Department of the

Treasury

Fiscal Service, Bureau of the Public Debt

31 CFR Part 353 - Regulations Governing United States Savings

Bonds, Series EE and HH

Department of the Treasury Circular,

Public Debt Series No. 3-80, as revised and amended

As of July 2008
Fiscal Service, Treasury Pt. 353

PART 353—REGULATIONS GOV-

ERNING DEFINITIVE UNITED
STATES SAVINGS BONDS, SERIES
EE AND HH
Subpart A—General Information
Sec.
353.0 Applicability.
353.1 Official agencies.
353.2 Definitions.
353.3 Converting definitive savings bonds to
book-entry bonds in New Treasury Di-
rect.

Subpart B—Registration
353.5 General rules.
353.6 Restrictions on registration.
353.7 Authorized forms of registration.
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353.8 Chain letters prohibited.

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Pt. 353 31 CFR Ch. II (7–1–08 Edition)

Subpart C—Limitations on Annual 353.51 Requests for reissue.

Purchases
Subpart J—Certifying Officers
353.10 Amounts which may be purchased.
353.11 Computation of amount. 353.55 Individuals authorized to certify.
353.12 Disposition of excess. 353.56 General instructions and liability.
353.13 Employee plans—Conditions of eligi- 353.57 When a certifying officer may not
bility. certify.
353.58 Forms to be certified.
Subpart D—Limitations on Transfer or
Pledge Subpart K—Minors, Incompetents, Aged
Persons, Absentees, et al.
353.15 Transfer.
353.16 Pledge. 353.60 Payment to representative of an es-
tate.
Subpart E—Judicial Proceedings 353.61 Payment after death.
353.62 Payment to minors.
353.20 General. 353.63 Payment to a parent or other person
353.21 Payment to judgment creditors. on behalf of a minor.
353.22 Payment or reissue pursuant to judg- 353.64 Payment, reinvestment, or ex-
ment. change—voluntary guardian of an inca-
353.23 Evidence. pacitated person.
353.24 Payment pursuant to judicial or ad- 353.65 Reissue.
ministrative forfeiture.
Subpart L—Deceased Owner, Coowner or
Subpart F—Relief for Loss, Theft, Destruc-
Beneficiary
tion, Mutilation, Defacement, or Non-
receipt of Bonds 353.70 General rules governing entitlement.
353.71 Decedent’s estate
353.25 General. 353.72 [Reserved]
353.26 Application for relief—After receipt
of bond. Subpart M—Fiduciaries
353.27 Application for relief—Nonreceipt of
bond. 353.75 Payment or reissue during the exist-
353.28 Recovery or receipt of bond before or ence of the fiduciary estate.
after relief is granted. 353.76 Payment or reissue after termination
353.29 Adjudication of claims. of the fiduciary estate.
353.77 Exchanges by fiduciaries.
Subpart G—Interest
353.30 Series EE bonds.
Subpart N—Private Organizations (Cor-
353.31 Series HH bonds. porations, Associations, Partnerships,
et cetera) and Governmental Agen-
Subpart H—General Provisions for Payment cies, Units and Officers
353.35 Payment (redemption). 353.80 Payment to corporations or unincor-
353.36 Payment during life of sole owner. porated associations.
353.37 Payment during lives of both co- 353.81 Payment to partnerships.
owners. 353.82 Reissue or payment to successors of
353.38 Payment during lifetime of owner of corporations, unincorporated associa-
beneficiary bond. tions, or partnerships.
353.39 Surrender for payment. 353.83 Reissue or payment on dissolution of
353.40 Special provisions for payment. corporation or partnership.
353.41 Partial redemption. 353.84 Payment to certain institutions.
353.42 Nonreceipt or loss of check issued in 353.85 Reissue in name of trustee or agent
payment. for reinvestment purposes.
353.43 Effective date of request for payment. 353.86 Reissue upon termination of invest-
353.44 Withdrawal of request for payment. ment agency.
353.87 Payment to governmental agencies,
Subpart I—Reissue and Denominational units, or their officers.
Exchange
Subpart O—Miscellaneous Provisions
353.45 General.
353.46 Effective date of request for reissue. 353.90 Waiver of regulations.
353.47 Authorized reissue—during lifetime. 353.91 Additional requirements; bond of in-
353.48 Restrictions on reissue. demnity.
353.49 Correction of errors. 353.92 Supplements, amendments, or revi-
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353.50 Change of name. sions.

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Fiscal Service, Treasury § 353.2
AUTHORITY: 5 U.S.C. 301; 12 U.S.C. 391; 31 verted to book-entry bonds through
U.S.C. 3105, 3125. New Treasury Direct.
SOURCE: 44 FR 76441, Dec. 26, 1979, unless [68 FR 24805, May 8, 2003, as amended at 70
otherwise noted. FR 14941, Mar. 23, 2005]

Subpart A—General Information § 353.1 Official agencies.

(a) The Bureau of the Public Debt of
§ 353.0 Applicability. the Department of the Treasury is re-
(a) The regulations in this part gov- sponsible for administering the Savings
ern definitive (paper) Series EE savings Bonds Program. Authority to process
bonds that have not been converted to transactions has been delegated to Fed-
eral Reserve Banks and Branches in
book-entry bonds through New Treas-
the list in paragraph (b) of this section,
ury Direct and definitive Series HH
as fiscal agents of the United States.
savings bonds. These bonds bear issue (b) Communications concerning
dates of January 1, 1980, or thereafter. transactions and requests for forms
(b) The regulations in 31 CFR part 315 should be addressed to:
govern all other definitive United (1) A Federal Reserve Bank or Branch
States Savings Bonds and Savings in the list below; the Bureau of the
Notes. Public Debt, 200 Third Street, Parkers-
(c) The regulations in 31 CFR part 363 burg, WV 26101; or the Bureau of the
govern Series EE savings bonds that Public Debt, Washington, DC 20226.
were originally issued as book-entry (2)(i) The following Federal Reserve
bonds in New Treasury Direct and Se- Offices have been designated to provide
ries EE savings bonds that were con- savings bond services:
Reserve districts
Servicing office Geographic area served
served

Federal Reserve Bank, Buffalo New York, Boston CT, MA, ME, NH, NJ (northern half), NY (City & State), RI, VT,
Branch, P.O. Box 961, Buffalo, NY Puerto Rico and Virgin Islands.
14240.
Federal Reserve Bank, Pittsburgh Cleveland, Phila- DE, KY (eastern half), NJ (southern half), OH, PA, WV (northern
Branch, P.O. Box 867, Pittsburgh, delphia. panhandle).
PA 15230.
Federal Reserve Bank of Richmond, Richmond, Atlanta AL, DC, FL, LA (southern half), MD, MS (southern half), NC, SC,
P.O. Box 27622, Richmond, VA TN (eastern half), VA, WV (except northern panhandle).
23261.
Federal Reserve Bank of Min- Minneapolis, Chi- IA, IL (northern half), IN (northern half), MN, MT, ND, SD, WI.
neapolis, 250 Marquette Avenue, cago.
Minneapolis, MN 55480.
Federal Reserve Bank of Kansas Dallas, San Fran- AK, AR, AZ, CA, CO, HI, ID, IL (southern half), IN (southern half),
City, 925 Grand Avenue, Kansas cisco, Kansas KS, KY (western half), LA (northern half), MO, NE, NM, NV, OK,
City, MO 64198. City, St. Louis. OR, TN (western half), TX, WA, WY, UT and GU.

(ii) Until March 1, 1996, other Federal finitive United States Savings Bond of
Reserve Offices may continue to pro- Series EE or HH.
vide some savings bond services, but (b) Converted bond means a savings
such services will be phased out over bond originally issued as a definitive
the period prior to that date. bond that has been surrendered to us
(c) Notices and documents must be and converted to a book-entry savings
filed with the agencies referred to bond to be maintained by Treasury
above and as indicated in these regula- solely as a computer record.
tions. (c) Incompetent means an individual
who is incapable of handling his or her
[44 FR 76441, Dec. 26, 1979, as amended at 59
business affairs because of a legal,
FR 10541, Mar. 4, 1994]
mental or medical disability, except
§ 353.2 Definitions. that a minor is not an incompetent
solely because of age.
(a) Bond, or Series EE or HH savings (d) Inscription means the information
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bond, as used in this part, means a de- that is printed on the face of the bond.

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§ 353.3 31 CFR Ch. II (7–1–08 Edition)

(e) Issuing agent means an organiza- (o) Voluntary guardian means an indi-
tion that has been qualified under the vidual who is recognized as authorized
provisions of Department of the Treas- to act for an incompetent, as provided
ury Circular, Public Debt Series No. 4– by § 353.64.
67, current revision (31 CFR part 317), (p) Voluntary representative means the
to issue savings bonds. person qualified by the Department of
(f) Paying agent means a financial in- the Treasury to request payment or
stitution that has been qualified under distribution of a decedent’s savings
the provisions of Department of the bonds pursuant to § 353.71.
Treasury Circular No. 750, current revi-
[44 FR 76441, Dec. 26, 1979, as amended at 68
sion (31 CFR part 321), to make pay- FR 24805, May 8, 2003; 70 FR 14941, Mar. 23,
ment of savings bonds. 2005; 70 FR 57430, Sept. 30, 2005; 71 FR 46857,
(g) Payment means redemption, un- Aug. 15, 2006]
less otherwise indicated by context.
(h) Person means any legal entity in- § 353.3 Converting definitive savings
cluding, but without limitation, an in- bonds to book-entry bonds in New
dividual, corporation (public or pri- Treasury Direct.
vate), partnership, unincorporated as- Series EE savings bonds that were
sociation, or fiduciary estate. originally issued as definitive bonds
(i) Personal trust estates means trust may be converted to book-entry bonds
estates established by natural persons through New Treasury Direct, an on-
in their own right for the benefit of line system for holding Treasury secu-
themselves or other natural persons in rities. The Web address for New Treas-
whole or in part, and common trust ury Direct is http://
funds comprised in whole or in part of www.treasurydirect.gov. Bond owners
such trust estates. who wish to convert their definitive
(j) Registration means that the names savings bonds should follow online in-
of all persons named on the bond and structions for conversion. Regulations
the taxpayer identification number governing converted bonds are found at
(TIN) of the owner, first-named co- 31 CFR part 363.
owner, or purchaser of a gift bond are
[70 FR 14941, Mar. 23, 2005]
maintained on our records.
(k) Reissue means the cancellation
and retirement of a bond and the Subpart B—Registration
issuance of a new bond or bonds of the
same series, same issue date, and same § 353.5 General rules.
total face amount. (a) Registration is conclusive of owner-
(l) Representative of the estate of a ship. Savings bonds are issued only in
minor, incompetent, aged person, absen- registered form. The registration must
tee, et al. means the court-appointed or express the actual ownership of, and in-
otherwise qualified person, regardless terest in, the bond. The registration is
of title, who is legally authorized to conclusive of ownership, except as pro-
act for the individual. The term does vided in § 353.49.
not include parents in their own right, (b) Requests for registration. Registra-
voluntary or natural guardians, or the tions requested must be clear, accurate
executors or administrators of dece- and complete, conform substantially
dents’ estates. with one of the forms set forth in this
(m) Surrender means the actual re- subpart, and include the taxpayer iden-
ceipt of a bond with an appropriate re- tifying number of the owner or first-
quest for payment or reissue by either named coowner. The taxpayer identi-
a Federal Reserve Bank or Branch, the fying number of the second-named co-
Bureau of the Public Debt, or, if a pay- owner or beneficiary is not required
ing agent is authorized to handle the but its inclusion is desirable. The reg-
transaction, the actual receipt of the istration of all bonds owned by the
bond and the request for payment by same person, organization, or fiduciary
the paying agent. should be uniform with respect to the
(n) Taxpayer identifying number means name of the owner and any description
a social security account number or an of the fiduciary capacity. An individual
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employer identification number. should be designated by the name he or

