343.6 General provisions.

AUTHORITY: The provisions of this Part 343 issued under 5 U.S.C. 301, sec. 832, 81 Stat. 777; 26 U.S.C. 832, sec. 26, 81 Stat. 778; 31 U.S.C. 757c-8.

SOURCE: The provisions of this Part 343 contained in Department Circular, Public Debt Series No. 3-68, 33 F.R. 4798, Mar. 21, 1968, unless otherwise noted.

§ 343.0 Offering of bonds.

The Secretary of the Treasury, under the authority of the Second Liberty Bond Act, as amended, and pursuant to section 832(e) of the Internal Revenue Code of 1954, offers for sale to, and only to, companies organized and engaged in the business of writing mortgage guaranty insurance within the United States, bonds of the United States designated as Mortgage Guaranty Insurance Company Tax and Loss Bonds, hereinafter referred to as "tax and loss bonds." This offering will continue until terminated by the Secretary of the Treasury. § 343.1 Description of bonds.

(a) General. Tax and loss bonds will be issued in registered form only and in the exact amount paid by the purchaser. The bonds will not earn interest and may not be transferred by sale, exchange, assignment, pledge or otherwise. They may be reissued as provided in § 343.5.

(b) Term. Tax and loss bonds will mature 10 years from their issue date and will not be subject to call for redemption prior to maturity.

(c) Dating. Tax and loss bonds will be issued as of the date of receipt of an application for issue and remittance by the Office of the Treasurer of the United States or a Federal Reserve Bank or Branch, except that all bonds purchased during the month of March 1968 will be dated March 15, 1968. An application received from a commercial bank for a customer will be treated as though received on the date shown on its post

mark, if the purchase price is transmitted by credit to its Treasury Tax and Loan Account and the Certificate of Advice is dated on or prior to that date. § 343.2 Purchase.

(a) Tax and loss bonds may be purchased over the counter or by mail from the Office of the Treasurer of the United States, Securities Division, Washington, D.C. 20220, or the Federal Reserve Banks and Branches, which will furnish application forms for the purchase of such bonds upon request. An application properly completed and accompanied by a remittance for the full amount of the bond applied for must be received by the Office of the Treasurer or a Federal Reserve Bank or Branch before a bond will be issued. Any form of exchange will be accepted subject to collection.

(b) Banking institutions, generally, may submit applications for customers, but only the Federal Reserve Banks and Branches and the Office of the Treasurer are authorized to act as official agencies. Remittance of the purchase price may be made through credit to Treasury Tax and Loan Accounts.

Tax and loss bonds may not be called for redemption by the Secretary of the Treasury prior to maturity, but may be redeemed in whole or in part at the owner's option at any time after 3 months from issue date. To obtain redemption, a bond with the assignment for redemption properly completed and executed must be presented to the Bureau of the Public Debt, Division of Loans and Currency, Washington, D.C. 20226. Payment will be made in accordance with the instruction in the assignment for redemption. The District Director of the Internal Revenue District in which the owner's principal place of business is located will be furnished a copy of the redemption advice. Upon partial redemption of a bond, the remainder will be reissued as of the original issue date.

in the regulations in this part. A request for reissue must be made by an officer of the owner authorized to assign the bond for redemption. An appropriate form may be obtained from the Bureau of the Public Debt, Division of Loans and Currency, Washington, D.C. 20226. A reissued bond, upon reissue, will bear the same issue date as the original bond.

(b) Correction of error. The reissue of a bond may be made to correct an error in the original issue upon appropriate request supported by satisfactory proof of error.

(c) Change of name. An owner whose name is changed in any legal manner after the issue of the bond should submit the bond with a request for reissue, to substitute the new name for the name inscribed on the bond. The signature on the request for reissue should show the new name, the manner in which the change was made and the former name, and must be supported by satisfactory proof of the change of name.

(d) Legal succession. A bond registered in the name of a company which has been succeeded by another company as the result of a merger, consolidation, incorporation, reincorporation, conversion, or reorganization, or which has been lawfully succeeded in any manner

whereby the business or activities of the original organization are continued without substantial change will be paid to or reissued in the name of the successor upon appropriate request on its behalf, supported by satisfactory evidence of successorship.

§ 343.6 General provisions.

(a) Regulations. All tax and loss bonds shall be subject to the general regulations prescribed by the Secretary of the Treasury with respect to U.S. securities which are set forth in the Treasury Department Circular No. 300, current revision, to the extent applicable. Copies of the general regulations may be obtained upon request from the Bureau of the Public Debt, Division of Loans and Currency, Washington, D.C. 20226.

(b) Fiscal agents. Federal Reserve Banks and Branches, as fiscal agents of the United States, may be authorized to perform such services as may be requested of them by the Secretary of the Treasury in connection with the issue, delivery, redemption, reissue, and payment of tax and loss bonds.

