Converted savings bond means a similar trust estates, or the executors
savings bond originally issued as a de- or administrators of decedents’ estates.
finitive bond that has been surrendered (m) Surrender means the actual re-
to us and converted to a book-entry ceipt of a definitive bond with an ap-
savings bond to be maintained by propriate request for payment or re-
Treasury solely as a computer record. issue by either a Federal Reserve Bank
(c) Incompetent means an individual or Branch or the Bureau of the Public
who is incapable of handling his or her
Debt, or, if a paying agent is author-
business affairs because of a legal,
ized to handle the transaction, the ac-
mental or medical disability, except
tual receipt of the definitive bond and
that a minor is not an incompetent
the request for payment by the paying
solely because of age.
(d) Inscription means the information agent.
that is printed on the face of the bond. (n) Taxpayer Identifying Number
(e) Issuing agent means an organiza- means a social security account num-
tion that has been qualified under the ber or an employer identification num-
provisions of Department of the Treas- ber.
ury Circular, Public Debt Series No. 4– (o) Voluntary guardian means an indi-
67, as revised and amended (31 CFR vidual who is recognized as authorized
part 317), to issue savings bonds. to act for an incompetent, as provided
(f) Paying agent means a financial in- by § 360.64.
stitution that has been qualified under (p) Voluntary representative means the
the provisions of Department of the person qualified by the Department of
Treasury Circular No. 750, as revised the Treasury to request payment or
and amended (31 CFR part 321), to distribution of a decedent’s savings
make payment of savings bonds. bonds pursuant to § 360.71.
(g) Payment means redemption, un-
[63 FR 38049, July 14, 1998, as amended at 67
less otherwise indicated by the con- FR 64268, Oct. 17, 2002; 70 FR 14942, Mar. 23,
text. 2005; 70 FR 57432, Sept. 30, 2005; 71 FR 46858,
(h) Person means a legal entity in- Aug. 15, 2006]
cluding an individual or fiduciary es-
tate. § 360.3 Converting definitive savings
(i) Personal trust estates means trust bonds to book-entry bonds in New
estates established by natural persons Treasury Direct.
in their own right for the benefit of Series I savings bonds that were
themselves or other natural persons in originally issued as definitive bonds
whole or in part, and common trust may be converted to book-entry bonds
funds comprised in whole or in part of through New Treasury Direct, an on-
such trust estates. line system for holding Treasury secu-
(j) Registration means that the names rities. The Web address for New Treas-
of all persons named on the bond and ury Direct is www.treasurydirect.gov.
the taxpayer identification number Bond owners who wish to convert their
(TIN) of the owner, first-named co- definitive savings bonds should follow
owner, or purchaser of a gift bond are online instructions for conversion.
maintained on our records.
Regulations governing converted bonds
(k) Reissue means the cancellation
are found at 31 CFR part 363.
and retirement of a bond and the
issuance of a new bond or bonds of the [70 FR 14942, Mar. 23, 2005]

463

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00473 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
§ 360.5 31 CFR Ch. II (7–1–07 Edition)

Subpart B—Registration No rights of ownership are conferred on


such designee.
§ 360.5 General rules. [63 FR 38049, July 14, 1998, as amended at 71
(a) Registration is conclusive of owner- FR 46858, Aug. 15, 2006]
ship. Savings bonds of Series I are
§ 360.6 Authorized forms of registra-
issued only in registered form. The reg- tion.
istration must express the actual own-
Subject to any limitations or restric-
ership of, and interest in, the bond. The
tions contained in these regulations on
registration is conclusive of ownership,
the right of any person to be named as
except as provided in § 360.49. owner, coowner, or beneficiary, bonds
(b) Requests for registration. (1) Reg- should be registered as indicated in
istrations requested must be clear, ac- this section. A savings bond registered
curate and complete, conform substan- in a form not substantially in agree-
tially with one of the forms set forth in ment with one of the forms authorized
this subpart, and include the taxpayer by this subpart is not considered val-
identifying number of the owner or idly issued.
first-named coowner. The registration (a) Natural persons. A bond may be
of all bonds owned by the same indi- registered in the names of individuals
vidual or fiduciary estate should be in their own right, but only in one of
uniform with respect to the name of the forms authorized by this paragraph
the owner and any description of the fi- (a).
duciary capacity. (1) Single ownership form. A bond may
(2) An individual should be des- be registered in the name of one indi-
vidual.
ignated by the name he or she is ordi-
narily known by or uses in business, in- Example: Julie B. Jones, 123–45–6789.
cluding at least one full given name. (2) Coownership form. A bond may be
The name may be preceded or followed registered in the names of two individ-
by any applicable title, such as Mr., uals in the alternative as coowners.
Mrs., Ms., Miss, Dr., Rev., M.D., or D.D. The form of registration ‘‘A and B’’ is
A suffix, such as Sr. or Jr., must be in- not authorized.
cluded when ordinarily used or when
Examples: David R. Johnson 123–45–6789 or
necessary to distinguish the owner Anna B. Johnson. Maria S. Gonzalez 987–65–
from another member of his family. A 4321 or Juan C. Gonzalez.
married woman’s own first name, not
(3) Beneficiary form. A bond may be
that of her husband, must be used, for
registered in the name of one indi-
example, Mary A. Jones or Mrs. Mary
vidual payable on death to another.
A. Jones, NOT Mrs. Frank B. Jones. ‘‘Payable on death to’’ may be abbre-
The address must include, where appro- viated to ‘‘P.O.D.’’.
priate, the number and street, route, or
any other local feature, city, State, Examples: Catherine B. Jordan 123–45–6789
payable on death to Daniel A. Jordan. Henry
and ZIP Code.
C. Rodriguez 123–45–6789 P.O.D. Maria S.
(c) Registration of bonds purchased as Rodriguez.
gifts. If the bonds are purchased as
gifts, awards, prizes, etc., and the tax- (b) Fiduciaries (including legal guard-
ians, trustees, and similar representa-
payer identifying numbers of the in-
tives)—(1) General. A bond may be reg-
tended owners are not known, the pur-
istered in the name of any person or
chaser’s number must be furnished. persons or any organization acting as
Bonds so registered will not be associ- fiduciary of a single fiduciary estate,
ated with the purchaser’s own hold- but not where the fiduciary will hold
ings. A bond registered in the name of the bond merely or principally as secu-
a purchaser with another person as co- rity for the performance of a duty, ob-
owner or beneficiary is not considered ligation, or service. A bond’s registra-
a gift or an award. If the purchaser so tion should conform to a form author-
requests, a bond may be inscribed to ized by this paragraph. A common
provide a ‘‘Mail to’’ instruction, fol- trust fund established and maintained
lowed by a delivery name and address. by a financial institution authorized to