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Fiscal Service, Treasury § 353.6

she is ordinarily known by or uses in if the bonds are purchased on a payroll

business, including at least one full savings plan and the owner provides a
given name. The name may be preceded taxpayer identifying number.
or followed by any applicable title, A nonresident alien may be designated
such as Miss, Mr., Mrs., Ms., Dr., Rev., coowner or beneficiary or, on author-
M.D., or D.D.. A suffix, such as Sr. or ized reissue, owner, unless the non-
Jr., must be included when ordinarily resident alien is a resident of an area
used or when necessary to distinguish with respect to which the Department
the owner from another member of his of the Treasury restricts or regulates
family. A married woman’s own given the delivery of checks drawn against
name, not that of her husband, must be funds of the United States or its agen-
used; for example, Mary A. Jones or cies or instrumentalities. See Depart-
Mrs. Mary A. Jones, NOT Mrs. Frank B. ment of the Treasury Circular No. 655,
Jones. The address must include, where current revision (31 CFR part 211). Reg-
appropriate, the number and street, istration is not permitted in any form
route, or any other local feature, city, which includes the name of any alien
State, and ZIP Code. who is a resident of any restricted
(c) Registration of bonds purchased as area.
gifts. If the bonds are purchased as (c) Minors. (1) Minors may purchase
gifts, awards, prizes, etc., and the tax- with their wages, earnings, or other
payer identifying number of the in- funds belonging to them and under
tended owners is not known, the pur- their control bonds registered in their
chaser’s number must be furnished. names alone or with a coowner or bene-
Bonds so inscribed will not be associ- ficiary.
ated with the purchaser’s own hold- (2) Bonds purchased by another per-
ings. Bonds so registered will not be as- son with funds belonging to a minor
sociated with the purchaser’s own hold- not under legal guardianship or similar
ings. If the purchaser so requests, a fiduciary estate must be registered,
bond may be inscribed to provide a without a coowner or beneficiary, in
‘‘Mail to’’ instruction, followed by a the name of the minor or a natural
delivery name and address. No rights of guardian on behalf of a minor.
ownership are conferred on such des- (3) Bonds purchased with funds of an-
ignee. other may be registered to name the
[44 FR 76441, Dec. 26, 1979, as amended at 55 minor as owner, coowner, or bene-
FR 575, Jan. 5, 1990; 71 FR 46857, Aug. 15, 2006] ficiary. If the minor is under legal
guardianship or similar fiduciary es-
§ 353.6 Restrictions on registration. tate, the registration must include an
(a) Natural persons. Only an indi- appropriate reference to it.
vidual in his or her own right may be (4) Bonds purchased as a gift to a
designated as coowner or beneficiary minor under a gift-to-minors statute
along with any other individual, must be registered as prescribed by the
whether on original issue or reissue, statute and no coowner or beneficiary
except as provided in § 353.7(f). may be named.
(b) Residence. The designation of an (5) Bonds purchased by a representa-
owner or first-named coowner is re- tive of a minor’s estate must be reg-
stricted, on original issue only, to per- istered in the name of the minor and
sons (whether individuals or others) must include in the registration an ap-
who are: propriate reference to the guardianship
(1) Residents of the United States, its or similar fiduciary estate. Bonds pur-
territories or possessions, or the Com- chased by a representative of the es-
monwealth of Puerto Rico; tates of two or more minors, even
(2) Citizens of the United States re- though appointed in a single pro-
siding abroad; ceeding, must be registered in the
(3) Civilian employees of the United name of each minor separately with ap-
States or members of its armed forces, propriate reference to the guardianship
regardless of their residence or citizen- or similar fiduciary estate.
ship; and (d) Incompetents. Bonds may be reg-
(4) Residents of Canada or Mexico istered to name as owner, coowner, or
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who work in the United States but only beneficiary an incompetent for whose

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§ 353.7 31 CFR Ch. II (7–1–08 Edition)

estate a guardian or similar represent- custodians, natural guardians, executors,

ative has been appointed, except that a administrators, and trustees)—(1) Gen-
coowner or beneficiary may not be eral. A bond may be registered in the
named on bonds purchased with funds name of any person or persons or any
belonging to the incompetent. The reg- organization acting as fiduciary of a
istration must include appropriate ref- single fiduciary estate, but not where
erence to the guardianship or similar the fiduciary will hold the bond merely
fiduciary estate. Bonds should not be or principally as security for the per-
registered in the name of an incom- formance of a duty, obligation, or serv-
petent unless there is a representative ice. Registration should conform to a
for his or her estate, except as provided form authorized by this paragraph. A
in § 353.64. coowner or beneficiary may be named
[44 FR 76441, Dec. 26, 1979, as amended at 63 only in accordance with the applicable
FR 64551, Nov. 20, 1998] provisions of § 353.6 (c) and (d). A com-
mon trust fund established and main-
§ 353.7 Authorized forms of registra- tained by a financial institution au-
tion. thorized to act as a fiduciary will be
Subject to any limitations or restric- considered a single fiduciary estate
tions contained in these regulations on within the meaning of these regula-
the right of any person to be named as tions.
owner, coowner, or beneficiary, bonds (2) Legal guardians, conservators, simi-
should be registered as indicated lar representatives, certain custodians. A
below. A savings bond registered in a bond may be registered in the name
form not substantially in agreement and title or capacity of the legally ap-
with one of the forms authorized by pointed or authorized representative of
this subpart is not considered validly the estate of a minor, incompetent,
issued. aged or infirm person, absentee, et al.,
(a) Natural persons. A bond may be or in the name of that individual fol-
registered in the names of individuals lowed by an appropriate reference to
in their own right, but only in one of the estate. Examples:
the forms authorized by this para-
Tenth National Bank, guardian (or conser-
graph. vator, trustee, etc.) of the estate of George
(1) Single ownership form. A bond may N. Brown 123–45–6789, a minor (or an incom-
be registered in the name of one indi- petent, aged person, infirm person, or ab-
vidual. Example: sentee).
Henry C. Smith, conservator of the estate of
John A. Jones 123–45–6789.
John R. White 123–45–6789, an adult, pursu-
(2) Coownership form. A bond may be ant to Sec. 633.572 of the Iowa Code.
registered in the names of two individ- John F. Green 123–45–6789, a minor (or an in-
uals in the alternative as coowners. competent) under custodianship by des-
The form of registration ‘‘A and B’’ is ignation of the Veterans Administration.
not authorized. Examples: Frank M. Redd 123–45–6789, an incompetent
for whom Eric A. Redd has been designated
John A. Jones 123–45–6789 or Ella S. Jones trustee by the Department of the Army
987–65–4321. pursuant to 37 U.S.C. 602.
John A. Jones 123–45–6789 or (Miss, Ms. or Arnold A. Ames, as custodian for Barry B.
Mrs.) Ella S. Jones. Bryan 123–45–6789, under the California
Ella S. Jones 987–65–4321 or John A. Jones. Uniform Gifts to Minors Act.
(3) Beneficiary form. A bond may be Thomas J. Reed, as custodian for Lawrence
W. Reed 123–45–6789, a minor, under laws of
registered in the name of one indi-
Georgia.
vidual payable on death to another. Richard A. Rowe 123–45–6789, for whom Reba
‘‘Payable on death to’’ may be abbre- L. Rowe is representative payee for social
viated to ‘‘P.O.D.’’ Examples: security benefits (or black lung benefits, as
John A. Jones 123–45–6789 payable on death the case may be). (If the beneficiary is a
to Mrs. Ella S. Jones. minor, the words ‘‘a minor’’ should appear
John A. Jones 123–45–6789 P.O.D. Ella S. immediately after the social security num-
Jones 987–65–4321. ber.)
Henry L. Green 123–45–6789 or George M.
(b) Fiduciaries (including legal guard- Brown, a minor under legal guardianship of
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ians and similar representatives, certain the Tenth National Bank.

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Fiscal Service, Treasury § 353.7
Henry L. Green 123–45–6789 P.O.D. George M. Tenth National Bank, trustee under agree-
Brown, a minor under legal guardianship of ment with Paul E. White, dated 2/1/80, 12–
the Tenth National Bank. 3456789.
Redd State Hospital and School, selected Carl A. Black and Henry B. Green, trustees
payee for John A. Jones 123–45–6789, a Civil under agreement with Paul E. White, dated
Service annuitant, pursuant to 5 U.S.C. 2/1/80, 12–3456789.
8345(e). Paul E. White, trustee under declaration of
trust dated 2/1/80, 12–3456789.
(3) Natural guardians. A bond may be
registered in the name of either parent (i) If the trust instrument designates
(natural and adoptive) of a minor, as by title only an officer of a board or an
natural guardian. The registration of a organization as trustee, only the title
bond in this form is considered as es- of the officer should be used. Example:
tablishing a fiduciary relationship. A Chairman, Board of Trustees, First Church
coowner or beneficiary may be named of Christ, Scientist, of Chicago, Illinois, in
but only if the funds used to purchase trust under the will of Robert J. Smith, de-
the bonds do not belong to the minor. ceased, 12–3456789.
Examples: (ii) The names of all trustees, in the
John A. Jones, as natural guardian for Henry form used in the trust instrument,
M. Jones 123–45–6789. must be included in the registration,
Melba Smith, as natural guardian for Thel- except as follows:
ma Smith 123–45–6789 P.O.D. Bartholomew (A) If there are several trustees des-
Smith. ignated as a board or they are required
(4) Executors and administrators. A to act as a unit, their names may be
bond may be registered in the name of omitted and the words ‘‘Board of
the representative appointed by a court Trustees’’ substituted for the word
to act for an estate of a decedent, or in ‘‘trustee’’. Example:
the name of an executor authorized to Board of Trustees of Immediate Relief Trust
administer a trust under the terms of a of Federal Aid Association, under trust in-
will although not named trustee. The denture dated 2/1/80, 12–3456789.
name and capacity of all the represent- (B) If the trustees do not constitute a
atives as shown in the letters of ap- board or are not required to act as a
pointment must be included in the reg- unit, and are too numerous to be des-
istration and be followed by an ade- ignated in the registration by names
quate indentifying reference to the es- and title, some or all the names may be
tate. Examples: omitted. Examples:
John H. Smith and Calvin N. Jones, execu- John A. Smith, Henry B. Jones, et al., trust-
tors of the will (or administrators of the ees under the will of Edwin O. Mann, de-
estate) of Robert J. Smith, deceased, 12– ceased, 12–3456789.
3456789. Trustees under the will of Edwin O. Mann,
John H. Smith, executor of the will of Rob- deceased, 12–3456789.
ert J. Smith, deceased, in trust for Mrs.
Jane L. Smith, with remainder over, 12– (6) Employee thrift, savings, vacation
3456789. and similar plans. A bond may be reg-
istered in the name and title, or title
(5) Trustees or life tenants under wills, alone, of the trustee of an eligible em-
deeds of trust, agreements, or similar in- ployee thrift, savings, vacation or simi-
struments. A bond may be registered in lar plan, as defined in § 353.13(a). If the
the name and title of the trustee of a instrument creating the trust provides
trust estate, or in the name of a life that the trustees shall serve for a lim-
tenant, followed by an adequate identi- ited term, their names may be omitted.
fying reference to the authority gov- Examples:
erning the trust or life tenancy. Exam-
ples: Tenth National Bank, trustee of Pension
Fund of Safety Manufacturing Company,
Thomas J. White and Tenth National Bank, U/A with the company, dated March 31,
trustees under the will of Robert J. Smith, 1980, 12–3456789.
deceased, 12–3456789. Trustees of Retirement Fund of Safety Man-
Jane N. Black 123–45–6789, life tenant under ufacturing Company, under directors’ reso-
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the will of Robert J. Black, deceased. lution adopted March 31, 1980, 12–3456789.

