gally constituted representative of his estate has been appointed by a court of competent jurisdiction, payment will be made only to such conservator or other legal representative. In this case the request for payment should be signed: "Thomas S. Gray, conservator (guardian or committee as the case may be) of the estate of Benjamin W. Smith, an incompetent", 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 the court appointing such conservator or other legal representative. The certificate, or certified copy, should be under the seal of the court and dated not more than 1 year prior to the date of the presentation of the savings bond for payment.

(b) To voluntary guardian of an incompetent. In any case where the owner of a savings bond has been judicially declared incompetent, or his incompetency, in the opinion of the Secretary of the Treasury, is otherwise established and no guardian or other legal representative of his estate has been appointed or is otherwise legally qualified, and the entire gross value of his personal estate does not exceed $500, payment will be made to a member of his family standing in the position of voluntary guardian, upon presentation of proof satisfactory to the Secretary of the Treasury that the proceeds of the bonds are required, and are to be used, for the purchase of necessaries for the incompetent or for his wife or minor children or other persons dependent upon him for support. Form P. D. 1461, copies of which may be obtained from the Treasury Department, Division of Loans and Currency, Washington, D. C., or any Federal Reserve bank, may be used in making application. The request for payment should not be executed until the application has been approved and instructions have been given by the Treasury Department.**

315.10 Payment to co-owners. A savings bond registered in the names of two persons in the alternative, as, for example, "Mr. John A. Jones or Mrs. Mary C. Jones", will be paid to either co-owner upon request duly executed by him, without requiring the signature of the other person named on the bond; and upon such payment to either co-owner the other person shall cease to have any interest in the bond. Upon proof of death of one co-owner and of the subsequent death of the other co-owner, the savings bond will be paid or reissued as though the survivor had been the sole owner.*t

315.11 Payment to beneficiaries-(a) Upon proof of death of registered owner. A savings bond registered in the form "Mr. Henry W. Ash, payable on death to Mr. John C. Black" will be payable to the registered owner, until the Treasury Department has received notice of his death, upon the execution by him alone of the request for payment, as if the beneficiary were not named on the savings bond. If the beneficiary should predecease the registered owner the savings bond will be paid as though such beneficial registration had not been made.

(b) Change of beneficiary; reissue. A savings bond registered in the name of one person payable on death to a designated beneficiary may not be reissued during the life of such beneficiary so as to eliminate his name. If such beneficiary should predecease the

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

registered owner, the bond may, upon appropriate request by the registered owner, and proof of the death of the beneficiary, be reissued in the name of the registered owner, payable on death to a new beneficiary. A bond registered in the name of one natural person may, upon appropriate request by such person, be reissued in his name, payable on death to a single designated beneficiary.

(c) Payment upon death of surviving beneficiary. Upon proof of the death of the registered owner and proof of the survivorship of the beneficiary, even though the beneficiary should thereafter die, the savings bond will be paid or reissued as though the beneficiary had been the registered owner.*+

315.12 Payment to fiduciaries-(a) Request for payment. A savings bond registered in the name of a fiduciary will be paid to such fiduciary without proof of his authority upon presentation of the savings bond with the request for payment duly signed by him and certified in accordance with § 315.6; Provided, That a request for payment before maturity executed on behalf of a corporate fiduciary must be authorized by a resolution of the governing body of the cooperation or by a standing by-law, a certified copy of which must be filed with the Treasury Department. The request for payment should be signed by the fiduciary in exactly the same manner as his name and designation as fiduciary appear on the face of the savings bond.

(b) Succeeding fiduciary. A savings bond registered in the name of a fiduciary who is no longer acting as such will be paid to, or reissued in the name of, a succeeding fiduciary, upon appropriate request and satisfactory proof of his incumbency.

(c) Trustees. A savings bond registered in the titles, without the names, of trustees of an unincorporated lodge, church, society, or similar institution, will be paid to the trustees, of such institution for the time being, upon appropriate request by them as such trustees, and satisfactory proof of their incumbency.