464

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00474 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
Fiscal Service, Treasury § 360.11

act as a fiduciary will be considered a pany, U/A with the company, dated March 31,
single fiduciary estate within the 1996, 12–3456789.
meaning of the regulations in this part. Trustees of Retirement Fund of Safety
Manufacturing Company, under directors’
(2) Legal guardians, conservators, simi- resolution adopted March 31, 1996, 12–3456789.
lar representatives, certain custodians, County Trust Company, trustee of the Em-
etc. A bond may be registered in the ployee Savings Plan of Jones Company, Inc.,
name and fiduciary capacity of the le- U/A dated January 17, 1996, 12–3456789.
gally appointed or authorized rep- Trustees of the Employee Savings Plan of
resentative of the estate of a minor, in- Brown Brothers, Inc., U/A dated January 20,
1996, 12–3456789.
competent, aged or infirm person, ab-
sentee, et al., or of a personal or testa- (c) The United States Treasury. A per-
mentary trust. son who desires to have a bond become
the property of the United States upon
Examples: Tenth National Bank, Guardian
his or her death may designate the
(or Conservator, Trustee, etc.) of the Estate
of George N. Brown 123–45–6789, a minor (or
United States Treasury as beneficiary.
an incompetent, aged person, infirm person, Example: George T. Jones 123–45–6789 P.O.D.
or absentee). Henry C. Smith, Conservator of the United States Treasury.
the Estate of John R. White 123–45–6789, an
adult, pursuant to Sec. 633.572 of the Iowa [63 FR 38049, July 14, 1998, as amended at 71
Code. Juan B. Gonzalez 123–45–6789, a minor FR 46858, Aug. 15, 2006]
(or an incompetent) under custodianship by
designation of the Veterans Administration.
§ 360.7 Chain letters prohibited.
Frank M. Redd 123–45–6789, an incompetent The issuance of bonds in the further-
for whom Eric A. Redd has been designated ance of a chain letter, pyramid, or
trustee by the Department of the Army pur- similar scheme is against the public in-
suant to 37 U.S.C. 602. Richard A. Rowe 123– terest and is prohibited.
45–6789, for whom Reba L. Rowe is represent-
ative payee for social security benefits (or
black lung benefits, as the case may be). Subpart C—Limitations on Annual
Henry L. Green 123–45–6789 or George M. Purchases
Brown, a minor under legal guardianship of
the Tenth National Bank. Henry L. Green § 360.10 Amounts which may be pur-
123–45–6789 P.O.D. George M. Brown, a minor chased.
under legal guardianship of the Tenth Na- The amount of savings bonds of Se-
tional Bank. Harbor State Hospital and
ries I which may be purchased and
School, selected payee for Beth R. Weber 123–
45–6789, a Civil Service annuitant, pursuant held, in the name of any one person in
to 5 U.S.C. 8345(e). John F. Green or Mary B. any one calendar year, is computed ac-
Doe, Trustees of the Estate of Moe Green cording to the provisions of § 360.11 and
123–45–6789. Thomas J. White and Tenth Na- is limited as follows:
tional Bank, Trustees under the Will of Rob- (a) General annual limitation, $30,000
ert J. Benjamin, deceased 12–3456789. Tenth (par value).
National Bank, Trustee under Agreement (b) Special limitation, $4,000 (par
with Mark S. Dunston, dated 2/1/98, 12– value) multiplied by the highest num-
3456789. Ruth B. Grace and Pat A. Banks,
Trustees under Agreement with Susan L.
ber of employees participating in an el-
Chambers, dated 7/30/97, 12–3456789. Dennis R. igible employee plan, as defined in
Adams, Trustee under Declaration of Trust, § 360.13, at any time during the cal-
dated 5/1/98, 12–3456789. endar year in which the bonds are
issued.
(3) Employee thrift, savings, vacation
and similar plans. Bonds may be reg- § 360.11 Computation of amount.
istered in the name and title, or title (a) General. The purchases of bonds in
alone, of the trustee of an eligible em- the name of any person in an indi-
ployee thrift, savings, vacation, 401(k) vidual capacity are computed sepa-
or similar plan, as defined in § 360.13. If rately from purchases in a fiduciary ca-
the instrument creating the trust pro- pacity, e.g., as representative for the
vides that the trustees shall serve for a estate of an individual.
limited term, their names may be (b) Bonds included in computation. In
omitted. computing the purchases for each per-
Examples: Tenth National Bank, trustee of son, the following outstanding bonds
Pension Fund of Safety Manufacturing Com- are included:

465

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00475 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
§ 360.12 31 CFR Ch. II (7–1–07 Edition)

(1) All bonds registered in the name purchased with them and the employ-
and bearing the taxpayer identifying er’s contributions and assets purchased
number of that person alone; with them, as well as accretions, such
(2) All bonds registered in the name as dividends on stock, the increment in
of the representative of the estate of value on bonds and all other income;
that person and bearing that person’s but, notwithstanding any other provi-
taxpayer identifying number; and sion of this section, the right to de-
(3) All bonds registered in the name mand and receive all assets credited to
of that person as coowner that also the account of an employee shall not
bear that person’s taxpayer identifying be construed to require the distribu-
number. tion of assets in kind when it would
(c) Bonds excluded from computation. not be possible or practicable to make
In computing the purchases for each such a distribution; for example, Series
person, the following are excluded: I bonds may not be reissued in unau-
(1) Bonds on which that person is thorized denominations.
named beneficiary; (2) The word beneficiary means:
(2) Bonds to which that person has (i) The person or persons, if any, des-
become entitled— ignated by the employee in accordance
(i) Under § 360.70 as surviving bene- with the terms of the plan to receive
ficiary upon the death of the registered the benefits of the plan upon the em-
owner; ployee’s death; or
(ii) As an heir or a legatee of the de- (ii) The estate of the employee.
ceased owner; (c) Conditions of eligibility. An em-
(iii) By virtue of the termination of a ployee plan must conform to the fol-
trust or the happening of a similar lowing rules in order to be eligible for
event; and the special limitation provided in
(3) Bonds that are purchased and re- § 360.10.
deemed within the same calendar year. (1) Crediting of assets. All assets of a
plan must be credited to the individual
§ 360.12 Disposition of excess. accounts of participating employees
If any person at any time has savings and may be distributed only to them or
bonds issued during any one calendar their beneficiaries, except as provided
year in excess of the prescribed in paragraph (c)(3) of this section.
amount, instructions should be ob- (2) Purchase of bonds. Bonds may be
tained from the Bureau of the Public purchased only with assets credited to
Debt, Parkersburg, WV 26106–1328, for the accounts of participating employ-
appropriate adjustment of the excess. ees and only if the amount taken from
Under the conditions specified in any account at any time for that pur-
§ 360.90, the Commissioner of the Public pose is equal to the purchase price of a
Debt may permit excess purchases to $50 bond or bonds in an authorized de-
stand in any particular case or class of nomination or denominations, and
cases. shares in the bonds are credited to the
accounts of the individuals from which
§ 360.13 Employee plans—Conditions the purchase price was derived, in
of eligibility. amounts corresponding with their
(a) Definition of plan. Employee shares. For example, if $100 credited to
thrift, savings, vacation, 401(k), and the account of John Jones is commin-
similar plans are contributory plans es- gled with funds credited to the ac-
tablished by the employer for the ex- counts of other employees to make a
clusive and irrevocable benefit of its total of $5,000 with which a Series I
employees or their beneficiaries. Each bond in the denomination of $5,000 (face
plan must afford employees the means amount) is purchased in December 1998
of making regular savings from their and registered in the name and title of
wages through payroll deductions and the trustee, the plan must provide, in
provide for employer contributions to effect, that John Jones’ account be
be added to these savings. credited to show that he is the owner
(b) Definition of terms used in this sec- of a Series I bond in the denomination
tion. (1) The term assets means all the of $100 (face amount) bearing an issue
employees’ contributions and assets date of December 1, 1998.