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§ 353.7 31 CFR Ch. II (7–1–08 Edition)
County Trust company, trustee of the Em- Principal, Western High School, in trust for
ployee Savings Plan of Jones Company, the Class of 1980 Library Fund, 12–3456789.
Inc., U/A dated January 17, 1980, 12–3456789. Director of Athletics, Western High School,
Trustee of the Employee Savings Plan of in trust for Student Activities Association,
Brown Brothers, Inc., U/A dated January under resolution adopted 5/12/80, 12–3456789.
20, 1980, 12–3456789.
(10) Public corporations, bodies, or offi-
(7) Funds of lodges, churches, societies, cers as trustees. A bond may be reg-
or similar organizations. A bond may be istered in the name of a public corpora-
registered in the title of the trustees, tion or a public body, or in the title of
or a board of trustees, holding funds in a public officer, acting as trustee under
trust for a lodge, church, or society, or express authority of law, followed by
similar organization, whether or not an appropriate reference to the statute
incorporated. Examples: creating the trust. Examples:
Trustees of the First Baptist Church, Akron, Rhode Island Investment Commission, trust-
OH, acting as a Board under section 15 of ee of the General Sinking Fund under Title
its bylaws, 12–3456789. 35, Ch. 8, Gen. Laws of Rhode Island.
Trustees of Jamestown Lodge No. 1000, Be- Superintendent of the Austin State Hos-
nevolent and Protective Order of Elks, pital Annex, in trust for the Benefit Fund
under section 10 of its bylaws, 12–3456789. under Article 3183C, Vernon’s Civ. Stat. of
Board of Trustees of Lotus Club, Wash- Texas Ann.
ington, IN, under Article 10 of its constitu- (c) Private organizations (corporations,
tion, 12–3456789. associations, partnerships)—(1) General.
(8) Investment agents for religious, edu- A bond may be registered in the name
cational, charitable and non-profit orga- of any private organization in its own
nizations. A bond may be registered in right. The full legal name of the orga-
the name of a bank, trust company, or nization as set forth in its charter, ar-
other financial institution, or an indi- ticles of incorporation, constitution,
vidual, as agent under an agreement partnership agreement, or other au-
with a religious, educational, chari- thority from which its powers are de-
table or non-profit organization, rived, must be included in the registra-
whether or not incorporated, if the tion and may be followed by a par-
agent holds funds for the sole purpose enthetical reference to a particular ac-
of investing them and paying the in- count other than a trust account.
come to the organization. The name (2) Corporations. A bond may be reg-
and designation of the agent must be istered in the name of a business, fra-
followed by an adequate reference to ternal, religious, non-profit, or other
the agreement. Examples: private corporation. The words ‘‘a cor-
poration’’ must be included in he reg-
Tenth National Bank, fiscal agent U/A with istration unless the fact of incorpora-
the Evangelical Lutheran Church of the tion is shown in the name. Examples:
Holy Trinity, dated 12/28/80, 12–3456789.
Sixth Trust Company, Investment Agent Smith Manufacturing Company, a corpora-
U/A dated September 16, 1980, with Central tion, 12–3456789.
City Post, Department of Illinois, Amer- Green and Redd, Inc., 12–3456789 (Deprecia-
ican Legion, 12–3456789. tion Acct.)
John Jones, Investment Agent U/A dated (3) Unincorporated associations. A bond
September 16, 1980, with Central City Post,
may be registered in the name of a
Department of Illinois, American Legion,
12–3456789.
club, lodge, society, or a similar self-
governing association which is unin-
(9) Funds of school groups or activities. corporated. The words ‘‘an unincor-
A bond may be registered in the title of porated association’’ must be included
the principal or other officer of a pub- in the registration. This form of reg-
lic, private, or parochial school holding istration must not be used for a trust
funds in trust for a student body fund fund, board of trustees, a partnership,
or for a class, group, or activity. If the or a sole proprietorship. If the associa-
amount purchased for any one fund tion is chartered by or affiliated with a
does not exceed $2,500 (face amount), no parent organization, the name or des-
reference need be made to a trust in- ignation of the subordinate or local or-
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strument. Examples: ganization must be given first, followed

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Fiscal Service, Treasury § 353.10

by the name of the parent organiza- cer having custody of the funds. Exam-
tion. The name of the parent organiza- ples:
tion may be placed in parentheses and,
State of Maine.
if well known, may be abbreviated. Ex- Town of Rye, NY (Street Improvement
amples: Fund).
The Lotus Club, an unincorporated associa- Maryland State Highway Administration.
tion, 12–3456789. Treasurer, City of Chicago.
Local 447, Brotherhood of Railroad Train- (f) The United States Treasury. A per-
men, an unincorporated association, 12– son who desires to have a bond become
3456789.
the property of the United States upon
Eureka Lodge 317 (A.F. and A.M.), an unin-
corporated association, 12–3456789.
his or her death may designate the
United States Treasury as coowner or
(4) Partnerships. A bond may be reg- beneficiary. Examples:
istered in the name of a partnership.
George T. Jones 123–45–6789 or the United
The words ‘‘a partnership’’ must be in-
States Treasury.
cluded in the registration. Examples: George T. Jones 123–45–6789 P.O.D. the United
Smith & Jones, a partnership, 12–3456789. States Treasury.
Acme Novelty Company, a partnership, 12– [44 FR 76441, Dec. 26, 1979, as amended at 71
3456789. FR 46857, Aug. 15, 2006]
(5) Sole Proprietorships. A bond may be § 353.8 Chain letters prohibited.
registered in the name of an individual
who is doing business as a sole propri- The issuance of bonds in the further-
etor. A reference may be made to the ance of a chain letter or pyramid
trade name under which the business is scheme is considered to be against the
conducted. Example: public interest and is prohibited.
John Jones DBA Jones Roofing Company
123–45–6789. Subpart C—Limitations on Annual
Purchases
(d) Institutions (churches, hospitals,
homes, schools, etc.). A bond may be reg- § 353.10 Amounts which may be pur-
istered in the name of a church, hos- chased.
pital, home, school, or similar institu- The amount of savings bonds of Se-
tion conducted by a private organiza- ries EE and HH which may be pur-
tion or by private trustees, regardless chased and held, in the name of any
of the manner in which it is organized one person in any one calendar year, is
or governed or title to its property is computed according to the provisions
held. Descriptive words, such as ‘‘a cor- of § 353.11 and is limited as follows:
poration’’ or ‘‘an unincorporated asso- (a) Series EE—(1) General annual limi-
ciation’’, must not be included in the tation. $5,000 (principal amount).
registration. Examples: (2) Special limitation. $4,000 (face
Shriners’ Hospital for Crippled Children, St. amount) multiplied by the highest
Louis, MO, 12–3456789. number of employees participating in
St. Mary’s Roman Catholic Church, Albany, an eligible employee plan, as defined in
NY, 12–3456789. § 353.13, at any time during the cal-
Rodeph Shalom Sunday School, Philadel- endar year in which the bonds are
phia, PA, 12–3456789. issued.
(e) States, public bodies and corpora- (b) Series HH—(1) General annual limi-
tions, and public officers. A bond may be tation. $20,000 (face amount).
registered in the name of a State, (2) Special limitation. $200,000 (face
county, city, town, village, school dis- amount) for bonds received in a cal-
trict, or other political entity, public endar year as gifts by an organization
body, or corporation established by law which at the time of purchase was an
(including a board, commission, admin- exempt organization under the terms
istration, authority, or agency) which of 26 CFR 1.501(c)(3)–1.
is the owner or official custodian of [44 FR 76441, Dec. 26, 1979, as amended at 68
public funds, other than trust funds, or FR 24805, May 8, 2003; 72 FR 67853, Dec. 3,
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in the full legal title of the public offi- 2007]

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§ 353.11 31 CFR Ch. II (7–1–08 Edition)

§ 353.11 Computation of amount. § 353.13 Employee plans—Conditions

(a) General. The purchases of bonds in of eligibility.
the name of any person in an indi- (a) Definition of plan. Employee
vidual capacity are computed sepa- thrift, savings, vacation and similar
rately from purchases in a fiduciary ca- plans are contributory plans estab-
pacity. A pension or retirement fund, lished by the employer for the exclu-
or an investment, insurance, annuity, sive and irrevocable benefit of its em-
or similar fund or trust is regarded as ployees or their beneficiaries. Each
an entity, regardless of the number of plan must afford employees the means
beneficiaries or the manner in which of making regular savings from their
their shares or interests are estab- wages through payroll deductions and
lished, determined, or segregated. provide for employer contributions to
(b) Bonds included in computation. In be added to these savings.
computing the purchases for each per- (b) Definition of terms used in this sec-
son, the following outstanding bonds tion. (1) The term assets means all the
are included: employees’ contributions and assets
(1) All bonds registered in the name purchased with them and the employ-
of that person alone; er’s contributions and assets purchased
(2) All bonds registered in the name with them, as well as accretions, such
of the representative of the estate of as dividends on stock, the increment in
that person; and value on bonds and all other income;
(3) All bonds registered in the name but, notwithstanding any other provi-
of that person as first-named coowner. sion of this section, the right to de-
(c) Bonds excluded from computation. mand and receive all assets credited to
In computing the purchases for each the account of an employee shall not
person, the following are excluded: be construed to require the distribu-
(1) Bonds on which that person is tion of assets in kind when it would
named beneficiary; not be possible or practicable to make
(2) Bonds to which that person has such a distribution; for example, Series
become entitled— EE bonds may not be reissued in unau-
(i) Under § 353.70 as surviving bene- thorized denominations.
ficiary upon the death of the registered
(2) The word beneficiary means: (i)
owner;
The person or persons, if any, des-
(ii) As an heir or a legatee of the de-
ignated by the employee in accordance
ceased owner;
with the terms of the plan to receive
(iii) By virtue of the termination of a
the benefits of the plan upon the em-
trust or the happening of a similar
ployee’s death or (ii) the estate of the
event;
employee.
(3) Bonds issued in an authorized ex-
change or reinvestment; and (c) Conditions of eligibility. An em-
(4) Bonds that are purchased and re- ployee plan must conform to the fol-
deemed within the same calendar year. lowing rules in order to be eligible for
the special limitation provided in
[44 FR 76441, Dec. 26, 1979, as amended at 68 § 353.10.
FR 24805, May 8, 2003]
(1) Crediting of assets. All assets of a
§ 353.12 Disposition of excess. plan must be credited to the individual
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, the Bureau of the Public Debt (2) Purchase of bonds. Bonds may be
reserves the right to take any action purchased only with assets credited to
that it deems necessary to adjust the the accounts of participating employ-
excess. Instructions for adjustment of ees and only if the amount taken from
the excess can be obtained by email at any account at any time for that pur-
[email protected] or by writing to pose is equal to the purchase price of a
Bureau of the Public Debt, Parkers- bond or bonds in an authorized denomi-
burg, WV 26106–1328. nation or denominations, and shares in
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[68 FR 24805, May 8, 2003] the bonds are credited to the accounts

