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"et al”. In any case the Treasury Department may require a copy of the trust instrument.

(3) In the name of any incorporated or unincorporated body, as follows:

(i) In the name of any corporation, followed by the words “a corporation", as, for example, "Smith Manufacturing Company, a corporation":

(ii) In the name of any joint stock company, followed by the words "a joint stock company”, as, for example, "The Farmers Cooperative Market Company, a joint stock company':

(iii) In the name of any unincorporated association, such as a lodge, church, or society, followed by the words "an unincorporated association”, as, for example, “The Tennis Association, an unincorporated association”.

(iv) In the name of any partnership, followed by the words “a partnership”, as, for example, “Smith and Brown, a partnership”. The registration should be made in the full legal title of the corporation, joint stock company, unincorporated association, or partnership, as the case may be. No officer or member of the organization may be named in the registration; Provided, That bonds may be registered in the title, but not the name, of an officer of a state, county, city, town or other public corporation intrusted with public funds, fol. lowed by the name of the body and by the designation of a particular fund, if any, as, for example, "Treasurer, State of Texas (Permanent School Fund)."**

*88 315.1 to 315.17, inclusive, issued under the authority contained in R.S. 161, sec. 8 (d), 50 Stat. 482, sec. 22 (a), Second Liberty Bond Act, as added by sec. 6, 49 Stat. 21; 5 U.S.C. 22, 31 U.S.C., Sup., 738a, 31 U.S.C., Sup., 757c.

*In 88 315.1 to 315.17, inclusive, the numbers to the right of the decimal point correspond with the respective section numbers in Department Circular 530, Revised, Secretary of the Treasury, Dec. 16, 1936, 1 F.R. 2212. Amendment of Apr. 23, 1937 is noted in brackets following section affected.

315.2 Limitation on transfer. United States savings bonds are not transferable and are payable only to the owner named thereon except in the case of disability or death of the owner or as the result of judicial proceedings or as otherwise specifically provided in this part, but in any event only in accordance with the provisions of this part.*+

315.3 Limitation on holdings. Section 22 of the Second Liberty Bond Act, as amended, provides that it shall not be lawful for any one person at any one time to hold savings bonds issued during any one calendar year in an aggregate amount exceeding $10,000 maturity value. In determining whether this limitation is exceeded at any time by any one person, there must be taken into account the aggregate present interest of that person at such time in the maturity value of all savings bonds issued during any one calendar year including, but not limited to, (a) the entire maturity value of (1) bonds registered in the name of that person and (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

**For statutory and source citations, see note to 8 315.1.

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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.*+ 27

315.4 Lost, stolen, or destroyed bonds-(a) Notification. The Treasury Department, Division of Loans and Currency, Washington, D. C., should be notified immediately of the loss, theft, or destruction of any savings bonds, reference being made to the denomination and serial number of the bond, and the name and address of the registered owner. The Treasury Department should likewise be notified of the recovery of any bond previously reported to be lost, stolen, or destroyed.

(b) Provision for relief. Duplicates may be issued or payment made upon proof of the loss, theft, or destruction of savings bonds. Relief will be granted in such cases only in accordance with the provisions of applicable statutes, and will be governed in general by the regulations contained in Part 306. Application for relief should be made on Form P. D. 1048.**

315.5 Safekeeping facilities-(a) Applications furnished by postmasters. Any savings bond will be held in safekeeping without charge by the Secretary of the Treasury if the purchaser so desires, and in such connection the facilities of the Federal Reserve banks as fiscal agents of the United States will be utilized. Postmasters will not act as safekeeping agents. The purchaser may arrange for safekeeping at the time he purchases his bond or subsequently, and postmasters, if requested, will furnish owners with appropriate application blanks and envelopes to be used in forwarding bonds for safekeeping. The owner should have the envelope registered, at his expense, and the forwarding will be at his risk.