466

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00476 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
Fiscal Service, Treasury § 360.21

(3) Irrevocable right of withdrawal. Subpart D—Limitations on Transfer


Each participating employee has an ir- or Pledge
revocable right to request and receive
from the trustee all assets credited to § 360.15 Transfer.
the employee’s account (or their value,
if the employee prefers) without regard Savings bonds are not transferable
to any conditions other than the loss and are payable only to the owners
or suspension of the privilege of par- named on the bonds, except as specifi-
ticipating further in the plan. A plan cally provided in these regulations and
may limit or modify such right in any then only in the manner and to the ex-
manner required for qualification of tent so provided.
the plan under section 401 of the Inter- § 360.16 Pledge.
nal Revenue Code of 1986, as amended
(26 U.S.C. 401). A savings bond may not be hypoth-
(4) Rights of beneficiary. Upon the ecated, pledged, or used as security for
death of an employee, his or her bene- the performance of an obligation.
ficiary shall have the absolute and un-
conditional right to demand and re- Subpart E—Judicial Proceedings
ceive from the trustee all assets cred-
ited to the account of the employee or § 360.20 General.
their value, if he or she so prefers. (a) The Department of the Treasury
(5) Reissue or payment upon distribu- will not recognize a judicial determina-
tion. (i) When settlement is made with tion that gives effect to an attempted
an employee or his or her beneficiary voluntary inter vivos transfer of a
with respect to any bond registered in bond, or a judicial determination that
the name and title of the plan trustee impairs the rights of survivorship con-
in which the employee has a share, the ferred by the regulations in this part
bond must be paid or reissued to the upon a coowner or beneficiary. All pro-
extent of the share. visions of this subpart are subject to
(ii) If an employee or the beneficiary these restrictions, except as provided
is to receive distribution in kind, bonds in § 360.24.
bearing the same issue dates as those (b) The Department of the Treasury
credited to the employee’s account will will recognize a claim against an owner
be reissued in the name of the em- of a savings bond and conflicting
ployee or the employee’s beneficiary to claims of ownership of, or interest in, a
the extent entitled, in authorized de- bond between coowners or between the
nominations, in any authorized form of registered owner and the beneficiary, if
registration, upon the request and cer- established by valid judicial pro-
tification of the trustee. ceedings, but only as specifically pro-
(d) Application for special limitation. A vided in this subpart. Section 360.23
trustee of an employee plan who de- specifies the evidence required to es-
sires to purchase bonds under the spe- tablish the validity of the judicial pro-
cial limitation should submit to the ceedings.
designated Federal Reserve Bank or (c) The Department of the Treasury
Branch a copy of: and the agencies that issue, reissue, or
(1) The plan; redeem savings bonds will not accept a
(2) Any instructions issued under the notice of an adverse claim or notice of
plan that concern Series I bonds; and pending judicial proceedings, nor un-
(3) The trust agreement, in order to dertake to protect the interests of a
establish the plan’s eligibility. litigant not in possession of a savings
(e) Vacation plans. Savings bonds may bond.
be purchased under certain vacation
plans. Questions concerning the eligi- § 360.21 Payment to judgment credi-
bility of these plans to purchase bonds tors.
in excess of the general limitation (a) Purchaser or officer under levy. The
should be addressed to the Bureau of Department of the Treasury will pay
the Public Debt, Parkersburg, WV (but not reissue) a savings bond to the
26106–1328. purchaser at a sale under a levy or to

467

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00477 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
§ 360.22 31 CFR Ch. II (7–1–07 Edition)

the officer authorized under appro- terest of that spouse in the bond. Re-
priate process to levy upon property of issue will be permitted only to the ex-
the registered owner or coowner to sat- tent of that spouse’s interest.
isfy a money judgment. Payment will (2) The evidence required under
be made only to the extent necessary § 360.23 must be submitted in every
to satisfy the money judgment. The case. When the divorce decree does not
amount paid is limited to the redemp- set out the terms of the property set-
tion value 60 days after the termi- tlement agreement, a certified copy of
nation of the judicial proceedings. Ex- the agreement must be submitted. Pay-
cept in the case of a levy by the Inter- ment, rather than reissue, will be made
nal Revenue Service, payment of a if requested.
bond registered in coownership form
(b) Date for determining rights. When
pursuant to a judgment or a levy
payment or reissue under this section
against only one coowner is limited to
is to be made, the rights of the parties
the extent of that coowner’s interest in
the bond. That interest must be estab- will be those existing under the regula-
lished by an agreement between the co- tions current at the time of the entry
owners or by a judgment, decree, or of the final judgment, decree, or court
order of a court in a proceeding to order.
which both coowners are parties. Pay-
§ 360.23 Evidence.
ment of a bond registered in coowner-
ship form pursuant to a levy by the In- (a) General. To establish the validity
ternal Revenue Service will be made if of judicial proceedings, certified copies
the levy is against either coowner on of the final judgment, decree, or court
the bond. order, and of any necessary supple-
(b) Trustee in bankruptcy, receiver, or mentary proceedings, must be sub-
similar court officer. The Department of mitted. If the judgment, decree, or
the Treasury will pay, at current re- court order was rendered more than six
demption value, a savings bond to a months prior to the presentation of the
trustee in bankruptcy, a receiver of an bond, there must also be submitted a
insolvent’s estate, a receiver in equity, certification from the clerk of the
or a similar court officer under the pro- court, under court seal, dated within
visions of paragraph (a) of this section. six months of the presentation of the
§ 360.22 Payment or reissue pursuant bond, showing that the judgment, de-
to divorce. cree, or court order is in full force.
(b) Trustee in bankruptcy or receiver of
(a) Divorce. (1) The Department of the
an insolvent’s estate. A request for pay-
Treasury will recognize a divorce de-
ment by a trustee in bankruptcy or a
cree that ratifies or confirms a prop-
receiver of an insolvent’s estate must
erty settlement agreement disposing of
be supported by appropriate evidence of
bonds or that otherwise settles the in-
appointment and qualification. The
terests of the parties in a bond. Reissue
of a savings bond may be made to evidence must be certified by the clerk
eliminate the name of one spouse as of the court, under court seal, as being
owner, coowner, or beneficiary or to in full force on a date that is not more
substitute the name of one spouse for than six months prior to the presen-
that of the other spouse as owner, co- tation of the bond.
owner, or beneficiary pursuant to the (c) Receiver in equity or similar court
decree. However, if the bond is reg- officer. A request for payment by a re-
istered in the name of one spouse with ceiver in equity or a similar court offi-
another person as coowner, there must cer, other than a receiver of an
be submitted either: insolvent’s estate, must be supported
(i) A request for reissue by the other by a copy of an order that authorizes
person; or the presentation of the bond for re-
(ii) a certified copy of a judgment, demption, certified by the clerk of the
decree, or court order entered in pro- court, under court seal, as being in full
ceedings to which the other person and force on a date that is not more than
the spouse named on the bond are par- six months prior to the presentation of
ties, determining the extent of the in- the bond.

468

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00478 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
Fiscal Service, Treasury § 360.25