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Fiscal Service, Treasury § 353.20

of the individuals from which the pur- cial limitation should submit to the
chase price was derived, in amounts designated Federal Reserve Bank or
corresponding with their shares. For Branch a copy of:
example, if $50 credited to the account (1) The plan, (2) any instructions
of John Jones is commingled with issued under the plan that concern Se-
funds credited to the accounts of other ries EE bonds, and (3) the trust agree-
employees to make a total of $5,000 ment, in order to establish the plan’s
with which a Series EE bond in the de- eligibility.
nomination of $10,000 (face amount) is (e) Vacation plans. Savings bonds may
purchased in December 1980 and reg- be purchased under certain vacation
istered in the name and title of the plans. Questions concerning the eligi-
trustee, the plan must provide, in ef- bility of these plans to purchase bonds
fect, that John Jones’ account be cred- in excess of the general limitation
ited to show that he is the owner of a should be addressed to the Bureau of
Series EE bond in the denomination of the Public Debt, Parkersburg, WV
$100 (face amount) bearing an issue 26101.
date of December 1, 1980.
(3) Irrevocable right of withdrawal. (31 U.S.C. 3105 and 3121)
Each participating employee has an ir- [44 FR 76441, Dec. 26, 1979, as amended at 48
revocable right to request and receive FR 55458, Dec. 13, 1983; 59 FR 10541, Mar. 4,
from the trustee all assets credited to 1994; 63 FR 64551, Nov. 20, 1998]
the employee’s account (or their value,
if the employee prefers) without regard Subpart D—Limitations on Transfer
to any conditions other than the loss
or suspension of the privilege of par-
or Pledge
ticipating further in the plan. A plan § 353.15 Transfer.
may limit or modify such right in any
manner required for qualification of Savings bonds are not transferable
the plan under section 401 of the Inter- and are payable only to the owners
nal Revenue Code of 1954, as amended named on the bonds, except as specifi-
(26 U.S.C. section 401). cally provided in these regulations and
(4) Rights of beneficiary. Upon the then only in the manner and to the ex-
death of an employee, his or her bene- tent so provided.
ficiary shall have the absolute and un-
conditional right to demand and re- § 353.16 Pledge.
ceive from the trustee all assets cred- A savings bond may not be hypoth-
ited to the account of the employee or ecated, pledged, or used as security for
their value, if he or she so prefers. the performance of an obligation.
(5) Reissue or payment upon distribu-
tion. When settlement is made with an
employee or his or her beneficiary with
Subpart E—Judicial Proceedings
respect to any bond registered in the § 353.20 General.
name and title of the plan trustee in
which the employee has a share, the (a) The Department of the Treasury
bond must be paid or reissued to the will not recognize a judicial determina-
extent of the share. If an employee or tion that gives effect to an attempted
the beneficiary is to receive distribu- voluntary transfer inter vivos of a
tion in kind, bonds bearing the same bond, or a judicial determination that
issue dates as those credited to the em- impairs the rights of survivorship con-
ployee’s account will be reissued in the ferred by these regulations upon a co-
name of the employee or the employ- owner or beneficiary. All provisions of
ee’s beneficiary to the extent entitled, this subpart are subject to these re-
in authorized denominations, in any strictions.
authorized form of registration, upon (b) The Department of the Treasury
the request and certification of the will recognize a claim against an owner
trustee. of a savings bond and conflicting
(d) Application for special limitation. A claims of ownership of, or interest in, a
trustee of an employee plan who de- bond between coowners or between the
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§ 353.21 31 CFR Ch. II (7–1–08 Edition)

established by valid judicial pro- § 353.22 Payment or reissue pursuant

ceedings, but only as specifically pro- to judgment.
vided in this subpart. Section 353.23 (a) Divorce. The Department of the
specifies the evidence required to es- Treasury will recognize a divorce de-
tablish the validity of the judicial pro- cree that ratifies or confirms a prop-
ceedings. erty settlement agreement disposing of
(c) The Department of the Treasury bonds or that otherwise settles the in-
and the agencies that issue, reissue, or terests of the parties in a bond. Reissue
redeem savings bonds will not accept a of a savings bond may be made to
notice of an adverse claim or notice of eliminate the name of one spouse as
pending judicial proceedings, nor un- owner, coowner, or beneficiary or to
dertake to protect the interests of a substitute the name of one spouse for
litigant not in possession of a savings that of the other spouse as owner, co-
owner, or beneficiary pursuant to the
bond.
decree. However, if the bond is reg-
§ 353.21 Payment to judgment credi- istered in the name of one spouse with
tors. another person as coowner, there must
be submitted either:
(a) Purchaser or officer under levy. The (1) A request for reissue by the other
Department of the Treasury will pay person or (2) a certified copy of a judg-
(but not reissue) a savings bond to the ment, decree, or court order entered in
purchaser at a sale under a levy or to proceedings to which the other person
the officer authorized under appro- and the spouse named on the bond are
priate process to levy upon property of parties, determining the extent of the
the registered owner or coowner to sat- interest of that spouse in the bond. Re-
isfy a money judgment. Payment will issue will be permitted only to the ex-
be made only to the extent necessary tent of that spouse’s interest. The evi-
to satisfy the money judgment. The dence required under § 353.23 must be
amount paid is limited to the redemp- submitted in every case. When the di-
tion value 60 days after the termi- vorce decree does not set out the terms
nation of the judicial proceedings. Ex- of the property settlement agreement,
a certified copy of the agreement must
cept in a case of a levy by the Internal
be submitted. Payment, rather than re-
Revenue Service, payment of a bond
issue, will be made if requested.
registered in coownership form pursu-
(b) Gift causa mortis. A savings bond
ant to a judgment or a levy against belonging solely to one individual will
only one coowner is limited to the ex- be paid or reissued at the request of the
tent of that coowner’s interest in the person found by a court to be entitled
bond. That interest must be estab- by reason of a gift causa mortis from
lished by an agreement between the co- the sole owner.
owners by judgment, decree, or order of (c) Date for determining rights. When
a court in a proceeding to which both payment or reissue under this section
coowners are parties. Payment of a is to be made, the rights of the parties
bond registered in coownership form will be those existing under the regula-
pursuant to levy by the Internal Rev- tions current at the time of the entry
enue Service will be made if the levy is of the final judgment, decree, or court
against either coowner on the bond. order.
(b) Trustee in bankruptcy, receiver, or
§ 353.23 Evidence.
similar court officer. The Department of
the Treasury will pay, at current re- (a) General. To establish the validity
demption value, a savings bond to a of judicial proceedings, certified copies
trustee in bankruptcy, a receiver of an of the final judgment, decree, or court
insolvent’s estate, a receiver in equity, order, and of any necessary supple-
or a similar court officer under the pro- mentary proceedings, must be sub-
visions of paragraph (a) of this section. mitted. If the judgment, decree, or
court order was rendered more than six
[44 FR 76441, Dec. 26, 1979, as amended at 63 months prior to the presentation of the
FR 64551, Nov. 20, 1998] bond, there must also be submitted a
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certification from the clerk of the

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Fiscal Service, Treasury § 353.24

court, under court seal, dated within Authorized. Public Debt Form 1522
six months of the presentation of the must specify: the contact point; the
bond, showing that the judgment, de- issue date of each bond; the serial num-
cree, or court order is in full force. ber for each bond; the date of for-
(b) Trustee in bankruptcy or receiver of feiture; the forfeiture fund to which
an insolvent’s estate. A request for pay- payment is to be made; and be signed
ment by a trustee in bankruptcy or a by an individual authorized by the for-
receiver of an insolvent’s estate must feiting agency. The forfeited bonds and
be supported by appropriate evidence of the completed Public Debt Form 1522
appointment and qualification. The are to be mailed to the Department of
evidence must be certified by the clerk the Treasury, Bureau of the Public
of the court, under court seal, as being Debt, Parkersburg, WV 26106–1328.
in full force on a date that is not more (b) Forfeiture of bond. (1) Upon receipt
than six months prior to the presen- and review of the Public Debt Form
tation of the bond. 1522, as described in (a)(4) above, the
(c) Receiver in equity or similar court Bureau of the Public Debt will make
officer. A request for payment by a re- payment to the forfeiture fund speci-
ceiver in equity or a similar court offi- fied on the form.
cer, other than a receiver of an
(2) The Bureau of the Public Debt
insolvent’s estate, must be supported
will record the forfeiture, the for-
by a copy of an order that authorizes
the presentation of the bond for re- feiture fund into which the proceeds
demption, certified by the clerk of the were paid, the contact point, and any
court, under court seal, as being in full related information.
force on a date that is not more than (3) The Bureau of the Public Debt
six months prior to the presentation of will rely exclusively upon the informa-
the bond. tion provided by the Federal agency in
the Public Debt Form 1522 and will not
§ 353.24 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 (b),
eral law enforcement agency respon- all inquiries from the previous owner,
sible for the forfeiture. including requests for payment, re-
(3) Forfeiture—(i) Administrative for- issue, or applications for relief, related
feiture means the process by which to forfeited savings bonds will be re-
property may be forfeited by a Federal ferred by the Bureau of the Public Debt
agency rather than through judicial to the contact point named in the Pub-
proceedings. lic Debt Form 1522.
(ii) Judicial forfeiture means either a (2) The Bureau of the Public Debt
civil or a criminal proceeding in a will notify the submitter of the inquiry
United States District Court that may of the referral to the contact point.
result in a final judgment and order of (3) The Bureau of the Public Debt
forfeiture. will not investigate the inquiry and
(4) Public Debt Form 1522 means the will defer to the forfeiting agency’s de-
written notification of the forfeiture termination of the appropriate course
provided by the forfeiting agency to of action, including settlement where
the Bureau of the Public Debt on a
appropriate. Any settlement will be
Public Debt Form 1522 Special Form of
paid from the forfeiture fund into
Request for Payment of United States
which the proceeds were deposited.
Savings and Retirement Securities
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Where Use of a Detached Request Is [61 FR 53822, Oct. 15, 1996]

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§ 353.25 31 CFR Ch. II (7–1–08 Edition)

Subpart F—Relief for Loss, Theft, ents will ordinarily be required to join
Destruction, Mutilation, De- in the application.
(e) If the application is approved, re-
facement, or Nonreceipt of lief will be granted either by the
Bonds issuance of a bond bearing the same
§ 353.25 General. issue date as the bond for which the
claim was filed or by the issuance of a
Relief, by the issue of a substitute check in payment.
bond or by payment, is authorized for
the loss, theft, destruction, mutilation, § 353.27 Application for relief—Non-re-
or defacement of a bond after receipt ceipt of bond.
by the owner or his or her representa- If a bond issued on any transaction is
tive. As a condition for granting relief, not received, the issuing agent must be
the Commissioner of the Public Debt, notified as promptly as possible and
as designee of the Secretary of the given all information about the non-re-
Treasury, may require a bond of indem- ceipt. An appropriate form and instruc-
nity, in the form, and with the surety, tions will be provided. If the applica-
or security, he considers necessary to tion is approved, relief will be granted
protect the interests of the United by the issuance of a bond bearing the
States. In all cases the savings bond same issue date as the bond that was
must be identified by serial number not received. Also, relief is authorized
and the applicant must submit satis- for the issuance of bonds for which the
factory evidence of the loss, theft, or Secretary has not received payment, in
destruction, or a satisfactory expla- order to preserve public confidence in
nation of the mutilation or deface- dealing with issuing agents.
ment.
[63 FR 64551, Nov. 20, 1998]
§ 353.26 Application for relief—After
receipt of bond. § 353.28 Recovery or receipt of bond
before or after relief is granted.
(a) If the serial numbers of the lost,
stolen, or destroyed bonds are known, (a) If a bond reported lost, stolen, de-
the claimant should execute an appli- stroyed, or not received, is recovered or
cation for relief on the appropriate received before relief is granted, the
form and submit it to the Bureau of Bureau of the Public Debt, Parkers-
the Public Debt, Parkersburg, WV burg, WV 26101, must be notified
26101. promptly.
(b) If the bond serial number is not (b) A bond for which relief has been
known, the claimant must provide suf- granted is the property of the United
ficient information to enable the Bu- States and, if recovered, must be
reau of the Public Debt to identify the promptly submitted to the Bureau of
bond by serial number. See § 353.29(c). the Public Debt, Parkersburg, WV
The Bureau will furnish the proper ap- 26101, for cancellation.
plication form and instructions.
(c) If applicable, a defaced bond and § 353.29 Adjudication of claims.
all available fragments of a mutilated (a) General. The Bureau of the Public
bond should be submitted to the Bu- Debt will adjudicate claims for lost,
reau. stolen or destroyed bonds on the basis
(d) The application must be made by of records created and regularly main-
the person or persons (including both tained in the ordinary course of busi-
coowners, if living) authorized under ness.
these regulations to request payment (b) Claims filed 10 years after payment.
of the bond. In addition: A bond for which no claim has been
(1) If the bond is in beneficiary form filed within 10 years of the recorded
and the owner and beneficiary are both date of redemption will be presumed to
living, both will ordinarily be required have been properly paid. If a claim is
to join in the application. subsequently filed, a photographic copy
(2) If a minor named on a bond as of the bond will not be available to sup-
owner, coowner, or beneficiary is not of port the disallowance.
sufficient competency and under- (c) Claims filed six years after final ma-
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Fiscal Service, Treasury § 353.31