(b) Federal Reserve banks custodians. Upon receipt of the savings bond the Federal Reserve bank will place it in safekeeping and issue a receipt which will be mailed to the owner at the address given in the application. The Federal Reserve bank will at any time deliver the bond to the owner or person entitled to possession thereof upon his application and upon such identification as the bank may require.*+

315.6 General payment provisions-(a) Presentment for payment. Savings bonds will be payable at or after maturity at their full value, or, at the option of the owner, will be redeemed prior to maturity (but not within 60 days after the issue date) at the appropriate redemption value as shown on the face of each bond. In

27 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.

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**For statutory and source citations, see note to 8 315.1.

order to secure payment the owner should present and surrender the bond as hereinafter provided (see paragraphs (f), (g) and (h) of this section), with the request for payment appearing on the back of the bond properly executed in accordance with the succeeding sections of this part.

(b) Execution of request for payment. The request for payment must be signed in ink or indelible pencil by the person in whose name the savings bond is inscribed or by the person entitled to receive payment under the provisions hereof. No request signed in behalf of the owner by an agent or a person acting under a power of attorney will be recognized by the Treasury Department. If the name of the owner or person entitled to receive payment, as it appears in the inscription, has been changed by marriage, or in any other legal manner, the signature to the request for payment should show both names and the manner in which the change was made, as, for example, "Miss Mary T. Jones, now by marriage Mrs. Mary T. Smith.” In the case of a change of name through divorce or by order of court, the request must be supported by a certified copy of the divorce decree or order of court.

(c) Officers authorized to certify requests. The request for pay. ment must be signed in the presence of, and be certified by, one of the following officers:

(1) Any United States postmaster, acting postmaster, or inspector in charge of a post office, or

(i) At any post office of the first class (main office), the assistant postmaster, the postal cashier, superintendent of money orders, money order cashier, assistant cashier, bookkeeper, or foreman;

(ii) At any post office of the second or third class the assistant postmaster or, if there is none, the clerk temporarily in charge of the office;

(iii) At any classified branch or station the superintendent, assistant superintendent, assistant cashier, bookkeeper, foreman, clerk in charge, or employee temporarily in charge.

If any of the above designated post office officials other than a postmaster, acting postmaster, or inspector in charge of an office certifies to a request for payment, he should certify in the name of the postmaster, acting postmaster, or inspector in charge, followed by his own signature and official title, as, for example, "John Doe, postmaster, by Richard Roe, postal cashier.” In the case of a clerk in charge of an office, branch, or station, the official title should be followed by the name of such office, branch, or station, as, for example, "John Doe,

postmaster, by Richard Roe, clerk in charge, Main Street Station.” The certification of any post office official must be authenticated by a legible imprint of a dating stamp of his post office.

(2) Any executive officer of an incorporated bank or trust company, whose signature must be authenticated by a legible impression of the corporate seal of the bank or trust company.

(3) Any officer authorized generally to witness assignments of United States registered bonds.

CROSS REFERENCES : For officers authorized to witness assignments of United States registered bonds, see $$ 306.33-306.35. For Post Office Department regulations, see 39 CFR Chapter I.

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(d) Officers may not certify own request. No person authorized to certify requests for payment may certify a request for payment of a bond of which he is the owner, or in which he has an interest, either in his own right or in any representative capacity.

(e) Identification; responsibility of certifying officer. Certifying officers should require positive identification of the person executing the request for payment as the person whose name appears on the face of the bond, or the person entitled to request payment under the provisions of this part, and will be held fully responsible therefor.

(f) Presentment for payment by registered owner. If a savings bond is registered in the name of a natural person in his own right (see § 315.1 (b) (1)), or in the name of an incorporated or unincorporated body in its own right (see § 315.1 (b) (3)), and payment is to be made to the registered owner, the bond, after the request for payment has been duly executed as above provided, should be presented and surrendered to a Federal Reserve bank, or to the Treasurer of the United States, Washington, D. C.