§ 360.24 Payment pursuant to judicial make any independent evaluation of


or administrative forfeiture. the validity of the forfeiture order, the
(a) Definitions. As used in this part: request for payment, or the authority
(1) Contact point means the individual of the individual signing the request
designated to receive referrals from the for payment.
Bureau of the Public Debt, as provided (4) The amount paid is limited to the
for in this section, by the Federal in- redemption value of the savings bonds
vestigative agency, United States At- as of the date of forfeiture specified in
torney’s Office, or forfeiting agency the Public Debt Form 1522.
specified in Public Debt Form 1522. (c) Inquiry from previous owner. (1)
(2) Forfeiting agency means the fed- Upon payment made pursuant to para-
eral law enforcement agency respon- graph (b) of this section, all inquiries
sible for the forfeiture. from the previous owner, including re-
(3) Forfeiture. (i) Administrative for- quests for payment, reissue, or applica-
feiture means the process by which tions for relief, related to forfeited sav-
property may be forfeited by a federal ings bonds, will be referred by the Bu-
agency rather than through judicial reau of the Public Debt to the contact
proceedings. point named in the Public Debt Form
(ii) Judicial forfeiture means either a 1522.
civil or a criminal proceeding in a (2) The Bureau of the Public Debt
United States District Court that may will notify the submitter of the inquiry
result in a final judgment and order of of the referral to the contact point.
forfeiture. (3) The Bureau of the Public Debt
(4) Public Debt Form 1522 means the will not investigate the inquiry and
written notification of the forfeiture will defer to the forfeiting agency’s de-
provided by the forfeiting agency to termination of the appropriate course
the Bureau of the Public Debt on a of action, including settlement where
Public Debt Form 1522 SPECIAL FORM appropriate. Any settlement will be
OF REQUEST FOR PAYMENT OF paid from the forfeiture fund into
UNITED STATES SAVINGS AND RE- which the proceeds were deposited.
TIREMENT SECURITIES WHERE USE
OF A DETACHED REQUEST IS AU- Subpart F—Relief for Loss, Theft,
THORIZED. Public Debt Form 1522
must specify: the contact point; the
Destruction, Mutilation, De-
issue date of each bond; the serial num- facement, or Nonreceipt of
ber for each bond; the date of for- Bonds
feiture; the forfeiture fund to which
§ 360.25 General.
payment is to be made; and be signed
by an individual authorized by the for- Relief, by the issue of a substitute
feiting agency. The forfeited bonds and bond or by payment, is authorized for
the completed Public Debt Form 1522 the loss, theft, destruction, mutilation,
are to be mailed to the Department of or defacement of a bond after receipt
the Treasury, Bureau of the Public by the owner or his or her representa-
Debt, Parkersburg, WV 26106–1328. tive. As a condition for granting relief,
(b) Forfeiture of bond. (1) Upon receipt the Commissioner of the Public Debt,
and review of the Public Debt Form as designee of the Secretary of the
1522, as described in paragraph (a)(4) of Treasury, may require a bond of indem-
this section, the Bureau of the Public nity, in the form, and with the surety,
Debt will make payment to the for- or security, he or she considers nec-
feiture fund specified on the form. essary to protect the interests of the
(2) The Bureau of the Public Debt United States. In all cases, the claim-
will record the forfeiture, the for- ant or claimants must identify the
feiture fund into which the proceeds lost, stolen, destroyed, mutilated, or
were paid, the contact point, and any defaced savings bond or savings bonds
related information. by serial number or serial numbers and
(3) The Bureau of the Public Debt must submit satisfactory evidence of
will rely exclusively upon the informa- the loss, theft, or destruction, or a sat-
tion provided by the Federal agency in isfactory explanation of the mutilation
the Public Debt Form 1522 and will not or defacement.

469

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00479 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
§ 360.26 31 CFR Ch. II (7–1–07 Edition)

§ 360.26 Application for relief; after re- that was not received. Also, relief is
ceipt of bond. authorized for the issuance of bonds for
(a) If the serial numbers of the lost, which the Secretary has not received
stolen, or destroyed bonds are known, payment, in order to preserve public
the claimant should execute an appli- confidence in dealing with issuing
cation for relief on the appropriate agents.
form and submit it to the Bureau of
the Public Debt, Parkersburg, WV § 360.28 Recovery or receipt of bond
26106–1328. before or after relief is granted.
(b) If the bond serial numbers are not (a) If a bond reported lost, stolen, de-
known, the claimant must provide suf- stroyed, or not received, is recovered or
ficient information to enable the Bu- received before relief is granted, the
reau of the Public Debt to identify the Bureau of the Public Debt, Parkers-
bond by serial number. See § 360.29(c). burg, WV 26106–1328, must be notified
The Bureau will furnish the proper ap- promptly.
plication form and instructions. (b) A bond for which relief has been
(c) A defaced bond and all available granted is the property of the United
fragments of a mutilated bond should States and, if recovered, must be
be submitted to a Federal Reserve Of- promptly submitted to the Bureau of
fice listed in § 360.1(b)(2) or the Bureau the Public Debt, Parkersburg, 26106–
of the Public Debt. 1328, for cancellation.
(d) The application must be made by
the person or persons (including both § 360.29 Adjudication of claims.
coowners, if living) authorized under
the regulations in this part to request (a) General. The Bureau of the Public
payment of the bond. In addition: Debt will adjudicate claims for lost,
(1) If the bond is in beneficiary form stolen or destroyed bonds on the basis
and the owner and beneficiary are both of records created and regularly main-
living, the application must be made tained in the ordinary course of busi-
by the owner, and the beneficiary may ness.
also be required to join in the applica- (b) Claims filed 10 years after payment.
tion to protect the interests of the Any claim filed 10 years or more after
United States. the recorded date of redemption or
(2) If a minor named on a bond as other retirement will be barred.
owner, coowner, or beneficiary is not of (c) Claims filed 10 years after maturity.
sufficient competency and under- Any claim filed 10 years or more after
standing to request payment, the par- the maturity of a savings bond will be
ents or other person authorized to re- barred.
quest payment under § 360.63 will ordi-
narily be required to join in the appli- Subpart G—General Provisions for
cation.
(e) If the application is approved, re-
Payment
lief will be granted either by the § 360.35 Payment (redemption).
issuance of a bond bearing the same
issue date as the bond for which the (a) General. Payment of a Series I
claim was filed or by the issuance of a savings bond will be made to the per-
remittance in payment. son or persons entitled under the provi-
sions of the regulations in this part,
§ 360.27 Application for relief; non- except that the redemption payment
receipt of bond. will not be delivered to addresses in
If a bond issued on any transaction is areas with respect to which the Depart-
not received, the issuing agent must be ment of the Treasury restricts or regu-
notified as promptly as possible and lates the delivery of remittances, in-
given all information available about cluding checks and electronic pay-
the nonreceipt. An appropriate form ments, drawn against funds of the
and instructions will be provided. If the United States. See Department of the
application is approved, relief will be Treasury Circular No. 655, current revi-
granted by the issuance of a bond bear- sion (31 CFR part 211). Payment will be
ing the same issue date as the bond made without regard to any notice of

470

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00480 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
Fiscal Service, Treasury § 360.39

adverse claims to a bond and no stop- lish his or her identity and entitlement
page or caveat against payment of a to payment in accordance with Treas-
bond will be entered. ury instructions and identification
(b) Mandatory initial holding period. A guidelines. The presenter must sign the
Series I bond issued on January 1, 2003, request for payment on the bond or, if
or earlier, will be paid at any time authorized, on a separate detached re-
after six months from issue date. A Se- quest, and add his or her address. If the
ries I bond issued on February 1, 2003, request for payment has been signed,
or thereafter, will be paid at any time
or signed and certified, before presen-
after 12 months from issue date. Bonds
tation of the bond, the paying agent
will be paid at the current redemption
value determined in the manner de- must be satisfied that the person pre-
scribed in Department of the Treasury senting the bond for payment is the
Circular, Public Debt Series No. 1–98 owner, coowner, or other person enti-
(31 CFR part 359). tled to payment, and may require the
person to sign the request for payment
[63 FR 38049, July 14, 1998, as amended at 68 again. If the bond is in order for pay-
FR 2667, Jan. 17, 2003; 68 FR 7427, Feb. 14,
2003] ment, the paying agent will make pay-
ment at the current redemption value
§ 360.36 Payment during life of sole without charge to the presenter. Pay-
owner. ing agents are not authorized to proc-
A savings bond registered in single ess any case involving partial redemp-
ownership form (i.e., without a co- tion.
owner or beneficiary) will be paid to (b) Procedure for all other cases. In the
the owner during his or her lifetime case of definitive bonds to which the
upon surrender with an appropriate re- procedure in paragraph (a) of this sec-
quest. tion, does not apply, or if otherwise
preferred, the owner or coowner, or
§ 360.37 Payment during lives of both
coowners. other person entitled to payment
should establish his or her identity to
A savings bond registered in co- the satisfaction of an officer authorized
ownership form will be paid to either by the regulations in this part to cer-
coowner upon surrender with an appro-
tify requests for payment, sign the re-
priate request, and upon payment (as
quests for payment, and provide deliv-
determined in § 360.43), the other co-
ery information for the payment. The
owner will cease to have any interest
in the bond. If both coowners request bonds must be forwarded to a des-
payment, the payment will be made in ignated Federal Reserve Bank or
the form, ‘‘John A. Jones AND Mary C. Branch or the Bureau of the Public
Jones’’. Debt. Usually, payment will be expe-
dited by submission to a designated
§ 360.38 Payment during lifetime of Federal Reserve Bank or Branch. In all
owner of beneficiary bond. cases, the cost and risk of presentation
A savings bond registered in bene- of a bond will be borne by the owner.
ficiary form will be paid to the reg- Payment will be made to the registered
istered owner during his or her lifetime owner or other person entitled and will
upon surrender with an appropriate re- be delivered according to the instruc-
quest. Upon payment (as determined in tions of the owner or the other person
§ 360.43) the beneficiary will cease to entitled and the regulations in this
have any interest in the bond. part.
(c) Date of request. Requests executed
§ 360.39 Surrender for payment.
more than six months before the date
(a) Procedure for definitive bonds of Se- of receipt of a bond for payment will
ries I presented at authorized paying not be accepted. Neither will a bond be
agents. The owner, coowner, or other accepted if payment is requested as of
person entitled to payment of a defini- a date more than three months in the
tive Series I bond may present the
future.
bond to an authorized paying agent for
redemption. The presenter must estab-