after the final maturity of a savings delivery address provided to the Bu-
bond will be entertained unless the reau. Deposit account information for
claimant supplies the serial number of ACH payments shall be provided on the
the bond. form designated by the Bureau. Series
H interest payments made by the ACH
Subpart G—Interest method are governed by the regula-
tions at 31 CFR part 370.
§ 353.30 Series EE bonds.
(Approved by the Office of Management and
Series EE bonds are issued at a dis- Budget under control number 1535–0094)
count. The accrued interest is added to
the issue price at stated intervals and (c) Delivery of interest. Notices affect-
is payable only at redemption as part ing the delivery of interest payments.
of the redemption value. Information To ensure appropriate action, notices
regarding interest rates and redemp- affecting the delivery of interest pay-
tion values is found in Department of ments on Series HH bonds must be re-
the Treasury Circular, Public Debt Se- ceived by the Bureau of the Public
ries No. 1–80 (31 CFR part 351). Debt, Parkersburg, WV 26102–1328, at
least one month prior to the interest
§ 353.31 Series HH bonds. payment date. Each notice must in-
(a) General. Series HH bonds are cur- clude the owner or coowner’s name and
rent income bonds issued at par (face the taxpayer identifying number ap-
amount). Interest on a Series HH bond pearing on the account under which
is paid semiannually beginning six records of the bonds are maintained.
months from the issue date. Interest (d) Reissue during interest period.
ceases at final maturity, or, if the bond Physical reissue of a Series HH bond
is redeemed prior to final maturity, as may be made without regard to inter-
of the end of the interest period last est payment dates. The Series HH in-
preceding the date of redemption. For terest accounts maintained by the Bu-
example, if a bond on which interest is reau of the Public Debt will be closed
payable on January 1 and July 1 is re- in the first week of the month pre-
deemed on September 1, interest ceases ceding each interest payment date, and
as of the preceding July 1, and no in- payments will be made pursuant to the
terest will be paid for the period from information contained in the accounts
July 1 to September 1. However, if the as of the date they are closed.
redemption date falls on an interest (e) Endorsement of checks. Interest
payment date, interest ceases on that checks must be endorsed in accordance
date. Information regarding interest with the regulations governing the
rates is found in Department of the payment of fiscal agency checks, as
Treasury Circular, Public Debt Series contained in 31 CFR part 355.
No. 2–80, current revision (31 CFR part (f) Payment of interest by the ACH
352). method—(1) Submission of deposit account
(b) Payment of interest. Series HH information. Payments on all Series HH
bond interest accounts are maintained bonds assigned to the same account
by the Bureau of the Public Debt, Par- maintained by the Bureau must be
kersburg, WV. Interest on bonds issued made to the same deposit account at a
on or after October 1, 1989 will be paid financial institution.
on each interest due date by the Auto- (2) Deposit account held by individuals
mated Clearing House (ACH) method to in their own right. Where the Series HH
the owner or coowner’s account at a fi- bonds are registered in the name of in-
nancial institution, unless the Bureau dividual(s) as sole owner, or as owner
determines that extraordinary cir- and beneficiary, and the deposit ac-
cumstances warrant payment by check count at the financial institution is
or other means. Interest on bonds held in the name of individual(s) in
issued prior to October 1, 1989, is pay- their own right, the owner’s name must
able by check drawn to the order of the appear on the deposit account. Where
owner or both coowners or, upon re- the bonds are registered in the names
quest, by the ACH method to the owner of two individuals as coowners and the
or coowner’s account at a financial in- deposit account is held in the name of
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stitution. Checks will be mailed to the individual(s) in their own right, the

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§ 353.35 31 CFR Ch. II (7–1–08 Edition)

registration of the bonds and the title (6) Rules. Series HH interest pay-
of the account must contain at least ments made by the ACH method are
one name that is common to both. The governed by the regulations at 31 CFR
deposit account to which the interest part 370.
payments are directed should pref- (7) Nonreceipt or loss of interest pay-
erably be established in a form iden- ment. The Bureau of the Public Debt,
tical to the registration of the bonds to Parkersburg, WV 26102 should be noti-
ensure that rights of ownership and fied if:
survivorship can be more easily identi- (i) An interest check is not received
fied and preserved. Neither the United or is lost after receipt or
States nor any Federal Reserve Bank (ii) An ACH payment is not credited
shall be liable for any loss sustained to the designated account and the fi-
because the interest of the holder(s) of nancial institution has no record of re-
a deposit account to which payments ceiving it. The notice should include
are made are not the same as the the owner or coowner’s name and tax-
owner(s) of the bonds. payer identifying number and the in-
(3) Deposit account held by organiza- terest payment date.
tion. Where the deposit account to [54 FR 40254, Sept. 29, 1989, as amended at 59
which interest payments are to be di- FR 10541, Mar. 4, 1994; 64 FR 40487, July 26,
rected is held in the name of the finan- 1999]
cial institution itself acting as sole
trustee, or as co-trustee, or is the name Subpart H—General Provisions for
of a commercially-managed investment Payment
fund, the owner or coowner should in-
quire whether the financial institution § 353.35 Payment (redemption).
is able to receive ACH payments; if
(a) General. Payment of a savings
not, the owner or coowner should make
bond will be made to the person or per-
alternative arrangements.
sons entitled under the provisions of
(4) Financial institution cannot accept these regulations, except that checks
ACH payments. If after submission of in payment will not be delivered to ad-
deposit account information, it is de- dresses in areas with respect to which
termined that ACH payments cannot the Department of the Treasury re-
be accepted by the designated financial stricts or regulates the delivery of
institution, pending receipt of new de- checks drawn against funds of the
posit account information, payment United States. See Department of the
will be made by check drawn to the Treasury Circular No. 655, current revi-
registered owner or both coowners and sion (31 CFR part 211). Payment will be
mailed to the address of record. made without regard to any notice of
(5) Cancellation of ACH arrangement. adverse claims to a bond and no stop-
(i) Bonds issued on or after October 1, page or caveat against payment of a
1989. As set forth in paragraph (b) of bond will be entered.
this section and in the Series HH offer- (b) A Series EE bond issued on Janu-
ing contained in Circular No. 2–80, in- ary 1, 2003, or earlier, will be paid at
terest on Series HH bonds issued on or any time after 6 months from its issue
after October 1, 1989, will be paid by the date. A Series EE bond issued on Feb-
ACH method. In the absence of extraor- ruary 1, 2003, or thereafter, will be paid
dinary circumstances, a request to dis- at any time after 12 months from its
continue payment by the ACH method issue date. Bonds will be paid at the
in favor of payment by check will not current redemption value shown in De-
be accepted. partment of the Treasury Circular,
(ii) Bonds issued prior to October 1, Public Debt Series No. 1–80 (31 CFR
1989. An ACH arrangement established part 351).
for Series HH bonds issued prior to Oc- (c) Series HH. A Series HH bond will
tober 1, 1989, shall remain in effect be paid at any time after six months
until it is terminated by a request from from issue date. A Series HH bond
the owner or coowner submitted to the issued in an authorized exchange or re-
Bureau of the Public Debt, Parkers- investment transaction will be paid at
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burg, WV 26102–1328. face value. A Series HH bond issued for

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Fiscal Service, Treasury § 353.39

cash will be paid at the current re- § 353.39 Surrender for payment.
demption value shown in Department (a) Procedure for bonds of Series EE, in
of the Treasury Circular, Public Debt the names of individual owners or co-
Series No. 2–80, Second Revision (31 owners only. An individual who is the
CFR part 352). If the bond is redeemed owner or coowner of a Series EE bond
at less than face value, the difference may present the bond to an authorized
represents an adjustment of interest. paying agent for redemption. The pre-
In any case where Series HH bonds are senter must be prepared to establish
surrendered to a designated Federal his or her identity in accordance with
Reserve Bank or Branch or the Bureau Treasury instructions and identifica-
of the Public Debt, Parkersburg, WV tion guidelines. The owner or coowner
26106–1328, for redemption in the month must sign the request for payment on
prior to an interest payment date, re- the bond or, if authorized, on a sepa-
demption will not be deferred but will rate detached request, and add his or
be made in regular course, unless the her address. If the request for payment
presenter specifically requests that the has been signed, or signed and cer-
transaction be delayed until that date. tified, before presentation of the bond,
A request to defer redemption made the paying agent must be satisfied that
more than one month preceding the in- the person presenting the bond for pay-
terest payment date will not be accept- ment is the owner or coowner and may
require the person to sign the request
ed.
for payment again. If the bond is in
[44 FR 76441, Dec. 26, 1979, as amended at 51 order for payment, the paying agent
FR 23754, July 1, 1986; 59 FR 10541, Mar. 4, will make immediate payment at the
1994; 68 FR 2667, Jan. 17, 2003; 68 FR 7427, Feb. current redemption value without
14, 2003] charge to the presenter. Paying agents
are not authorized to process any case
§ 353.36 Payment during life of sole involving partial redemption or any
owner. case in which supporting evidence is re-
A savings bond registered in single quired.
ownership form (i.e., without a co- (b) Procedure for all other cases. In the
owner or beneficiary) will be paid to case of bonds to which the procedure in
the owner during his or her lifetime paragraph (a) of this section, does not
upon surrender with an appropriate re- apply, or if otherwise preferred, the
quest. owner or coowner, or other person enti-
tled to payment, should appear before
§ 353.37 Payment during lives of both an officer authorized to certify re-
coowners. quests for payment, establish his or her
identity, sign the request for payment,
A savings bond registered in co-
and provide information as to the ad-
ownership form will be paid to either
dress to which the check in payment is
coowner upon surrender with an appro-
to be mailed. The bond must be for-
priate request, and upon payment (as
warded to a designated Federal Reserve
determined in § 353.43), the other co-
Bank or Branch or the Bureau of the
owner will cease to have any interest
Public Debt. Usually, payment will be
in the bond. If both coowners request expedited by submission to a des-
payment, payment will be made by ignated Federal Reserve Bank or
check drawn in the form, ‘‘John A. Branch. In all cases, the cost and risk
Jones AND Mary C. Jones’’. of presentation of a bond will be borne
by the owner. Payment will be made by
§ 353.38 Payment during lifetime of
owner of beneficiary bond. check drawn to the order of the reg-
istered owner or other person entitled
A savings bond registered in bene- and will be mailed to the address re-
ficiary form will be paid to the reg- quested.
istered owner during his or her lifetime (c) Date of request. Requests executed
upon surrender with an appropriate re- more than six months before the date
quest. Upon payment (as determined in of receipt of a bond for payment will
§ 353.43) the beneficiary will cease to not be accepted. Neither will a bond be
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have any interest in the bond. accepted if payment is requested as of