(d) Termination of trust. A savings bond held by a fiduciary under a trust that has terminated will be paid, or reissued, in authorized denominations only, to the persons beneficially entitled to the extent of their respective interests upon the request of the fiduciary and his certification that the persons to whom payment or reissue is requested are entitled thereto and have agreed to such reissue; Provided, That if there is no fiduciary acting and no other person qualified to make distribution of the trust fund, such payment or reissue will be made upon the request of the persons beneficially entitled and upon proof of the facts.

(e) Reissue or payment to ward. A savings bond registered in the name of a legal guardian of a minor or incompetent will be reissued in the name of the ward upon the request of the guardian, or will be paid to, or reissued in the name of, the ward upon his request, supported in each case by satisfactory proof that the minor has attained his majority or that the incompetent has been restored to competency.*+

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

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[729]

315.13 Payment to a corporation, unincorporated association, joint-stock company, or partnership-(a) Request for payment. A savings bond registered in the name of a corporation, unincorporated association, or joint-stock company will be paid upon a request for payment signed by a duly authorized officer of such organization. The signature to the request should be in the form, "The Company, by John Jones, President". The fact that the request for payment is signed and duly certified in accordance with § 315.6 may be accepted as sufficient proof of the officer's authority.

(b) Request for payment; by officer of public corporation. A savings bond registered in the title, without the name, of an officer of a state, county, city, town, or other public corporation will be paid. upon a request for payment signed by the designated officer, supported by satisfactory proof of his incumbency.

(c) Request for payment; by general partner. A savings bond registered in the name of a partnership will be paid upon a request for payment signed by any general partner. The signature to the request should be in the form "Smith and Jones, a partnership, by John Jones, a general partner". The fact that the request for payment is signed and duly certified in accordance with 8315.6 may be accepted as sufficient proof that the person signing the request is a general partner.

(d) Merger or consolidation. A savings bond registered in the name of a corporation, unincorporated association, or joint-stock company, which has been succeeded by another corporation, unincorporated association, or joint-stock company, as the result of merger or consolidation, will be paid to, or reissued in the name of, the succeeding corporation, unincorporated association, or joint-stock company, upon proper request and satisfactory proof of successorship. This applies only to legal succession and not to a general assignment by one corporation to another.*+

315.14 Payment to a legal representative of a decedent-(a) With administration. If the owner of a savings bond dies and his estate is administered in a court of competent jurisdiction, payment will be made to the duly appointed representative of the estate. request for payment should be signed in the form "John A. Jones, executor under the will (administrator of the estate) of Henry W. Smith, deceased", and must be supported by a certificate under the seal of the court appointing such representative, dated not more than 6 months prior to the presentation of the savings bond for payment, showing the appointment and qualification of such representative and stating that the appointment is still in force; or, in the absence of such a certificate, by a duly certified copy of the representative's letter of appointment, the certification of which must be dated not more than 6 months prior to the presentation of the bond for payment, and must state that the appointment is still in force. Reissue of a savings bond registered in the name of a deceased owner will be made in the names of the heirs or legatees entitled thereto, to the extent of their respective interests, in authorized denominations only and subject to the provisions of § 315.16, upon the request

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

of the representative and his certification that the heirs or legatees in whose name reissue is requested are entitled thereto and have agreed to such reissue (use Form P. D. 1455); Provided, That if the representative is himself one of the heirs or legatees entitled to the savings bond, or to an interest therein, and desires reissue in his own name, a special order of the court authorizing such reissue must be submitted.