471

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00481 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
§ 360.40 31 CFR Ch. II (7–1–07 Edition)

§ 360.40 Special provisions for pay- sequent incompetence or incapacity of


ment. the grantor. Medical evidence or other
(a) Owner’s signature not required. A proof of the grantor’s condition may be
bond may be paid by a paying agent or required in any case.
a designated Federal Reserve Bank or
§ 360.41 Partial redemption.
Branch without the owner’s signature
to the request for payment if the bond A bond may be redeemed in part at
bears the special endorsement of a pay- current redemption value, but only in
ing agent specifically qualified to place amounts corresponding to authorized
such an endorsement on savings bonds. denominations, upon surrender of the
(b) Signature by mark. A signature by bond to a designated Federal Reserve
mark (X) must be witnessed by at least Bank or Branch or to the Bureau of the
one disinterested person and a certi- Public Debt in accordance with
fying officer. See subpart I of this part. § 360.39(b). In any case in which partial
The witness must attest to the signa- redemption is requested, the phrase ‘‘to
ture by mark substantially as follows: the extent of $lllll (face amount)
‘‘Witness to signature by mark’’, fol- and reissue of the remainder’’ should
lowed by his or her signature and ad- be added to the request. Upon partial
dress. redemption of the bond, the remainder
(c) Name change. If the name of the will be reissued as of the original issue
owner, coowner, or other person enti- date, as provided in subpart H of this
tled to payment, as it appears in the part.
registration or in any related evidence
or documents has been changed in any § 360.42 Nonreceipt or loss of remit-
legal manner, the signature to the re- tance issued in payment.
quest for payment must show both If a remittance in payment of the re-
names and the manner in which the demption value of a bond surrendered
change was made; for example, ‘‘Mary for redemption is not received within a
T. Jones Smith (Mary T. J. Smith or reasonable time or is lost after receipt,
Mary T. Smith) changed by marriage notice should be given to the same
from Mary T. Jones’’, or ‘‘John R. agency to which the bond was surren-
Young, changed by order of court from dered for payment. The notice should
Hans R. Jung’’. See § 360.50. give the date the bond was surrendered
(d) Attorneys-in-fact. A request for for payment and describe the bond by
payment executed by an attorney-in- series, denomination, serial number,
fact on behalf of the bond owner or and registration, including the tax-
other person entitled to payment of the payer identifying number of the owner.
bond will be recognized if it is accom-
panied by a copy of the power of attor- § 360.43 Effective date of request for
ney which meets the following require- payment.
ments: The Department of the Treasury will
(1) The power of attorney must bear treat the receipt of a bond with an ap-
the grantor’s signature, properly cer- propriate request for payment by:
tified or notarized, in accordance with (a) A Federal Reserve Bank or
applicable State law; Branch;
(2) The power of attorney must grant, (b) The Bureau of the Public Debt; or
by its terms, authority for the attor- (c) A paying agent authorized to pay
ney-in-fact to sell or redeem the that bond, as the date upon which the
grantor’s securities, sell his or her per- rights of the parties are fixed for the
sonal property, or otherwise contain purpose of payment.
similar authority; and
(3) In the case of a grantor who has § 360.44 Withdrawal of request for pay-
become incapacitated, the power of at- ment.
torney must conform with pertinent (a) Withdrawal by owner or coowner.
provisions of State law concerning its An owner or coowner, who has surren-
durability. Generally, in such cir- dered a bond to a Federal Reserve Bank
cumstances, the power of attorney or Branch or to the Bureau of the Pub-
should provide that the authority lic Debt or to an authorized paying
granted will not be affected by the sub- agent with an appropriate request for

472

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00482 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
Fiscal Service, Treasury § 360.50

payment, may withdraw the request if request under the conditions and for
notice of intent to withdraw is received the purposes outlined in this section.
by the same agency prior to payment. (a) Single ownership. A bond reg-
(b) Withdrawal on behalf of deceased istered in single ownership form may
owner or incompetent. A request for pay- be reissued:
ment may be withdrawn under the (1) To add a coowner or beneficiary;
same conditions as in paragraph (a) of or
this section by the executor or admin- (2) To name a new owner, with or
istrator of the estate of a deceased without a coowner or beneficiary as re-
owner or by the person or persons who quested by the new owner, but only if
could have been entitled to the bond the previous owner and the new owner
under subpart K of this part, or by the are parties to a divorce or annulment;
legal representative of the estate of a or
person under legal disability, unless (3) To name as new sole owner the
surrender of the bond for payment has personal trust estate created by the
eliminated the interest of a surviving previous owner or which designates as
coowner or beneficiary. See § 360.70(b) beneficiary the previous owner.
and (c). (b) Coownership. During the lifetime
of both coowners:
(1) A coownership bond may be re-
Subpart H—Reissue and issued to name a new owner, with or
Denominational Exchange without a coowner or beneficiary as re-
quested by the new owner, but only if
§ 360.45 General
at least one of the coowners and the
Reissue of a bond may be made only new owner are parties to a divorce or
under the conditions specified in these annulment, but reissue is limited to
regulations, and only at: A designated the extent of that coowner’s interest in
Federal Reserve Bank or Branch, or the bond (See § 360.22(a)); or
the Bureau of the Public Debt. Reissue (2) To name as new sole owner the
will not be made if the request is re- personal trust estate created by at
ceived less than one full calendar least one of the coowners or which des-
month before the maturity date of a ignates as beneficiary at least one of
bond. See 31 CFR part 359. The request, the coowners.
however, will be effective to establish (c) Beneficiary. A bond registered in
ownership as though the requested re- beneficiary form may be reissued:
issue had been made. (1) To substitute another individual
as beneficiary; or
§ 360.46 Effective date of request for (2) To eliminate the beneficiary, and,
reissue. if the beneficiary is eliminated, to ef-
The Department of the Treasury will fect any of the reissues authorized by
treat the receipt by: A Federal Reserve paragraph (a) of this section.
Bank or Branch, or the Bureau of the
Public Debt of a bond and an accept- § 360.48 Restrictions on reissue; de-
able request for reissue as determining nominational exchange.
the date upon which the rights of the Reissue is not permitted solely to
parties are fixed for the purpose of re- change denominations.
issue. For example, if the owner or ei-
ther coowner of a bond dies after the § 360.49 Correction of errors.
bond has been surrendered for reissue, A bond may be reissued to correct an
the bond will be regarded as having error in registration upon appropriate
been reissued in the decedent’s life- request supported by satisfactory proof
time. of the error.