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§ 353.40 31 CFR Ch. II (7–1–08 Edition)

a date more than three months in the should provide that the authority
future. granted will not be affected by the sub-
[44 FR 76441, Dec. 26, 1979, as amended at 59 sequent incompetence or incapacity of
FR 10541, Mar. 4, 1994] the grantor. Medical evidence or other
proof of the grantor’s condition may be
§ 353.40 Special provisions for pay- required in any case.
ment.
[45 FR 64091, Sept. 26, 1980, as amended at 57
(a) Owner’s signature not required. A
FR 39602, Sept. 1, 1992; 59 FR 10541, Mar. 4,
bond may be paid by a paying agent or 1994]
a designated Federal Reserve Bank
without the owner’s signature to the § 353.41 Partial redemption.
request for payment, if the bond bears
the special endorsement of a paying A bond of Series EE or HH may be re-
agent specifically qualified to place deemed in part at current redemption
such an endorsement on savings bonds. value, but only in amounts cor-
(b) Signature by mark. A signature by responding to authorized denomina-
mark (X) must be witnessed by at least tions, upon surrender of the bond to a
one disinterested person and a certi- designated Federal Reserve Bank or
fying officer. See subpart J. The wit- Branch or to the Bureau of the Public
ness must attest to the signature by Debt in accordance with § 353.39(b). In
mark substantially as follows: ‘‘Wit- any case in which partial redemption is
ness to signature by mark’’, followed requested, the phrase ‘‘to the extent of
by his or her signature and address. $ll (face amount) and reissue of the
(c) Name change. If the name of the remainder’’ should be added to the re-
owner, coowner, or other person enti- quest. Upon partial redemption of the
tled to payment, as it appears in the bond, the remainder will be reissued as
registration or in evidence on file in of the original issue date, as provided
the Bureau of the Public Debt, has in subpart I.
been changed in any legal manner, the
signature to the request for payment [44 FR 76441, Dec. 26, 1979, as amended at 59
must show both names and the manner FR 10541, Mar. 4, 1994]
in which the change was made; for ex-
ample, ‘‘Mary T. Jones Smith (Mary T. § 353.42 Nonreceipt or loss of check
J. Smith or Mary T. Smith) changed by issued in payment.
marriage from Mary T. Jones’’, or If a check in payment of a bond sur-
‘‘John R. Young, changed by order of rendered for redemption is not received
court from Hans R. Jung’’. See § 353.50. within a reasonable time or is lost
(d) Attorneys-in-fact. A request for after receipt, notice should be given to
payment, reinvestment, or exchange the same agency to which the bond was
executed by an attorney-in-fact will be surrendered for payment. The notice
recognized if it is accompanied by a should give the date the bond was sur-
copy of the power of attorney which rendered for payment and describe the
meets the following requirements: bond by series, denomination, serial
(1) The power of attorney must bear number, and registration, including the
the grantor’s signature, properly cer- taxpayer identifying number of the
tified or notarized, in accordance with owner.
applicable State law;
(2) The power of attorney must grant, § 353.43 Effective date of request for
by its terms, authority for the attor- payment.
ney-in-fact to sell or redeem the
grantor’s securities, sell his or her per- The Department of the Treasury will
sonal property, or, otherwise contain treat the receipt of a bond with an ap-
similar authority; and propriate request for payment by:
(3) In the case of a grantor who has (a) A Federal Reserve Bank or
become incapacitated, the power of at- Branch, (b) the Bureau of the Public
torney must conform with pertinent Debt, or (c) a paying agent authorized
provisions of State law concerning its to pay that bond, as the date upon
durability. Generally, in such cir- which the rights of the parties are
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cumstances, the power of attorney fixed for the purpose of payment.

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Fiscal Service, Treasury § 353.47

§ 353.44 Withdrawal of request for pay- the bond will be regarded as having
ment. been reissued in the decedent’s life-
(a) Withdrawal by owner or coowner. time.
An owner or coowner, who has surren-
§ 353.47 Authorized reissue—during
dered a bond to a Federal Reserve Bank lifetime.
or Branch or to the Bureau of the Pub-
lic Debt or to an authorized paying A bond belonging to an individual
agent with an appropriate request for may be reissued in any authorized form
payment, may withdraw the request if of registration upon an appropriate re-
notice of intent to withdraw is received quest for the purposes outlined below.
by the same agency prior to payment (a) Single ownership. A bond reg-
either in cash or through the issuance istered in single ownership form may
of the redemption check. be reissued—
(b) Withdrawal on behalf of deceased (1) To add a coowner or beneficiary;
owner or incompetent. A request for pay- or
ment may be withdrawn under the (2) To name a new owner, with or
same conditions as in paragraph (a) of without a coowner or beneficiary, but
this section by the executor or admin- only if:
istrator of the estate of a deceased (i) The new owner is related to the
owner or by the person or persons who previous owner by blood (including
could have been entitled to the bond legal adoption) or marriage; (ii) the
under Subpart L, or by the legal rep- previous owner and the new owner are
resentative of the estate of a person parties to a divorce or annulment; or
under legal disability, unless surrender (iii) the new sole owner is the trustee
of the bond for payment has eliminated of a personal trust estate which was
the interest of a surviving coowner or created by the previous owner or which
beneficiary. See § 353.70 (b) and (c). designates as beneficiary either the
previous owner or a person related to
Subpart I—Reissue and him or her by blood (including legal
Denominational Exchange adoption) or marriage.
(b) Coownership—(1) Reissue—to name
§ 353.45 General. a related individual as owner or coowner.
Reissue of a bond may be made only During the lifetime of both coowners, a
under the conditions specified in these coownership bond may be reissued in
regulations, and only at: the name of another individual related
(a) A Federal Reserve Bank or by blood (including legal adoption) or
Branch, or marriage to either coowner:
(b) The Bureau of the Public Debt. (i) As single owner,
Reissue will not be made if the request (ii) As owner with one of the original
is received less than one full calendar coowners as beneficiary, or
month before the final maturity date (iii) As a new coowner with one of the
of a bond. The request, however, will be original coowners.
effective to establish ownership as (2) Reissue—to name either coowner
though the requested reissue had been alone or with another individual as co-
made. owner or beneficiary. During the life-
time of both coowners, a coownership
§ 353.46 Effective date of request for bond may be reissued in the name of ei-
reissue. ther coowner alone or with another in-
The Department of the Treasury will dividual as coowner or beneficiary if:
treat the receipt by: (a) A Federal Re- (i) After issue of the submitted bond,
serve Bank or Branch or (b) the Bureau either coowner named thereon marries,
of the Public Debt of a bond and an ac- or the coowners are divorced or legally
ceptable request for reissue as deter- separated from each other, or their
mining the date upon which the rights marriage is annulled; or
of the parties are fixed for the purpose (ii) Both coowners on the submitted
of reissue. For example, if the owner or bond are related by blood (including
either coowner of a bond dies after the legal adoption) or marriage to each
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bond has been surrendered for reissue, other.

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§ 353.48 31 CFR Ch. II (7–1–08 Edition)

(3) Reissue—to name the trustee of a Subpart J—Certifying Officers

personal trust estate. A bond registered
in coownership form may be reissued to § 353.55 Individuals authorized to cer-
name a trustee of a personal trust es- tify.
tate created by either coowner or by The following individuals are author-
some other person if: ized to act as certifying officers for the
(i) Either coowner is a beneficiary of purpose of certifying a request for pay-
the trust, or (ii) a beneficiary of the ment, reissue, or a signature to a Pub-
trust is related by blood or marriage to lic Debt form:
either coowner. (a) Officers generally authorized—(1) At
(c) Beneficiary. A bond registered in banks, trust companies, and member orga-
beneficiary form may be reissued: nizations of the Federal Home Loan Bank
(1) To name the beneficiary as co- System. (i) Any officer of a bank incor-
owner; porated in the United States, the terri-
(2) To substitute another individual tories or possessions of the United
as beneficiary; or States, or the Commonwealth of Puer-
(3) To eliminate the beneficiary, and, to Rico.
if the beneficiary is eliminated, to ef- (ii) Any officer of a trust company in-
fect any of the reissues authorized by corporated in the United States, the
paragraph (a) of this section. territories or possessions of the United
States, or the Commonwealth of Puer-
§ 353.48 Restrictions on reissue. to Rico.
(a) Denominational exchange. Reissue (iii) Any officer of an organization
is not permitted solely to change de- that is a member of the Federal Home
nominations. Loan Bank System. This includes Fed-
(b) United States Treasury. Reissue eral savings and loan associations.
may not be made to eliminate the (iv) Any officer of a foreign branch or
United States Treasury as coowner. a domestic branch of an institution in-
dicated in paragraphs (a)(1)(i) through
§ 353.49 Correction of errors. (iii) of this section.
A bond may be reissued to correct an (v) Any officer of a Federal Reserve
error in registration upon appropriate Bank, a Federal Land Bank, or a Fed-
request supported by satisfactory proof eral Home Loan Bank.
of the error. (vi) Any employee of an institution
in paragraphs (a)(1)(i) through (v) of
§ 353.50 Change of name. this section, who is expressly author-
ized to certify by the institution.
An owner, coowner, or beneficiary
whose name is changed by marriage, Certification by these officers or des-
divorce, annulment, order of court, or ignated employees must be authenti-
in any other legal manner after the cated by a legible imprint of either the
issue of the bond should submit the corporate seal of the institution or of
bond with a request for reissue to sub- the issuing or paying agent’s stamp.
stitute the new name for the name in- The employee expressly authorized to
scribed on the bond. Documentary evi- certify by an institution must sign his
dence may be required in any appro- or her name over the title ‘‘Designated
priate case. Employee’’.
(2) At issuing agents that are not banks
§ 353.51 Requests for reissue. or trust companies. Any officer of an or-
A request for reissue of bonds in co- ganization, not a bank or a trust com-
ownership form must be signed by both pany, that is qualified as an issuing
coowners, except that a request solely agent for bonds of Series EE. The
to eliminate the name of one coowner agent’s stamp must be imprinted in the
may be signed by that coowner only. A certification.
bond registered in beneficiary form (3) By United States officials. Any
may be reissued upon the request of judge, clerk, or deputy clerk of a
the owner, without the consent of the United States court, including United
beneficiary. Public Debt forms are States courts for the territories and
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available for requesting reissue. possessions of the United States and

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Fiscal Service, Treasury § 353.58

the Commonwealth of Puerto Rico; any Director of Finance of Guam; the Gov-
United States Commissioner, United ernor and the Director of Administra-
States Attorney, or United States Col- tive Services of American Samoa; or
lector of Customs, including their dep- designated officers of the Panama
uties; in the Internal Revenue Service, Canal Commission.
any Regional Commissioner, District (e) Special provisions. If no certifying
Director, Service Center Director, or officer is readily accessible, the Com-
Internal Revenue agent. missioner of the Public Debt, Deputy
(b) Officers with limited authority—(1) Commissioner, any Assistant Commis-
In the Armed Forces. Any commissioned sioner, or other designated official of
officer or warrant officer of the Armed
the Bureau or of a Federal Reserve
Forces of the United States, but only
Bank or Branch is authorized to make
for members of the respective services,
their families, and civilian employees special provision for any particular
at posts, bases, or stations. The certi- case.
fying officer must indicate his or her
§ 353.56 General instructions and li-
rank and state that the individual ability.
signing the request is one of the class
whose request the certifying officer is (a) The certifying officer must: (1)
authorized to certify. Require the person presenting a bond,
(2) At the Veterans Administration, or an appropriate Public Debt trans-
Federal penal institutions, and United action form, to establish his or her
States Public Health Service hospitals. identity in accordance with Depart-
Any officer in charge of a home, hos- ment of the Treasury instructions and
pital, or other facility of the Veterans identification guidelines;
Administration, but only for the pa- (2) Place a notation on the back of
tients, or employees of the facility; any the bond or on the appropriate Public
officer of a Federal penal institution or Debt transaction form, or in a separate
a United States Public Health Service record, showing exactly how identifica-
hospital expressly authorized to certify tion was established; and
by the Secretary of the Treasury or his
(3) Affix, as part of the certification,
designee, but only for the inmates, pa-
his or her official signature, title, seal
tients or employees of the institution
involved. Officers of Veterans Adminis- or issuing or paying agent’s stamp, ad-
tration facilities, Federal penal insti- dress, and the date of execution.
tutions, and Public Health Service hos- (b) The certifying officer and, if such
pitals must use the stamp or seal of the person is an officer or an employee of
particular institution or service. an organization, the organization will
(c) Authorized officers in foreign coun- be held fully responsible for the ade-
tries. Any United States diplomatic or quacy of the identification.
consular representative, or the officer
of a foreign branch of a bank or trust § 353.57 When a certifying officer may
company incorporated in the United not certify.
States whose signature is attested by Certifying officers may not certify
an imprint of the corporate seal or is the requests for payment of bonds, or
certified to the Department of the appropriate Public Debt transaction
Treasury. If none of these individuals forms if, in their own right or in a rep-
is available, a notary public or other resentative capacity, they—
officer authorized to administer oaths (a) Have an interest in the bonds, or
may certify, but his or her official (b) Will, by virtue of the requests
character and jurisdiction must be cer-
being certified, acquire an interest in
tified by a United States diplomatic or
the bonds.
consular officer under seal of his or her
office. § 353.58 Forms to be certified.
(d) Authorized officers in particular lo-
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-
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Virgin Islands; the Governor and the ized certifying officer.