(c) Reservations. The Secretary of the Treasury may at any time, or from time to time, supplement or amend the terms of this circular or any amendments or supplements thereto.

351.3 Requests for identifiable records.

AUTHORITY: The provisions of this Part 351 issued under 5 U.S.C. 552.

SOURCE: The provisions of this Part 351 appear at 32 F.R. 9666, July 4, 1967, unless otherwise noted.

§ 351.1 Rules governing availability of information.

The records of the Office of the Treasurer required by 5 U.S.C. 552 to be made available to the public shall be made available in accordance with the definitions, procedures, payment of fees, and other provisions of the regulations on the Disclosure of Records of the Office of the Secretary and of other bureaus and offices of the Department issued under 5 U.S.C. 552 and published as Part 1 of

Title 31 of the Code of Federal Regulations, 32 F.R. No. 127, July 1, 1967, as supplemented by the regulations of this

part.

§ 351.2 Materials available for inspection and copying.

(a) Materials available. The materials in the Office of the Treasurer which are required by 5 U.S.C. 552(a) (2) to be made available for inspection and copying are the following:

(1) Final opinions, as well as orders, made in the adjudication of cases. These will include final dispositions of claims on Government checks and claims for the redemption of mutilated currency of the United States which are of a precedential nature.

(2) Statements of policy and interpretations which have been adopted by the Bureau and are not published in the FEDERAL REGISTER.

(3) Administrative staff manuals and instructions to staff that affect a member of the public. These materials in

Iclude the Treasurer's memoranda and such Department circulars applicable to Office of Treasurer's operations, that affect a member of the public, as have not been published as parts of Title 31 of the Code of Federal Regulations.

(4) Current index of items cited in subparagraphs (1), (2), and (3) of this paragraph.

(b) Locations. The materials listed in paragraph (a) of this section issued on or after the effective date of these regulations are available for inspection and copying during office hours in the public reading room of the Treasury Department, 15th Street and Pennsylvania Avenue NW., Washington, D.C. 20220. § 351.3

Requests for identifiable

records.

(a) Procedure. A written request for an identifiable record shall be addressed to the Public Records Officer, Office of the Treasurer, Treasury Department, 15th Street and Pennsylvania Avenue NW., Washington, D.C. 20220. A request presented in person shall be made at the office of the Public Records Officer at the address shown above.

(b) Determination of request. Determination as to the disclosure of a record requested shall be made, subject to appeal to the Treasurer of the United States, by the head of the division in which the record belongs. The decision of the Treasurer shall constitute final agency action, unless a referral of the appeal is made to the Fiscal Assistant Secretary, in which case the decision of the Fiscal Assistant Secretary shall constitute final agency action.

The Treasurer of the United States upon receipt of an appropriate claim is authorized to make a settlement in favor of a payee or a special indorsee and to issue a check to him, when in the judgment of the Treasurer the facts in the case established:

(a) That the check has been lost or stolen without the fault of the payee or special indorsee.

(b) That the check has thereafter been negotiated and paid by the Treasurer on a forged indorsement of the payee's or special indorsee's name.

(c) That the payee or special indorsee has not participated either directly or indirectly in the proceeds of such negotiation or payment.

(d) That reclamation has been or may be delayed more than ten days, or be unsuccessful.

[24 F.R. 3533, May 2, 1959]

§ 359.3 Deposit of amounts received by way of reclamation.

Amounts received by the Treasurer of the United States on said checks shall be deposited to the credit of the Check Forgery Insurance Fund (Revolving Fund), to the extent that such amounts

360.8 360.9 360.10 360.11

checks.

Processing of checks.

Release of original checks.

INDORSEMENT OF CHECKS

Indorsement by payees.

Checks issued to incompetent payees. Checks issued to deceased payees. Checks issued to minor payees in certain cases. 360.12 Powers of attorney. Appendix-Standard Forms for Power of Attorney and Their Application.

AUTHORITY: The provisions of this Part 360 issued under 5 U.S.C. 301, unless otherwise noted.

SOURCE: The provisions of this Part 360 contained in Department Circular 21, Second Revision, 32 F.R. 14217, Oct. 13, 1967, unless otherwise noted.

GENERAL PROVISIONS

§ 360.1 Scope of regulations.

The regulations in this part prescribe the requirements for indorsement, and the conditions for payment, of checks drawn on the Treasurer of the United States.

1 The regulations which previously appeared in Part 202 of this chapter (Department Circular 176 (Revised)) governing payment of checks drawn on the Treasurer of the United States now appear in revised form in this part.

As used in this part, the term: "Check" or "checks” mean a check or checks drawn on the Treasurer of the United States.

"Federal Reserve Bank" means a Federal Reserve Bank or branch thereof.

"Financial organization" means any bank, savings bank, savings and loan association or similar institution, or Federal or State chartered credit union.

