BONDS-Continued tion; and that, under such circumstances, the Secretary of the Treasury is authorized by section 3704 of the Revised Statutes to issue a duplicate in lieu of the stolen bond. 36:64 Redemption and Payment.-Where United States bonds and notes are owned by and registered in the name of an infant, the Government would not be protected in making payment thereof to the infant, since the infant is not estopped to deny such payment. Opinion of June 10, 1922 (ante, p. 197), adhered to. 33:207 Where United States bonds and notes are registered in the name of an infant, payment thereof by the Government to a duly appointed, qualified, and acting guardian of such infant, and the execution of proper releases and assignments by such guardian in his official capacity, and the assignment for redemption of such bonds and notes by such guardian, will fully protect the Government from further liability thereon. Where such bonds and notes are owned by and registered in the name of an infant, the assignment thereof for redemption by such infant, even though the natural guardian should join in the execution of the assignment, would not protect the Government from liability in making payment to such infant. 33:197 Transfer or Exchange.-Where United States bonds and notes are registered in the name of a duly appointed and qualified guardian of a minor, it would be proper to require duly authenticated copies of his appointment and qualification as such guardian or of his authority to assign such bonds and notes for transfer or exchange. 33:310 Where such bonds and notes are owned by an infant but are registered in the name of a natural guardian for the infant, payment thereof by the Government to the designated payee and the execution by him of proper releases and assignments will fully protect the Government. 33:197 Where such bonds and notes are registered in the name of a person as natural guardian of a minor, it is not necessary to require any proof of his appointment and qualifications as such guardian, and payment to the natural guardian and the execution by him of proper releases and assignments would fully protect the Government. 33:310 Registered Victory Notes for Treasury Notes.—Exchange or redemption.-The conclusions expressed in the opinions of June 10, 1922, (33 Op. 197), June 17, 1922 (33 Op. 207), and July 20, 1922 (33 Op. 310), with reference to the proper method of assignment for transfer or surrender of registered bonds or notes registered in the name of an infant or a natural guardian for an infant, are fully applicable to the transfer of Victory notes in exchange for Treasury notes of Series B-1925 or for optional redemption before maturity. 33:366 273-509 0 -79 11 BONDS Continued Home Owners Loan Corporation & Federal Farm Mortgage Respecting the proposed issue of bonds by the Home Owners' Loan Corporation, held that said bonds, when issued in the form proposed and for the purposes specified in Home Owners' Loan Act of 1933 (48 Stat. 128), will constitute valid and binding obligations of the Corporation; that payment of interest on such bonds will be fully and unconditionally guaranteed by the United States; and that they will be tax exempt to the extent provided in Home Owners' Loan Act of 1933. 37:241 If the United States pays interest on the bonds of the Home Owners' Loan Corporation under its guaranty of such interest, the United States will not be entitled to payment from the Corporation on account of that claim until the bondholders have been paid in full. 37:310 The Home Owners Loan Act of 1933, as amended, and the Federal Farm Mortgage Corporation Act authorize, respectively, the Home Owners' Loan Corporation and the Federal Farm Mortgage Corporation to issue bonds in prescribed amounts and provide, "Such bonds shali be fully and unconditionally guaranteed both as to interest and principal by the United States", and all bonds issued thereunder recite that they are so guaranteed. Held, if either corporation should default in payment of either principal or interest when due, the United States would thereupon become obligated to make such payment, and its obligation would not be conditioned upon the institution of any proceeding by the bondholder against the corporation. 38:75 The right to establish lost or destroyed bonds is an equitable right not dependent upon express statuary provision. It is within the implied powers of a corporation to issue duplicates of lost or defaced bonds in proper cases; and the Home Owners' Loan Corporation and the Federal Farm Mortgage Corporation may adopt for their bonds the provisions of the Federal statutes and regulations concerning lost, destroyed, or defaced bonds of the United States. Since the bonds of the said corporations are guaranteed by the United States, there must be a concurrence of action by the corporations and the Secretary of the Treasury in the issuance of duplicate bonds. The issuance of duplicates of lost, destroyed, or defaced bonds of the Home Owners' Loan Corporation and the Federal Farm Mortgage Corporation by concurrent action of the corporation concerned and the Secretary of the Treasury is authorized in cases coming within the corporate resolutions and also within the scope of sections 3702-3705 R. S., as amended, and the regulations issued thereunder by the Secretary of the Treasury. 38:337 BONDS Continued Indemnity Bonds. 33:66 Insular Bonds. *Philippine Islands. Liberty Loan Bonds. *Philippine Islands. *Puerto Rico. Assignment of Registered Bonds for Redemption or Exchange by Administrator.-Where the owner of certain registered Liberty bonds died intestate in Green County, Mo., where said bonds were located at the time of his decease, and an administrator of his estate in said county was appointed by the probate court thereof, said administrator may legally assign said bonds for redemption or exchange regardless of the assumed fact that the domicile of decedent was in Lee County, Miss. The Treasury Department will be fully protected in redeeming or exchanging said Liberty bonds upon such assignment. 33:454 Duplicates in Lieu of Destroyed Bonds.