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§ 353.60 31 CFR Ch. II (7–1–08 Edition)

Subpart K—Minors, Incompetents, proof of competency and under-

Aged Persons, Absentees, et al. standing.

§ 353.60 Payment to representative of § 353.63 Payment to a parent or other

an estate. person on behalf of a minor.
If the owner of a savings bond is a
(a) The representative of an estate of
minor and the form of registration does
an owner who is a minor, an aged per-
not indicate that there is a representa-
son, incompetent, absentee, et al., may
tive of his or her estate, and if the
receive payment upon request:
minor is not of sufficient competency
(1) If the registration shows the name to sign the request for payment and to
and capacity of the representative; understand the nature of the trans-
(2) If the registration shows the ca- action, payment will be made to either
pacity but not the name of the rep- parent with whom the minor resides or
resentative and the request is accom- to whom legal custody has been grant-
panied by appropriate evidence; or ed. If the minor does not reside with ei-
(3) If the registration includes nei- ther parent, payment will be made to
ther the name of the representative nor the person who furnishes the chief sup-
his or her capacity but the request is port for the minor. The request must
accompained by appropriate evidence. appear on the back of the bond in one
(b) Appropriate evidence for para- of the following forms:
graphs (a) (2) and (3) of this section in- (a) Request by parent.
cludes a certified copy of the letters of
I certify that I am the mother of John C.
appointment or, if the representative is
Jones (with whom he resides) (to whom
not appointed by a court, other proof of legal custody has been granted). He is
qualification. Except in the case of cor- lll years of age and is not of sufficient
porate fiduciaries, the evidence must understanding to make this request.
show that the appointment is in full Mary Jones on behalf of John C. Jones
force and be dated not more than one
year prior to the presentation of the (b) Request by other person.
bond for payment. The request for pay- I certify that John C. Jones does not reside
ment appearing on the back of a bond with either parent and that I furnish his
must be signed by the representative as chief support. He is lll years of age and is
such, for example, ‘‘John S. Jones, not of sufficient understanding to make this
request.
guardian (committee) of the estate of
Henry W. Smith, a minor (an incom- Alice Brown, grandmother,
petent)’’. On behalf of John C. Jones

§ 353.61 Payment after death. § 353.64 Payment, reinvestment, or ex-

change—voluntary guardian of an
After the death of the ward, and at incapacitated person.
any time prior to the representative’s (a) Payment of bonds. When an adult
discharge, the representative of the es- owner of bonds is incapable of request-
tate will be entitled to obtain payment ing payment as a result of incapacity
of a bond to which the ward was solely and there is no other person legally
entitled. qualified to do so, the relative, or other
person, responsible for the owner’s care
§ 353.62 Payment to minors. and support may submit an application
If the owner of a savings bond is a for recognition as voluntary guardian
minor and the form of registration does for the purpose of redeeming the own-
not indicate that there is a representa- er’s bonds, if the total redemption
tive of the minor’s estate, payment value of all of the owner’s bonds does
will be made to the minor upon his or not exceed $20,000. The redemption
her request, provided the minor is of value of the bonds shall be determined
sufficient competency to sign the re- as of the date the bonds are received,
quest for payment and to understand accompanied by an appropriate request
the nature of the transaction. In gen- for payment. If the total redemption
eral, the fact that the request for pay- value exceeds $20,000, a legal represent-
ment has been signed by a minor and ative must be appointed, as set forth in
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certified will be accepted as sufficient § 315.60.

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Fiscal Service, Treasury § 353.70

(b) Reinvestment of bonds. If the tate a legal representative has been ap-
bonds have finally matured and it is pointed is permitted only if supported
desired to redeem them and reinvest by evidence that a court has authorized
the proceeds in other savings bonds, the representative of the minor’s or
the new bonds must be registered in incompetent’s estate to request the re-
the name of the incapacitated person, issue. See § 353.23.
followed by words showing that he or Except to the extent provided in para-
she is under voluntary guardianship; graphs (a) through (d) of this section,
for example, ‘‘John Jones 123–45–6789, reissue will be restricted to a form of
under voluntary guardianship’’. A liv- registration which does not adversely
ing coowner or beneficiary named on affect the existing ownership or inter-
the matured bonds must be designated est of a minor who is not of sufficient
on the new bonds, unless such person understanding to make a request, or
furnishes a certified statement con- other person under legal disability. Re-
senting to omission of his or her name. quests for reissue should be executed
If an amount insufficient to purchase by the person authorized to request
an additional bond of any authorized payment under §§ 353.60 and 353.63, or
denomination of either series remains the person who may request
after the reinvestment, the voluntary
recognization as voluntary guardian
guardian may furnish additional funds
under § 353.64.
sufficient to purchase another bond of
either series of the lowest available de- [44 FR 76441, Dec. 26, 1979. Redesignated at 57
nomination. If additional funds are not FR 39602, Sept. 1, 1992]
furnished, the remaining amount will
be paid to the voluntary guardian for Subpart L—Deceased Owner,
the use and benefit of the incapacitated Coowner or Beneficiary
person.
(c) Exchange of bonds. The provisions § 353.70 General rules governing enti-
for reinvestment of the proceeds of ma- tlement.
tured bonds are equally applicable to The following rules govern ownership
any authorized exchange of bonds of or entitlement where one or both of the
one series for those of another. persons named on a bond have died
[57 FR 39602, Sept. 1, 1992] without the bond having been surren-
dered for payment or reissue:
§ 353.65 Reissue. (a) Single owner bond. If the owner of
A bond on which a minor or other a bond registered in single ownership
person under legal disability is named form has died, the bond becomes the
as the owner or coowner, or in which he property of that decedent’s estate, and
or she has an interest, may be reissued payment or reissue will be made as pro-
under the following conditions: vided in this subpart.
(a) A minor for whose estate no rep- (b) Coowner bond—(1) One coowner de-
resentative has been appointed may re- ceased. If one of the coowners named on
quest reissue if the minor is of suffi- a bond has died, the surviving coowner
cient competency to sign his or her will be recognized as the sole and abso-
name to the request and to understand lute owner, and payment or reissue will
the nature of the transaction. be made as though the bond were reg-
(b) A bond on which a minor is named istered in the name of the survivor
as beneficiary or coowner may be re- alone. Any request for reissue by the
issued in the name of a custodian for surviving coowner must be supported
the minor under a statute authorizing by proof of death of the other coowner.
gifts to minor upon the request of the (2) Both coowners deceased. If both co-
adult whose name appears on the bond owners named on a bond have died, the
as owner or coowner. bond becomes the property of the es-
(c) A minor coowner for whose estate tate of the coowner who died last, and
no representative has been appointed, payment or reissue will be made as if
may be named sole owner upon the re- the bond were registered in the name of
quest of the competent coowner. the last deceased coowner alone. Proof
(d) Reissue to eliminate the name of of death of both coowners will be re-
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a minor or incompetent for whose es- quired to establish the order of death.

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§ 353.71 31 CFR Ch. II (7–1–08 Edition)

(3) Simultaneously death of both co- sons entitled may request payment or
owners. If both coowners die under con- reissue of savings bonds. A certified
ditions where it cannot be established, copy of the court-approved final ac-
either by presumption of law or other- counting for the estate, the court’s de-
wise, which coowner died first, the cree of distribution, or other appro-
bond becomes the property of both priate evidence is required.
equally, and payment or reissue will be (c) Special provisions under the law of
made accordingly. the jurisdiction of the decedent’s domicile.
(c) Beneficiary bond—(1) Owner de- If there is no formal or regular admin-
ceased. If the owner of a bond reg- istration and no representative of the
istered in beneficiary form has died and estate is to be appointed, the person
is survived by the beneficiary, upon appointed to receive or distribute the
proof of death of the owner, the bene- assets of a decedent’s estate without
ficiary will be recognized as the sole regular administration under applica-
and absolute owner of the bond. Pay- ble local law summary or small estates
ment or reissue will be made as though procedures may request payment or re-
the bond were registered in the sur- issue of savings bonds. Appropriate evi-
vivor’s name alone. A request for pay- dence is required.
ment or reissue by the beneficiary (d) When administration is required. If
must be supported by proof of death of the total redemption value of the
the owner. Treasury securities and undelivered
(2) Beneficiary deceased. If the bene- payments, if any, held directly on our
ficiary’s death occurs before, or simul- records that are the property of the de-
taneously with, that of the registered cedent’s estate is greater than $100,000,
owner, payment or reissue will be made administration of the decedent’s estate
as though the bond were registered in will be required. The redemption value
the owner’s name alone. Proof of death of savings bonds and the principal
of the owner and beneficiary is re- amount of marketable securities will
quired to establish the order of death. be used to determine the value of secu-
(d) Nonresident aliens. If the person rities, and will be determined as of the
who becomes entitled to a bond be- date of death. Administration may also
cause of the death of an owner is an be required at the discretion of the De-
alien who is a resident of an area with partment for any case.
respect to which the Department of the (e) Voluntary representative for small
Treasury restricts or regulates the de- estates that are not being otherwise ad-
livery of checks drawn against funds of ministered—(1) General. A voluntary
the United States or its agencies or in- representative is a person qualified ac-
strumentalities, delivery of the re- cording to paragraph (e)(3) of this sec-
demption check will not be made so tion, to redeem or distribute a dece-
long as the restriction applies. See De- dent’s savings bonds. The voluntary
partment of the Treasury Circular No. representative procedures are for the
655, current revision (31 CFR part 211). convenience of the Department; enti-
tlement to the decedent’s savings
§ 353.71 Decedent’s estate. bonds and held payments, if any, is de-
(a) Estate is being administered. (1) A termined by the law of the jurisdiction
legal representative of a deceased own- in which the decedent was domiciled at
er’s estate may request payment of the date of death. Voluntary represent-
savings bonds to the estate, or may dis- ative procedures may be used only if:
tribute the savings bonds to the per- (i) There has been no administration,
sons entitled. no administration is contemplated, and
(2) Appropriate proof of appointment no summary or small estate procedures
for the legal representative of the es- under applicable local law have been
tate is required. Letters of appoint- used;
ment must be dated not more than one (ii) The total redemption value of the
year prior to the date of submission of Treasury securities and held payments,
the letters of appointment. if any, held directly on our records
(b) Estate has been settled previously. If that are the property of the decedent’s
the estate has been settled previously estate is $100,000 or less as of the date
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through judicial proceedings, the per- of death; and

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Fiscal Service, Treasury § 353.75

