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cluding, but not limited to, (a) the entire maturity value of (1) bonds registered in the name of that person, (2) those registered in his name with another named as co-owner; as well as (b) the extent of his present interest in (1) those held for his benefit by a fiduciary and (2) those in which a present interest has been acquired by him on the death of another or on the happening of any other contingency. Bonds of which the person is merely the designated beneficiary in case of the death of the owner, or bonds which are held by him in a fiduciary capacity only, or those in the income and principal of which he has only a future interest need not be included. If any person at any time acquires a present interest in savings bonds issued during any one calendar year in an amount exceeding $10,000, maturity value, he should immediately surrender an amount equal to the excess, which will be redeemed at the redemption value current on the date the excess was acquired.25 *+
314.8 Authorized forms of registration. United States savings bonds may be registered in the name of any natural person whether an adult or a minor, in the names of two (but not more than two) natural persons as co-owners, in the name of one natural person and a single designated natural person as beneficiary in case of death, in the name of any incorporated or unincorporated body, and in the name of a fiduciary. Full information as to the authorized forms of registration for United States savings bonds is given in § 315.1.** 314.9 Delivery by postmasters. Postmasters and other agents from whom savings bonds may be purchased are authorized to deliver such bonds duly inscribed and dated upon receipt of the issue price. Delivery should not be accepted by any purchaser until he has verified that his name and address are duly and correctly inscribed on the face of the bond, that the bond is duly dated as of the first day of the month in which payment of the issue price was received, and that the dating stamp (with current date) of the postmaster or other issuing agent is imprinted in the circle in the lower left corner of the bond.**
314.10 Safekeeping by Federal Reserve banks. Any savings bond will be held in safekeeping without charge by the Secretary of the Treasury if the purchaser so desires, and in this connection the Secretary will utilize the facilities of the Federal Reserve banks as fiscal agents of the United States. The purchaser may arrange for such safekeeping as provided in § 315.5 at the time he purchases his bond or subsequently. Postmasters generally will assist owners in arranging for safekeeping, but will not act as safekeeping agents.*†
314.11 Payment. (a) Any savings bond will be paid in full at maturity, or redeemed in whole or in part at the appropriate redemption value prior to maturity (but not within 60 days after the issue date), in accordance with the terms of the bond, and as pro
Any one person may hold up to $10,000, maturity value, of savings bonds issued during any one calendar year and up to an additional $10,000, maturity value, issued in each succeeding calendar year (January 1 to December 31), so long as these bonds are offered for sale.
**For statutory and source citations, see note to 314.1.
vided in § 315.6, following presentation and surrender of the bond, by registered mail or otherwise, at the expense and risk of the owner, to the Treasury Department, Division of Loans and Currency, Washington, D. C., either direct or through any Federal Reserve bank.
(b) Presentation for payment may also be made by registered mail or otherwise, at the expense and risk of the owner, at any agency or agencies which the Secretary of the Treasury may from time to time by regulation designate, and under such limitations as may be prescribed in such regulation. (See Part 315.)
(c) In all cases the request for payment appearing on the back of the bond must be duly executed by the owner in the presence of and certified by:
(1) Any United States postmaster or any other post office official authorized for that purpose (see § 315.6), whose signature must be authenticated by the imprint of his post office dating stamp;
(2) An executive officer of an incorporated bank or trust company (authenticated by the impress of the corporate seal of the bank or trust company); or
(3) Any other person duly designated by the Secretary of the Treasury for that purpose.
In case of the death or disability of the registered owner instructions should be obtained from the Treasury Department, Division of Loans and Currency, Washington, D. C., before the request is executed.
(d) Postmasters generally will assist owners in securing payment at or before maturity but they will not make payment of savings bonds. Payment in all cases will be made by issuance of a check drawn to the order of the owner or other person entitled to payment.** [As amended Apr. 23, 1937, 2 F.R. 804]
314.12 Authorized reissues. Reissue of savings bonds in a different form of registration is authorized in certain instances, concerning which full information is given in § 315.16.*†
314.13 Series designations; right to terminate sale. United States savings bonds of Series C, issued during the calendar year 1937, as evidenced by the issue date inscribed thereon at the time of issue, will form a separate series hereby designated Series C-1937, and those issued during the calendar year 1938, will similarly form a separate series designated Series C-1938. Savings bonds of Series A, issued during the calendar year 1935, are hereby designated Series A-1935, and those of Series B, issued during the calendar year 1936, are hereby designated Series B-1936.
The right is reserved at any time to terminate the sale of savings bonds of Series C by notice given by the Secretary of the Treasury to the Postmaster General and to others concerned as designated sales agencies.** [As amended Dec. 1, 1937, 2 F.R. 2752]
314.14 Regulations; may require notice of presentation. All savings bonds issued pursuant to this part shall be subject to regulations prescribed from time to time by the Secretary of the Treasury. Such regulations may require, among other things, reasonable notice in case of presentation of savings bonds for redemption prior
**For statutory and source citations, see note to § 314.1.
to maturity. The regulations governing savings bonds issued hereunder are contained in Part 315.*†
314.15 Reservation of right to refuse issue and terminate offer. The Secretary of the Treasury may designate agencies other than those herein designated for the sale of savings bonds of this series, and he reserves the right to refuse to issue or permit to be issued hereunder any such savings bonds in any case or class or classes of cases if he deems such action to be in the public interest.**
314.16 Postmasters and Federal Reserve banks fiscal agents. Postmasters of the first, second, and third classes, and selected postmasters of the fourth class, under regulations promulgated by the Postmaster General, and Federal Reserve banks and designated and qualified Federal credit unions and Federal savings and loan associations, as fiscal agents of the United States, are authorized to perform such fiscal agency services as may be requested of them in connection with the issue, delivery, safekeeping, redemption, and payment of savings bonds.**
CROSS REFERENCES: For regulations governing Federal savings and loan associations and Federal credit unions, as fiscal agents of the United States, in connection with the sale of United States Savings bonds to their members, see Part 312. Federal credit unions, see 6 CFR Chapter I. Regulations of the Federal Reserve Board, see 12 CFR Chapter II. Regulations of the Federal Savings and Loan System, see 24 CFR Chapter II. Regulations of the Post Office Department, see 39 CFR Chapter I.