§ 360.47 Authorized reissue; during § 360.50 Change of name.


lifetime. An owner, coowner, or beneficiary
A bond belonging to a living indi- whose name is changed by marriage,
vidual may be reissued in any form of divorce, annulment, order of court, or
registration authorized by the regula- in any other legal manner after the
tions in this part upon an appropriate issue of the bond should submit the

473

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00483 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
§ 360.51 31 CFR Ch. II (7–1–07 Edition)

bond with a request for reissue to sub- pressly authorized to certify by the in-
stitute the new name for the name in- stitution. Certification by these offi-
scribed on the bond. Documentary evi- cers or designated employees must be
dence may be required in any appro- authenticated by a legible imprint of
priate case. either the corporate seal of the institu-
tion or of the issuing or paying agent’s
§ 360.51 Requests for reissue.
stamp. The employee expressly author-
Subject to the conditions set out in ized to certify by an institution must
this subpart, a request for reissue of sign his or her name over the title
bonds in coownership form must be ‘‘Designated Employee’’.
signed by both coowners, except that a (3) Issuing and paying agents. Any of-
request solely to eliminate the name of ficer or expressly authorized employee
one coowner may be signed by that co-
of an organization that is not included
owner only. A bond registered in bene-
in paragraphs (a)(1)(i) through (v) of
ficiary form may be reissued upon the
this section but is qualified as an
request of the owner, without the con-
issuing or paying agent for savings
sent of the beneficiary. Public Debt
forms are available for requesting re- bonds of Series E, EE, or I. The agent’s
issue. stamp must be imprinted in the certifi-
cation.
(4) By United States officials. Any
Subpart I—Certifying Officers
judge, clerk, or deputy clerk of a
§ 360.55 Individuals authorized to cer- United States court, including United
tify. States courts for the territories and
The following individuals are author- possessions of the United States and
ized to act as certifying officers for the the Commonwealth of Puerto Rico; any
purpose of certifying a request for pay- United States Commissioner, United
ment, reissue, or a signature to a Pub- States Attorney, or United States Col-
lic Debt form: lector of Customs, including their dep-
(a) Officers generally authorized—(1) uties; in the Internal Revenue Service,
Banks, trust companies, and member or- any Regional Commissioner, District
ganizations of the Federal Home Loan Director, Service Center Director, or
Bank System. (i) Any officer of a bank Internal Revenue agent.
incorporated in the United States, the (b) Officers with limited authority—(1)
territories or possessions of the United In the Armed Forces. Any commissioned
States, or the Commonwealth of Puer- officer or warrant officer of the Armed
to Rico. Forces of the United States, but only
(ii) Any officer of a trust company in- for members of the respective services,
corporated in the United States, the their families, and civilian employees
territories or possessions of the United at posts, bases, or stations. The certi-
States, or the Commonwealth of Puer- fying officer must indicate his or her
to Rico. rank and state that the individual
(iii) Any officer of an organization
signing the request is one of the class
that is a member of the Federal Home
whose request the certifying officer is
Loan Bank System. This includes Fed-
authorized to certify.
eral savings and loan associations.
(iv) Any officer of a foreign branch or (2) Veterans Administration, Federal
domestic branch of an institution indi- penal institutions, and United States Pub-
cated in paragraphs (a)(1)(i) through lic Health Service hospitals. Any officer
(iii) of this section. in charge of a home, hospital or other
(v) Any officer of a Federal Reserve facility of the Veterans Administra-
Bank, a Federal Land Bank, or a Fed- tion, but only for the patients, or em-
eral Home Loan Bank. ployees of the facility; any officer of a
(vi) Any employee of an institution Federal penal institution or a United
in paragraphs (a)(1)(i) through (v) of States Public Health Service hospital
this section, who is expressly author- expressly authorized to certify by the
ized to certify by the institution. Secretary of the Treasury or his des-
(2) Credit unions. Any officer or em- ignee, but only for the inmates, pa-
ployee of a credit union, who is ex- tients or employees of the institution

474

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00484 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
Fiscal Service, Treasury § 360.60

involved. Officers of Veterans Adminis- (b) The certifying officer and, if such
tration facilities, Federal penal insti- person is an officer or an employee of
tutions, and Public Health Service hos- an organization, the organization will
pitals must use the stamp or seal of the be held fully responsible for the ade-
particular institution or service. quacy of the identification.
(c) Authorized officers in foreign coun- (c) A signature guaranteed stamp
tries. Any United States diplomatic or under the Securities Transfer Agents
consular representative, or the officer Medallion Program (STAMP) is an ac-
of a foreign branch of a bank or trust ceptable official seal.
company incorporated in the United
States whose signature is attested by § 360.57 When a certifying officer may
an imprint of the corporate seal or is not certify.
certified to the Department of the Certifying officers may not certify
Treasury. If none of these individuals the requests for payment or reissue of
is available, a notary public or other bonds, or appropriate Public Debt
officer authorized to administer oaths transaction forms if, in their own right
may certify, but, if not in a country or in a representative capacity, they:
that is a party to the Hague Conven- (a) Have an interest in the bonds; or
tion, his or her official character and (b) Will, by virtue of the requests
jurisdiction must be certified by a being certified, acquire an interest in
United States diplomatic or consular the bonds.
officer under seal of his or her office.
(d) Authorized officers in particular lo- § 360.58 Forms to be certified.
calities. The Governor and the Treas- When required in the instructions on
urer of Puerto Rico; the Governor and a Public Debt transaction form, the
the Commissioner of Finance of the form must be signed before an author-
Virgin Islands; the Governor and the ized certifying officer.
Director of Finance of Guam; or the
Governor and the Director of Adminis- Subpart J—Minors, Incompetents,
trative Services of American Samoa. Aged Persons, Absentees, et al.
(e) Special provisions. If no certifying
officer is readily accessible, the Com- § 360.60 Payment to representative of
missioner of the Public Debt, Deputy an estate.
Commissioner, any Assistant Commis- (a) The representative of an estate of
sioner, or other designated official of an owner who is a minor, an aged per-
the Bureau or of a Federal Reserve son, incompetent, absentee, et al., may
Bank or Branch is authorized to make receive payment upon request:
special provision for any particular (1) If the registration shows the name
case. and capacity of the representative;
(2) If the registration shows the ca-
§ 360.56 General instructions and li-
ability. pacity but not the name of the rep-
resentative and the request is accom-
(a) The certifying officer must: panied by appropriate evidence; or
(1) Require the person presenting a (3) If the registration includes nei-
bond, or an appropriate Public Debt ther the name of the representative nor
transaction form, to establish his or his or her capacity but the request is
her identity in accordance with De- accompanied by appropriate evidence.
partment of the Treasury instructions (b)(1) Appropriate evidence for para-
and identification guidelines; graphs (a) (2) and (3) of this section in-
(2) Place a notation on the back of cludes Public Debt Forms 5385 (redemp-
the bond or on the appropriate Public tion) and 5386 (reissue) completed and
Debt transaction form, or in a separate signed by the representative in accord-
record, showing exactly how identifica- ance with the proper form’s instruc-
tion was established; and tions, which are incorporated herein,
(3) Affix, as part of the certification, or a certified copy of the letters of ap-
his or her official signature, title, seal pointment or, if the representative is
or issuing or paying agent’s stamp, ad- not appointed by a court, other proof of
dress, and the date of execution. qualification.