(g) Presentment for payment by other than registered owner. If a savings bond is registered in the name of a fiduciary (see $ 315.1 (b) (2)), or if payment is to be made to any person other than the registered owner, the bond, after the request for payment has been duly executed as above provided, should be presented and surrendered to the Treasury Department, Division of Loans and Currency, Washington, D. Č., either direct or through any Federal Reserve bank.

(h) Presentment at owner's risk; payment by check. In all cases presentation will be at the expense and risk of the owner, and, for his protection, the bonds should be forwarded by registered mail if not presented in person. Payment will be made by issuance of a check drawn to the order of the owner or other person entitled to payment and mailed to him at the address given in his request for payment.** [As amended Apr. 23, 1937, 2 F.R. 804]

315.7 Special payment provisions-(a) Redemption in part. A savings bond in a denomination other than $25 may be redeemed in part at the appropriate redemption value corresponding to any authorized denomination or denominations, upon presentation and surrender of the bond in accordance with the provisions of $ 315.6, except that before the request for payment is executed the first sentence of the request should be amended (with pen and ink or typewriter) to read as follows: “I am the registered owner of the within savings bond, and hereby make request for the payment thereof to the extent of the present redemption value of $---maturity value”. Upon payment of a savings bond in part the remainder will be reissued, subject to the provisions of $ 315.16.

(b) Bonds held as collateral. Notwithstanding any other provisions of this or any other part, a savings bond may be pledged by the registered owner in lieu of surety under the provisions of Part 225: Provided, That the bond approving officer is the Secretary of the Treasury. In such cases an irrevocable power of attorney shall

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**For statutory and source citations, see note to § 315.1.

be executed authorizing the Secretary to request payment, and payment of the bond will, if it becomes necessary, be made upon such request at the then appropriate redemption value. No pledge to a bond approving officer other than the Secretary of the Treasury will be permitted. In no other case are savings bonds suitable for use as collateral, nor will a power of attorney to request payment be recognized in any other case.*+

315.8 Payment of bonds registered in name of a minor-(a) To legal representative. If a savings bond is registered in the name of a minor for whose estate a guardian or other legal representative has been appointed by a court of competent jurisdiction or is otherwise legally qualified, and if the Treasury Department has notice of such appointment or qualification, payment will be made only to such guardian, or other legal representative. In this case the request for payment appearing on the back of the bond should be signed by the guardian or other representative in his representative capacity, as, for example, "John Å. Jones, guardian of the estate of Henry W. Smith, minor”, and must be supported by proof of his appointment and qualification, which may be in the form of a certificate from the proper court, or a certified copy of the order of court appointing the guardian or other representative. The certificate, or certified copy, must be under the seal of the court and should be dated not more than 1 year prior to the presentation of the bond.

(b) Direct to the minor. If the Treasury Department has no notice that a guardian or other legal representative of the estate of a minor owner of a savings bond has been appointed or is otherwise legally qualified, payment will be made direct to such minor owner, provided such minor is, at the time payment is requested, of sufficient competency and understanding to sign his name to the request and to comprehend the nature thereof. In general, the fact that the request for payment has been signed by the minor and duly certified in accordance with $ 315.6 will be accepted as sufficient proof of such competency and understanding. If the Treasury Department is properly advised that such minor owner is not of sufficient competency and understanding to execute the request for payment, payment will be made to either parent of the minor with whom he resides, or in the event that such minor resides with neither parent, then to the person with whom he does reside. The parent or other person should sign the request for payment in his own name, in behalf of the minor, as, for example, "Mary J. Jones, on behalf of John C. Jones”, and a certificate in substantially the following form: I certify that I am the

of John C. Jones and the

(State relationship) person with whom he resides. He is

years of age and is not of sufficient competency and understanding to sign this request. must be typed or written on the back of the bond and signed by the person requesting payment.**

315.9 Payment in case of disability of owners—(a) To legal representative of an incompetent. If the owner of a savings bond has been legally declared to be incompetent to manage his affairs and the Treasury Department has notice that a conservator or other le

**For statutory and source citations, see note to § 315.1.

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