(b) Without administration. (1) If the owner of a savings bond dies and no legal representative of his estate is to be appointed and it is established to the satisfaction of the Secretary of the Treasury, either that the gross value of the personal estate does not exceed $500, or that administration of the estate is not required in the state of the decedent's domicile, payment, or reissue in authorized denominations only and subject to the provisions of § 315.16, of the savings bond will be made to the persons entitled to such savings bond, to the extent of their respective interests, without requiring administration of the estate. Affidavits will be required of all persons entitled to any share in the estate setting forth the facts in detail, and requesting and agreeing to the payment or reissue in question, supported by proof that the debts of the decedent and of his estate have been paid or provided for, affidavits by two disinterested persons having personal knowledge of the decedent and his family, and a death certificate or other proof of the death of the owner (use Form L&C 285, copies of which may be procured from the Treasury Department, Division of Loans and Currency, Washington, D. C., or from any Federal Reserve bank). If the gross value of the personal estate exceeds $500 the Secretary of the Treasury may further require an affidavit or a certificate from a practicing attorney or judicial officer of the state of the decedent's domicile showing that administration of the estate is not required in such state and referring specifically to the statutes or the decisions of the courts of such state under which exemption from administration is claimed, or showing that it is a general and well recognized practice in that state to settle such estates without administration.

(2) No payment or reissue without administration will be permitted in a case where any of the persons entitled are minors or under disability, except to them or in their names or upon compliance with the provisions of §§ 315.8, 315.9 governing the payment of savings bonds in the names of such persons.**

315.15 Creditor's rights-(a) Payment in accordance with judgment or decree of court. Payment of a savings bond will be made in accordance with a judgment or decree of a court of competent jurisdiction, or proceedings pursuant to such judgment or decree, except in cases where the action is instituted for the purpose of giving_effect to an attempted transfer by the owner contrary to § 315.2. In appropriate cases the Treasury Department will require proof that the court acting had jurisdiction over the parties and subject matter, and proceeded in due course of its jurisdiction, and that the judgment or decree is final and conclusive, that it has fully and effectually transferred the title of the owner, and that it is not open

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

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to attack in any jurisdiction whatever. For this purpose duly authenticated copies of the complaint, order of service, return of service, answer, or other pleading, the final judgment or order of the court and any further proceedings thereunder, must be furnished, together with a certificate, under seal, from the clerk of the court showing that no appeal, motion for new trial, or other proceeding which may result in modifying the judgment has been taken, made, or applied for; that the time for such action has expired (or if any such proceedings have been had they have been terminated), and that the judgment is in full force and effect and has become final under the laws of the jurisdiction. The Secretary of the Treasury in any case may require such further information, documents, and security as he deems

necessary.

(b) Payment to receiver or trustee in bankruptcy. Payment (but not reissue) of a savings bond will be made to a receiver or trustee in bankruptcy of the registered owner upon request for payment duly executed by such receiver or trustee and supported by satisfactory proof of his appointment and qualification.*†

315.16 Reissue and denominational exchange-(a) Limitations upon reissue. Reissue of a savings bond in a different form of registration will be made only in the following instances:

(1) To correct an established error in the original issue;

(2) To show a change in the name of the owner whether by marriage or in any other legal manner;

(3) As specifically provided in the regulations in this part. Reissues pursuant to (1) and (2) of this paragraph will be made only at the Treasury Department, Division of Loans and Currency, Washington, D. C., and requests therefor should be made on appropriate forms, copies of which may be obtained from that Division or from any Federal Reserve bank. All reissues will be made subject to the limitations expressed in § 315.3.

In all cases of reissue the savings bonds issued will bear the same issue dates as the savings bonds surrendered, will mature on the same dates, and will be issued in the largest available authorized denominations.

(b) Denominational exchange not permitted. Exchange as between authorized denominations of savings bonds will not be permitted except in cases of partial redemption or as necessarily incident to authorized cases of reissue.*†

315.17 Further provisions-(a) Applicability of Part 306. The regulations in this part are prescribed by the Secretary of the Treasury as governing United States Savings bonds issued under the authority of the Second Liberty Bond Act, approved September 24, 1917, as amended, and the provisions of Part 306 have no application to such savings bonds except as specifically provided in this part.

(b) Reservation of right to amend. The Secretary of the Treasury may at any time, or from time to time prescribe supplemental or amendatory rules and regulations governing United States savings

bonds.**

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