475

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00485 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
§ 360.61 31 CFR Ch. II (7–1–07 Edition)

(2) Except in the case of corporate fi- age and is not of sufficient understanding to
duciaries, the evidence must show that make this request.
the appointment is in full force and be Mary Jones on behalf of John C. Jones
dated not more than one year prior to
the presentation of the bond for pay- (2) Request by other person:
ment. The request for payment appear- I certify that John C. Jones does not reside
ing on the back of a bond must be with either parent and that I furnish his
signed by the representative as such, chief support. He is ll years of age and is
for example, ‘‘John S. Jones, guardian not of sufficient understanding to make this
(committee) of the estate of Henry W. request.
Smith, a minor (an incompetent)’’. Alice Brown, grandmother, on behalf of John
C. Jones
§ 360.61 Payment after death.
After the death of the ward, and at § 360.64 Payment or reinvestment—
any time prior to the representative’s voluntary guardian of an incapaci-
discharge, the representative of the es- tated person.
tate will be entitled to obtain payment (a) Payment of bonds. (1) When an
of a bond to which the ward was solely adult owner of bonds is incapable of re-
entitled. questing payment as a result of inca-
pacity and there is no other person le-
§ 360.62 Payment to minor. gally qualified to do so, the relative, or
If the owner of a savings bond is a other person, responsible for the own-
minor and the form of registration does er’s care and support may submit an
not indicate that there is a representa- application for recognition as vol-
tive of the minor’s estate, payment untary guardian for the purpose of re-
will be made to the minor upon his or deeming the owner’s bonds, if the total
her request, provided the minor is of redemption value of all of the owner’s
sufficient competency to sign the re- bonds does not exceed $20,000. The
quest for payment and to understand bonds and application should be sub-
the nature of the transaction. In gen- mitted to a designated Federal Reserve
eral, the fact that the request for pay- Bank or the Bureau of the Public Debt.
ment has been signed by a minor and (2) The redemption value of the bonds
certified will be accepted as sufficient
shall be determined as of the date the
proof of competency and under-
bonds are received, accompanied by an
standing.
appropriate request for payment. If the
§ 360.63 Payment to a parent or other total redemption value exceeds $20,000,
person on behalf of a minor. a legal representative must be ap-
(a) If the owner of a savings bond is pointed, as set forth in § 360.60.
a minor and the form of registration (b) Reinvestment of bonds. (1) If the
does not indicate that there is a rep- bonds have matured and ceased earning
resentative of his or her estate, and if interest, they may be redeemed and the
the minor is not of sufficient com- proceeds reinvested in any other sav-
petency to sign the request for pay- ings bonds available. The new bonds
ment and to understand the nature of must be registered in the name of the
the transaction, payment will be made incapacitated person, followed by
to either parent with whom the minor words showing that he or she is under
resides or to whom legal custody has voluntary guardianship; for example,
been granted. If the minor does not re- ‘‘John Jones 123–45–6789, under vol-
side with either parent, payment will untary guardianship’’. A living co-
be made to the person who furnishes owner or beneficiary named on the ma-
the chief support for the minor. tured bonds must be designated on the
(b) The request must appear on the new bonds, unless such person fur-
back of the bond in one of the following nishes a certified statement consenting
forms: to omission of his or her name.
(1) Request by parent: (2) If an amount insufficient to pur-
I certify that I am the mother of John C. chase an additional bond of any au-
Jones (with whom he resides) (to whom legal thorized denomination of savings bond
custody has been granted). He is ll years of remains after the reinvestment, the

476

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00486 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
Fiscal Service, Treasury § 360.70

voluntary guardian may furnish addi- be made as though the bond were reg-
tional funds sufficient to purchase an- istered in the name of the survivor
other savings bond of the lowest avail- alone. Any request for reissue by the
able denomination. If additional funds surviving coowner must be supported
are not furnished, the remaining by proof of death of the other coowner.
amount will be paid to the voluntary (2) Both coowners deceased. If both co-
guardian for the use and benefit of the owners named on a bond have died, the
incapacitated person. bond becomes the property of the es-
§ 360.65 Reissue. tate of the coowner who died last, and
payment or reissue will be made as if
A bond on which a minor or other
the bond were registered in the name of
person under legal disability is named
as the owner or coowner, or in which he the last deceased coowner alone. Proof
or she has an interest, may be reissued of death of both coowners will be re-
under the following conditions, but quired to establish the order of death.
only in accordance with subpart H of (3) Simultaneous death of both co-
this part: owners. If both coowners die under con-
(a) A minor for whose estate no rep- ditions where it cannot be established,
resentative has been appointed may re- either by presumption of law or other-
quest reissue if the minor is of suffi- wise, which coowner died first, the
cient competency to sign his or her bond becomes the property of the es-
name to the request and to understand tates of both equally, and payment or
the nature of the transaction. reissue will be made accordingly.
(b) Except to the extent provided in (c) Beneficiary bond—(1) Owner de-
paragraph (a) of this section, reissue ceased. If the owner of a bond reg-
will be restricted to a form of registra- istered in beneficiary form has died and
tion which does not adversely affect
is survived by the beneficiary, upon
the existing ownership or interest of a
proof of death of the owner, the bene-
minor or other person under legal dis-
ficiary will be recognized as the sole
ability. Requests for reissue should be
executed by the person authorized to and absolute owner of the bond. Pay-
request payment under §§ 360.60 and ment or reissue will be made as though
360.63, or the person who may request the bond were registered in the sur-
recognition as voluntary guardian vivor’s name alone. A request for pay-
under § 360.64. ment or reissue by the beneficiary
must be supported by proof of death of
Subpart K—Deceased Owner, the owner.
Coowner or Beneficiary (2) Beneficiary deceased. If the bene-
ficiary’s death occurs before, or simul-
§ 360.70 General rules governing enti- taneously with, that of the registered
tlement. owner, payment or reissue will be made
The rules in this section govern own- as though the bond were registered in
ership or entitlement where one or the owner’s name alone. Proof of death
both of the persons named on a bond of the owner and beneficiary is re-
have died without the bond having quired to establish the order of death.
been surrendered for payment or re- (d) Nonresident aliens. If the person
issue. Appropriate proof of death will who becomes entitled to a bond be-
be required. cause of the death of an owner is an
(a) Single owner bond. If the owner of alien who is a resident of an area with
a bond registered in single ownership respect to which the Department of the
form has died, the bond becomes the Treasury restricts or regulates the de-
property of that decedent’s estate, and livery of remittances, including checks
payment or reissue will be made as pro- and electronic payments, drawn
vided in this subpart.
against funds of the United States or
(b) Coowner bond—(1) One coowner de-
its agencies or instrumentalities, deliv-
ceased. If one of the coowners named on
a bond has died, the surviving coowner ery of the redemption payment will not
will be recognized as the sole and abso- be made so long as the restriction ap-
lute owner, and payment or reissue will plies. See Department of the Treasury

477

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00487 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
§ 360.71 31 CFR Ch. II (7–1–07 Edition)