"Person" or "persons” means an individual or individuals, or an organization or organizations whether incorporated or not, including all forms of banking institutions.

"Presenting bank" means (a) a bank or depositor which presents checks to, and receives credit therefor from, a Federal Reserve Bank, or (b) a depositary which is authorized to charge checks to the Treasurer's General Account and present them directly to the Treasurer for payment, or (c) a bank which, under special arrangements with the Treasurer, presents checks directly to the Treasurer for payment.

"Reclamation" means the action taken by the Treasurer to obtain refund of the amounts of paid checks.

"Treasurer" means the Treasurer of the United States.

"U.S. securities" means securities of the United States and securities of Federal agencies and wholly or partially Government-owned corporations for which the Treasury acts as transfer agent. [Dept. Circ. 21, 2nd Rev., 32 F.R. 14217, Oct. 13, 1967, as amended at 35 F.R. 6707, Apr. 28, 1970]

PAYMENT OF CHECKS

§ 360.3 Generally.

All checks heretofore or hereafter drawn on the Treasurer are payable without limitation of time. The Treasurer shall have the usual right of a drawee to examine checks presented for payment and refuse payment of any checks, and shall have a reasonable time to make such examination. Checks shall be deemed to be paid by the Treasurer only after first examination has been fully completed. If the Treasurer is on notice of a doubtful question of law or fact when a check is presented for payment, payment will be deferred pending settlement by the General Accounting Office.

(Sec. 1, 71 Stat. 464; 31 U.S.C. 132)

§ 360.4

Guaranty of indorsements.

The presenting bank and the indorsers of a check presented to the Treasurer for payment are deemed to guarantee to the Treasurer that all prior indorsements are genuine, whether or not an express guaranty is placed on the check. When the first indorsement has been made by one other than the payee personally, the presenting bank and the indorsers are deemed to guarantee to the Treasurer, in addition to other warranties, that the person who so indorsed had unqualified capacity and authority to indorse the check in behalf of the payee.

The Treasurer shall have the right to demand refund from the presenting bank of the amount of a paid check if after payment the check is found to bear a forged or unauthorized indorsement or an indorsement by another for a deceased payee where the right to the proceeds of such check terminated upon the death of the payee, or to contain any other material defect or alteration which was not discovered upon first examination. If refund is not made, the Treasurer shall take such action against the proper parties as may be necessary to protect the interests of the United States.

(a) Federal Reserve Banks. (1) Federal Reserve Banks shall make arrangement to cash checks for Government disbursing officers when such checks are drawn by the disbursing officers to their own order. Federal Reserve Banks may ascertain from the Treasurer that the balances to the credit of the disbursing officers are sufficient and thereafter payment of such checks shall not be refused except for alteration or forged signature of the drawer.

(2) Federal Reserve Banks shall not be expected to cash Government checks presented direct to them by the general public.

(3) As a depositary of public funds each Federal Reserve Bank shall (i) receive checks from its member banks, nonmember clearing banks, or other depositors, when indorsed by such banks or depositors who guarantee all prior indorsements thereon, (ii) give immediate

credit therefor in accordance with their current Time Schedules and charge the amount of the checks cashed or otherwise received to the account of the Treasurer, subject to examination and payment by the Treasurer, and (iii) forward the checks to the Treasurer. The Treasurer shall return to the forwarding Federal Reserve Bank a photocopy of any check the payment of which is refused upon first examination. Federal Reserve Banks shall give immediate credit therefor in the Treasurer's account, thereby reversing the previous charge to the account for such check.

(b) Depositaries outside of the mainland of the United States. Banks outside of the mainland of the United States designated as depositaries of public money and permitted to charge checks to the Treasurer's General Account shall be governed by the operating instructions contained in the letter of authorization to them from the Fiscal Assistant Secretary and shall assume the obligations of presenting banks set forth in §§ 360.4 and 360.5. Checks charged to the Treasurer's General Account shall be shipped to the Treasurer with the daily transcript of account in which they are charged. The Treasurer shall return to the presenting depositary bank a photocopy of any check the payment of which is refused. The depositary bank shall give immediate credit therefor in the Treasurer's General Account, thereby reversing the previous charge to the Account for such check.

(c) Banks processing checks under special arrangements. Certain banks in the Washington, D.C., area are authorized under special arrangements to present checks directly to the Treasurer for payment. The terms of such arrangements shall apply to such checks so presented. As to matters not specifically covered by such arrangements, the provisions of this part shall apply. The Treasurer shall return to the presenting bank a photocopy of any check the payment of which is refused. That bank shall refund the amount of each such check to the Treasurer before the close of the next business day. If refund is not made, the Treasurer shall deduct the amount from any amount that is due or may become due to the presenting bank.

§ 360.7 Release of original checks.

An original check may be released to a responsible indorser only upon receipt of