314.17 Reservation of right to amend. The Secretary of the Treasury may at any time or from time to time supplement or amend the terms of this part, information as to which will be promptly furnished to the Postmaster General and other agents acting as fiscal agents of the United States in connection with savings bonds.**
26 The circulars and forms referred to in this part are on file at the Federal Reserve banks and at the Division of the Federal Register of the National Archives, Washington, D. C., and copies may be obtained from the Treasury Department, Division of Loans and Currency, Washington, D. C.
**For statutory and source citations, see note to § 314.1.
315.7 Special payment provisions.
(a) Redemption in part.
315.8 Payment of bonds registered in
(a) To legal representative.
315.9 Payment in case of disability
(a) To legal representative of
(b) To voluntary guardian of
315.10 Payment to co-owners.
(a) Upon proof of death of
(b) Change of beneficiary; re-
(c) Payment upon death of
315.12 Payment to fiduciaries.
(d) Termination of trust.
315.13 Payment to a corporation, un-
(d) Merger or consolidation. Payment to a legal representative of a decedent.
(a) With administration. (b) Without administration. 315.15 Creditor's rights.
(a) Payment in accordance with judgment or decree of court.
(b) Payment to receiver or trustee in bankruptcy.
315.16 Reissue and denominational ex-
(a) Limitations upon reissue.
315.17 Further provisions.
(a) Applicability of Part 306. (b) Reservation of right to amend.
Acceptance of bonds, notes, or other obligations issued or guaranteed by the United States as security in lieu of surety or sureties on penal bonds: See Part 225.
Offering of United States saving bonds, Series C: See Part 314.
Section 315.1 Registration-(a) General provisions. United States saving bonds will be issued only in registered form. The owner's name and address and the date as of which the bond is issued will be inscribed thereon at the time of issue by an authorized issuing agent. Except as otherwise specifically provided in this part, the Treasury Department reserves the right to treat as conclusive the ownership of and interest in the bond expressed in the registration. No designation of an attorney, agent or other representative, to receive payment on behalf of the owner may be made in the registration; for example, registration in the form "Mr. John G. Brown, payable to Mr. David R. Green, attorney-in-fact" will not be permitted. Registration will not be permitted in a form which purports to restrict the right of the owner or other person named in the registration to receive payment of the bond in accordance with the regulations in this part; for example, registration in the form "Mr. John S. Smith, under Article 10 of the will of Henry A. Jones", or "Mr. John S. Smith, legal guardian of Miss Mary B. Jones, subject to the order of the probate court of Washington County", will not be permitted.
(b) Authorized forms of registration. The following forms of registration are authorized:
(1) In the names of natural persons, whether adults or minors, in their own right, as follows:
(i) In the name of one person, as, for example, "Mr. John A. Jones".
(ii) In the names of two (but not more than two) persons in the alternative, as, for example, "Mr. John A. Jones or Mrs. Ella S. Jones". No other form of registration establishing co-ownership as between natural persons in their own right is authorized.
(iii) In the name of one person, payable on death to a single designated beneficiary in his own right, as, for example, "Mr. John A. Jones, payable on death to Miss Mary E. Jones". Only a natural person may be designated as a beneficiary.
In all cases the full name of the owner, and that of the co-owner or beneficiary, if any, should be given; Provided, That, if there are two given names, an initial may be substituted for one. Each name should be preceded by the title, "Mr.", "Mrs.", or "Miss", as the case may be. A married woman's own given name should be used, not that of her husband. The full post office address of each person named in the registration should be given.
(2) In the names of fiduciaries, as follows:
(i) In the name of one or more executors, administrators or legal guardians of a single estate followed by reference to the estate, as, for example, "Mr. John A. Smith, executor of the estate of Henry J. Smith, deceased", or "Mr. William C. Jones, guardian of the estate of James B. Brown, a minor". Registration in the names of natural guardians is not authorized.
(ii) In the name of one or more trustees, or other fiduciaries of a single estate or trust, followed by reference to the trust instrument, if any, or by other words clearly identifying the trust, and the name of the organization or the persons who are beneficiaries under the trust, as, for examples, "Mr. John C. Brown and the First National Bank trustees under the will of Henry C. Brown, for the benefit of Mrs. Mary J. Brown", or "The Second National Bank, trustee under an agreement of trust executed by Mr. George E. White, dated February 1, 1935, for the benefit of Mrs. Mary B. White and Miss Ella May White".
If a legal guardian holds a common fund for the account of two or more wards, bonds should be registered for each ward separately, as each ward is deemed to have a separate estate, even though the guardian was appointed in a single proceeding. The names of all executors, administrators, guardians, trustees, or other fiduciaries must be included in the registration; Provided, That in the case of unincorporated lodges, churches, societies, or similar institutions the title to whose property is held by trustees, registration may be in their titles, omitting their names, as, for example, "Trustees of the First Baptist Church". All beneficiaries of a trust should likewise be named, if possible, but if they are too numerous two or three of the principal beneficiaries should be named, followed by the words