(iii) There is a person eligible to United States and all creditors and per-
serve as the voluntary representative sons entitled to the estate of the dece-
according to paragraph (e)(3) of this dent. The amount of the indemnifica-
section. tion is limited to an amount no greater
(2) Authority of voluntary representa- than the value received by the vol-
tive. A voluntary representative may: untary representative.
(i) Redeem the decedent’s savings (f) Creditor. If there has been no ad-
bonds that are eligible for redemption ministration, no administration is con-
on behalf of the persons entitled by the templated, no summary or small estate
law of the jurisdiction in which the de- procedures under applicable local law
cedent was domiciled at the date of have been used, and there is no person
death; eligible to serve as a voluntary rep-
(ii) Distribute the decedent’s savings resentative pursuant to paragraph (e)
bonds to the persons entitled by the of this section, then a creditor may
law of the jurisdiction in which the de- make a claim for the amount of the
cedent was domiciled at the date of debt, providing the debt has not been
death. barred by applicable local law.
(3) Order of precedence for voluntary
[70 FR 57430, Sept. 30, 2005]
representative. An individual eighteen
years of age or older may act as a vol- § 353.72 [Reserved]
untary representative according to the
following order of precedence: A sur-
viving spouse; if there is no surviving Subpart M—Fiduciaries
spouse, then a child of the decedent; if
there are none of the above, then a de- § 353.75 Payment or reissue during the
existence of the fiduciary estate.
scendant of a deceased child of the de-
cedent; if there are none of the above, (a) Payment or reissue before matu-
then a parent of the decedent; if there rity—(1) Request from the fiduciary
are none of the above, then a brother named in the registration. A request for
or sister of the decedent; if there are reissue or payment prior to maturity
none of the above, then a descendant of must be signed by all of the fiduciaries
a deceased brother or sister of the dece- unless by statute, decree of court, or
dent; if there are none of the above, the terms of the governing instrument,
then a next of kin of the decedent, as any lesser number may properly exe-
determined by the law of the jurisdic- cute the request. If the fiduciaries
tion in which the decedent was domi- named in the registration are still act-
ciled at the date of death. As used in ing, no further evidence will be re-
this order of precedence, child means a quired. In other cases, evidence to sup-
natural or adopted child of the dece- port the request will be required, as
dent. specified:
(4) Liability. By serving, the vol- (i) Fiduciaries by title only. If the bond
untary representative warrants that is registered only in the titles, without
the distribution of payments or savings the names, of fiduciaries not acting as
bonds is to the persons entitled by the a board, satisfactory evidence of their
law of the jurisdiction in which the de- incumbency must be furnished, except
cedent was domiciled at the date of in the case of bonds registered in the
death. The United States is not liable title of public officers as trustees.
to any person for the improper dis- (ii) Boards, committees, commission, etc.
tribution of payments or securities. If a bond is registered in the name of a
Upon payment or transfer of the secu- governing body which is empowered to
rities at the request of the voluntary act as a unit, and which holds title to
representative, the United States is re- the property of a religious, edu-
leased to the same extent as if it had cational, charitable or nonprofit orga-
paid or delivered to a representative of nization or a public corporation, the
the estate appointed pursuant to the request should be signed in the name of
law of the jurisdiction in which the de- the body by an authorized person. Ordi-
cedent was domiciled at the date of narily, a signed and certified request
death. The voluntary representative will be accepted without further evi-
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shall indemnify and hold harmless the dence.

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§ 353.76 31 CFR Ch. II (7–1–08 Edition)

(iii) Corporate fiduciaries. If a bond is in exchange may be retained in the

registered in the name of a public or same capacity on the new bonds.
private corporation or a governmental
body as fiduciary, the request must be Subpart N—Private Organizations
signed by an authorized officer in the (Corporations, Associations,
name of the organization as fiduciary.
Partnerships, et cetera) and
Ordinarily, a signed and certified re-
quest will be accepted without further
Governmental Agencies, Units
evidence. and Officers
(2) Trustee of a common trust fund. A § 353.80 Payment to corporations or
bond held by a financial institution in unincorporated associations.
a fiduciary capacity may be reissued in
the name of the institution as trustee A bond registered in the name of a
of its common trust fund to the extent private corporation or an unincor-
that participation in the common trust porated association will be paid to the
fund is authorized by law or regulation. corporation or unincorporated associa-
The request for reissue should be exe- tion upon a request for payment on its
cuted by the institution and any co- behalf by an authorized officer. The
fiduciary. signature to the request should be in
the form, for example, ‘‘The Jones Coal
(3) Successor fiduciary. If the fiduciary
Company, a corporation, by John
in whose name the bond is registered
Jones, President’’, or ‘‘The Lotus Club,
has been replaced by another fiduciary,
an unincorporated association, by Wil-
satisfactory evidence of successorship
liam A. Smith, Treasurer’’. A request
must be furnished.
for payment so signed and certified will
(b) Payment at or after final maturity. ordinarily be accepted without further
At or after final maturity, a request evidence of the officer’s authority.
for payment signed by any one or more
of the fiduciaries will be accepted. Pay- § 353.81 Payment to partnerships.
ment will be made by check drawn as
the bond is registered. A bond registered in the name of an
existing partnership will be paid upon a
§ 353.76 Payment or reissue after ter- request for payment signed by a gen-
mination of the fiduciary estate. eral partner. The signature to the re-
quest should be in the form, for exam-
A bond registered in the name or ple, ‘‘Smith and Jones, a partnership,
title of a fiduciary may be paid or re- by John Jones, a general partner’’. A
issued to the person who has become request for payment so signed and cer-
entitled by reason of the termination tified will ordinarily be accepted as
of a fiduciary estate. Requests for re- sufficient evidence that the partner-
issue made by a fiduciary pursuant to ship is still in existence and that the
the termination of a fiduciary estate person signing the request is author-
should be made on the appropriate ized.
form. Requests for payment or reissue
by other than the fiduciary must be ac- § 353.82 Reissue or payment to succes-
companied by evidence to show that sors of corporations, unincor-
the person has become entitled in ac- porated associations, or partner-
cordance with applicable State law or ships.
otherwise. When two or more persons A bond registered in the name of a
have become entitled, the request for private corporation, an unincorporated
payment or reissue must be signed by association, or a partnership which has
each of them. been succeeded by another corporation,
unincorporated association, or partner-
§ 353.77 Exchanges by fiduciaries. ship by operation of law or otherwise,
Fiduciaries are authorized to request in any manner whereby the business or
an exchange of bonds of one series for activities of the original organization
those of another, pursuant to any ap- are continued without substantial
plicable Department of the Treasury change, will be paid to or reissued in
offering. A living coowner of bene- the name of the succeeding organiza-
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ficiary named on the bonds submitted tion upon appropriate request on its

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Fiscal Service, Treasury § 353.86

behalf, supported by satisfactory evi- which it is organized or governed or to

dence of successorship. The appropriate the manner in which title to its prop-
form should be used. erty is held, will be paid upon a request
for payment signed on behalf of such
§ 353.83 Reissue or payment on dis- institution by an authorized represent-
solution of corporation or partner- ative. A request for payment signed by
ship.
a pastor of a church, superintendent of
(a) Corporations. A bond registered in a hospital, president of a college, or by
the name of a private corporation any official generally recognized as
which is in the process of dissolution having authority to conduct the finan-
will be paid to the authorized rep- cial affairs of the particular institution
resentative of the corporation upon a will ordinarily be accepted without fur-
request for payment, supported by sat- ther proof of authority. The signature
isfactory evidence of the representa- to the request should be in the form,
tive’s authority. At the termination of for example, ‘‘Shriners’ Hospital for
dissolution proceedings, the bond may Crippled Children, St. Louis, MO, by
be reissued upon the request of the au- William A. Smith, Superintendent’’, or
thorized representative in the names of ‘‘St. Mary’s Roman Catholic Church,
those persons, other than creditors, en- Albany, NY, by the Rev. John Smyth,
titled to the assets of the corporation, Pastor’’.
to the extent of their respective inter-
ests. Proof will be required that all § 353.85 Reissue in name of trustee or
statutory provisions governing the dis- agent for reinvestment purposes.
solution of the corporation have been
A bond registered in the name of a
complied with and that the persons in
religious, educational, charitable or
whose names reissue is requested are
entitled and have agreed to the reissue. nonprofit organization, whether or not
If the dissolution proceedings are under incorporated, may be reissued in the
the direction of a court, a certified name of a financial institution, or an
copy of an order of the court, showing individual, as trustee or agent. There
the authority of the representative to must be an agreement between the or-
make the distribution requested must ganization and the trustee or agent
be furnished. holding funds of the organization, in
(b) Partnerships. A bond registered in whole or in part, for the purpose of in-
the name of a partnership which has vesting and reinvesting the principal
been dissolved by death or withdrawal and paying the income to the organiza-
of a partner, or in any other manner: tion. Reissue should be requested on
(1) Will be paid upon a request for behalf of the organization by an au-
payment by any partner or partners thorized officer using the appropriate
authorized by law to act on behalf of form.
the dissolved partnership, or
§ 353.86 Reissue upon termination of
(2) Will be paid to or reissued in the investment agency.
names of the persons entitled as the re-
sult of such dissolution to the extent of A bond registered in the name of a fi-
their respective interests, except that nancial institution, or individual, as
reissue will not be made in the names agent for investment purposes only,
of creditors. The request must be sup- under an agreement with a religious,
ported by satisfactory evidence of enti- an educational, a charitable, or a non-
tlement, including proof that the debts profit organization, may be reissued in
of the partnership have been paid or the name of the organization upon ter-
properly provided for. The appropriate mination of the agency. The former
form should be used. agent should request such reissue and
should certify that the organization is
§ 353.84 Payment to certain institu- entitled by reason of the termination
tions. of the agency. If such request and cer-
A bond registered in the name of a tification are not obtainable, the bond
church, hospital, home, school, or simi- will be reissued in the name of the or-
lar institution, without reference in ganization upon its own request, sup-
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the registration to the manner in ported by satisfactory evidence of the

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§ 353.87 31 CFR Ch. II (7–1–08 Edition)

termination of the agency. The appro- § 353.92 Supplements, amendments, or

priate form should be used. revisions.
The Secretary of the Treasury may
§ 353.87 Payment to governmental
agencies, units, or their officers. at any time, or from time to time, pre-
scribe additional, supplemental,
(a) Agencies and units. A bond reg- amendatory, or revised rules and regu-
istered in the name of a State, county, lations governing United States Sav-
city, town, village, or in the name of a ings Bonds of Series EE and HH.
Federal, State, or local governmental
agency, such as a board, commission,
or corporation, will be paid upon a re-
quest signed in the name of the govern-
mental agency or unit or by an author-
ized officer. A request for payment so
signed and certified will ordinarily be
accepted without further proof of the
officer’s authority.
(b) Officers. A bond registered in the
official title of an officer of a govern-
mental agency or unit will be paid
upon a request for payment signed by
the officer. The request for payment so
signed and certified will ordinarily be
accepted as proof that the person sign-
ing is the incumbent of the office.

Subpart O—Miscellaneous
Provisions
§ 353.90 Waiver of regulations.
The Commissioner of the Public
Debt, as designee of the Secretary of
the Treasury, may waive or modify any
provision or provisions of these regula-
tions. He may do so in any particular
case or class of cases for the conven-
ience of the United States or in order
to relieve any person or persons of un-
necessary hardship:
(a) If such action would not be incon-
sistent with law or equity, (b) if it does
not impair any existing rights, and (c)
if he is satisfied that such action would
not subject the United States to any
substantial expense or liability.

§ 353.91 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
may consider necessary or advisable, or
(b) a bond of indemnity, with or with-
out surety, in any case in which he
may consider such a bond necessary for
the protection of the interests of the
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United States.

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