Circular No. 655, current revision (31 tion, to request payment or distribu-
CFR part 211). tion of a decedent’s savings bonds. The
[63 FR 38049, July 14, 1998, as amended at 70
voluntary representative procedures
FR 57432, Sept. 30, 2005] are for the convenience of the Depart-
ment; entitlement to the decedent’s
§ 360.71 Decedent’s estate. savings bonds and held payments, if
(a) Estate is being administered. (1) A any, is determined by the law of the ju-
legal representative of a deceased own- risdiction in which the decedent was
er’s estate may request payment of domiciled at the date of death. Vol-
savings bonds to the estate, or may dis- untary representative procedures may
tribute the savings bonds to the per- be used only if:
sons entitled. (i) There has been no administration,
(2) Appropriate proof of appointment no administration is contemplated, and
for the legal representative of the es- no summary or small estate procedures
tate is required. Letters of appoint- under applicable local law have been
ment must be dated not more than one used;
year prior to the date of submission of (ii) The total redemption value of the
the letters of appointment. Treasury securities and held payments,
(b) Estate has been settled previously. If if any, held directly on our records
the estate has been settled previously that are the property of the decedent’s
through judicial proceedings, the per- estate is $100,000 or less as of the date
sons entitled may request payment or of death; and
reissue of the savings bonds. A certified (iii) There is a person eligible to
copy of the court-approved final ac- serve as the voluntary representative
counting for the estate, the court’s de- according to paragraph (e)(3) of this
cree of distribution, or other appro- section.
priate evidence is required. (2) Authority of voluntary representa-
(c) Special provisions under the law of tive. A voluntary representative may:
the jurisdiction of the decedent’s domicile. (i) Redeem the decedent’s savings
If there is no formal or regular admin- bonds that are eligible for redemption
istration and no representative of the on behalf of the persons entitled by the
estate is to be appointed, the person law of the jurisdiction in which the de-
appointed to receive or distribute the cedent was domiciled at the date of
assets of a decedent’s estate without death;
regular administration under applica- (ii) Distribute the decedent’s savings
ble local law summary or small estates bonds to the persons entitled by the
procedures may request payment or re- law of the jurisdiction in which the de-
issue of savings bonds. Appropriate evi- cedent was domiciled at the date of
dence is required. death.
(d) When administration is required. If (3) Order of precedence for voluntary
the total redemption value of the representative. An individual eighteen
Treasury securities and undelivered years of age or older may act as a vol-
payments, if any, held directly on our untary representative according to the
records that are the property of the de- following order of precedence: A sur-
cedent’s estate is greater than $100,000, viving spouse; if there is no surviving
administration of the decedent’s estate spouse, then a child of the decedent; if
will be required. The redemption value there are none of the above, then a de-
of savings bonds and the principal scendant of a deceased child of the de-
amount of marketable securities will cedent; if there are none of the above,
be used to determine the value of secu- then a parent of the decedent; if there
rities, and will be determined as of the are none of the above, then a brother
date of death. Administration may also or sister of the decedent; if there are
be required at the discretion of the De- none of the above, then a descendant of
partment for any case. a deceased brother or sister of the dece-
(e) Voluntary representative for small dent; if there are none of the above,
estates that are not being otherwise ad- then a next of kin of the decedent, as
ministered—(1) General. A voluntary determined by the law of the jurisdic-
representative is a person qualified ac- tion in which the decedent was domi-
cording to paragraph (e)(3) of this sec- ciled at the date of death. As used in

478

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00488 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
Fiscal Service, Treasury § 360.90

this order of precedence, child means a which the fiduciary is not designated
natural or adopted child of the dece- by name and title in the bond registra-
dent. tion or a fiduciary designated in the
(4) Liability. By serving, the vol- bond registration is no longer acting,
untary representative warrants that the request must be made in accord-
the distribution of payments or savings ance with subparts J and K of this part.
bonds is to the persons entitled by the (b) Corporate fiduciaries. If a bond is
law of the jurisdiction in which the de- registered in the name of a public or
cedent was domiciled at the date of private corporation, such as a financial
death. The United States is not liable institution, or a governmental body as
to any person for the improper dis- fiduciary, the request must be signed
tribution of payments or securities. by an authorized officer in the name of
Upon payment or distribution of the the organization as fiduciary. Ordi-
securities at the request of the vol- narily, a signed and certified request
untary representative, the United will be accepted without further evi-
States is released to the same extent as dence.
if it had paid or delivered to a rep- (c) Trustee of a common trust fund. A
resentative of the estate appointed pur- bond held by a financial institution as
suant to the law of the jurisdiction in a trustee may be reissued in the name
which the decedent was domiciled at of the institution as trustee of its com-
the date of death. The voluntary rep- mon trust fund to the extent that par-
resentative shall indemnify and hold ticipation in the common trust fund is
harmless the United States and all authorized by law or regulation. The
creditors and persons entitled to the request for reissue should be executed
estate of the decedent. The amount of by the institution and any co-trustee.
the indemnification is limited to an (d) Successor fiduciary. If the fiduciary
amount no greater than the value re- in whose name the bond is registered
ceived by the voluntary representative. has been replaced by another fiduciary,
(f) Creditor. If there has been no ad- a properly executed form or satisfac-
ministration, no administration is con- tory evidence of successorship should
templated, no summary or small estate be furnished.
procedures under applicable local law
have been used, and there is no person § 360.76 Payment or reissue after ter-
eligible to serve as a voluntary rep- mination of the fiduciary estate.
resentative pursuant to paragraph (e) A bond registered in the name or
of this section, then a creditor may title of a fiduciary may be paid or re-
make a claim for payment of the issued to the person who has become
amount of the debt, providing the debt entitled by reason of the termination
has not been barred by applicable local of an estate, other than a decedent’s
law. estate (see subpart K of this part). Re-
quests for reissue made by a fiduciary
[70 FR 57432, Sept. 30, 2005]
pursuant to the termination of a fidu-
§ 360.72 [Reserved] ciary estate should be made on the ap-
propriate form. Requests for payment
Subpart L—Fiduciaries or reissue by other than the fiduciary
must be accompanied by evidence to
§ 360.75 Payment or reissue during the show that the person has become enti-
existence of the fiduciary estate. tled in accordance with applicable
(a) Request from the fiduciaries named State law or otherwise. When two or
in the registration. A request for reissue more persons have become entitled, the
or payment signed by at least one, but request for payment or reissue must be
less than all, of the fiduciaries named signed by each of them.
in the registration shall be deemed suf-
ficient and acceptable proof that less Subpart M—Miscellaneous
than all of the fiduciaries may properly Provisions
execute the request. If the fiduciaries
named in the registration are still act- § 360.90 Waiver of regulations.
ing, no further evidence will be re- The Commissioner of the Public
quired. In other cases, i.e., cases in Debt, as designee of the Secretary of

479

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00489 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121
§ 360.91 31 CFR Ch. II (7–1–07 Edition)

the Treasury, may waive or modify any


provision or provisions of the regula-
tions in this part. He or she may do so
in any particular case or class of cases
for the convenience of the United
States or in order to relieve any person
or persons of unnecessary hardship:
(a) If such action would not be incon-
sistent with law or equity;
(b) If it does not impair any material
existing rights; and
(c) If he or she is satisfied that such
action would not subject the United
States to any substantial expense or li-
ability.
§ 360.91 Additional requirements; bond
of indemnity.
The Commissioner of the Public
Debt, as designee of the Secretary of
the Treasury, may require:
(a) Such additional evidence as he or
she may consider necessary or advis-
able; or
(b) A bond of indemnity, with or
without surety, in any case in which he
or she may consider such a bond nec-
essary for the protection of the inter-
ests of the United States.
§ 360.92 Supplements, amendments, or
revisions.
The Secretary of the Treasury may
at any time, or from time to time, pre-
scribe additional, supplemental,
amendatory, or revised rules and regu-
lations governing United States Sav-
ings Bonds.

480

VerDate Aug<31>2005 13:53 Aug 28, 2007 Jkt 211121 PO 00000 Frm 00490 Fmt 8010 Sfmt 8010 Y:\SGML\211121.XXX 211121