-The evidence submitted by the Studebaker Corporation of the destruction of certain coupon bonds of the Fourth Liberty loan owned by it is clear and unequivocal in contemplation of section 3702 of the Revised Statutes, and hence the Secretary of the Treasury is justified in issuing duplicates of the destroyed bonds, provided he is satisfied of the sufficiency of the evidence. The indemnity bond in double the amount of the destroyed bonds, required by section 3703, Revised Statutes, is ample protection to the Government against loss through the issue of duplicate bonds in the place of those destroyed. 33:66 Exchange of Registered Bond by Foreign Executor.— Margret Steiner, who was the registered owner of a $500 Fourth 4 percent bond, died in the District of Columbia where she was domiciled. She left no estate in the District of Columbia, all property owned by her at the time of her death being in the Province of Ontario, Canada. The will of the deceased has been admitted to probate in the said Province of Ontario, and the executor named in the will has been duly appointed to administer the estate. Under such circumstances, said executor is legally qualified and authorized to execute an assignment for exchange of the bond in question for a coupon bond, without letters of administration being issued by the Supreme Court of the District of Columbia. 33:381 Transfer of Registered Bonds. Under the circumstances herein stated, where certain foreign insurance corporations, as a prerequisite to transacting business in the State of Georgia, deposited certain registered Liberty loan bonds with the treasurer and bond commissioner of that State and thereafter, upon said insurance companies having become insolvent and being in process of liquidation in the BONDS-Continued State in which they were incorporated, the superior court of Fulton County, Ga., issued a decree appointing a receiver of said bonds and directing the trustee thereof to deliver same to said receiver, held, That said court had jurisdiction of the subject matter and of the trustee. That the decree of said court operated to vest title to said bonds in the receiver. That the Treasury Department can properly transfer or exchange said bonds upon proper assignment thereof executed by said receiver; and, in making this transfer or exchange, the Treasury Department will be legally protected from any claim by or on behalf of the liquidator of said insurance companies in the State of New York or elsewhere. 33:133 Transfer of Registered Bonds on Basis of Certain Court Proceedings.-Under the circumstances herein stated, where a registered Liberty loan bond was deposited with the payee of a note as collateral security for its payment and, upon default in the payment of said note, a judgment was entered thereon in favor of the payee and the court decreed that an assignment of the bond should be made, said bond may be transferred on the books of the Treasury Department without assignment of the registree. 33:49 Transfer of Registered Bonds upon Basis of Certain Judicial Proceedings.-Under the circumstances herein stated, where a judgment was rendered by the circuit court of Charles Mix County, of South Dakota, against the owner of certain registered Liberty loan bonds and said bonds were sold under execution sale, the Treasury Department may properly make transfer of the bonds in question to the purchaser without assignment by the registered payee or his duly authorized agent. It appears from the papers herewith submitted that the court had jurisdiction of the parties and subject matter of the suit; that the judgment of the court and the proceedings had thereunder effectively transferred the interest of the registered bondholder to the purchaser at the execution sale; and that the judgment rendered in said case is final and conclusive. 33:271 Community Property.-Certain Liberty loan bonds and Victory notes were registered in the name of one John F. Rogers, the same being community property of the said Rogers and his wife. Rogers died intestate and, there being no debts, no administration was had upon his estate. The District Court of Grayson County, Tex., partitioned the estate of the decedent and by its judgment, which has now become final, vested the title to said bonds and notes in Mrs. Mary E. Reynolds, a daughter of the decedent. Under such circumstances, the Treasury Department may safely BONDS-Continued reissue said bonds and notes in the name of the said Mary E. Reynolds. 33:52 Duplicates in lieu of lost or stolen registered bonds.— Certain Liberty bonds were purchased by the First National Bank of Bagwell, Tex., from the registered owner thereof, who signed his name to the blank assignments on the back of said bonds but whose signature thereto was not attested in compliance with the regulations of the Treasury Department, and these bonds were thereafter lost by said bank. Under such circumstances, the Secretary of the Treasury is not authorized by sections 3704 and 3705 of the Revised Statutes to issue duplicates in lieu of said lost bonds. Registered Government bonds assigned in blank are in effect payable to bearer and lack the protection of registration, and when lost or stolen from the possession of their rightful owner, duplicates therefor may not be issued by the Secretary of the Treasury. 34:262 Under the circumstances herein stated, where a judgment was rendered in a justice court of Montana against the owner of certain registered Liberty bonds and the bonds were attached and purchased at execution sale, the service of process being by publication and the owner being described in the order of publication by the initials of his Christian name, the Treasury Department may transfer said bonds to the purchaser without assignment by the registree or his authorized agent. Upon the record here submitted, held, that the justice court had jurisdiction of the subject matter of the suit; that the attachment of the Liberty bonds in question, registered in the name of L. B. Mitchell and the service of process by publication gave the necessary jurisdiction to the court to render a judgment against the registered owner binding upon the property attached; that the judgment of the court and the proceedings had thereunder effectually transferred the interest of the registered owner to the purchaser at the execution sale, and that the judgment rendered in that case is final and conclusive. Opinion of March 1, 1921 (32 Op. 464), reconsidered. 34:199 Second Liberty Bond Act. Section 20 of the Second Liberty Bond Act of September 24, 1917 (40 Stat. 288), as amended by section 3 of the Public Debt Act of 1942, March 28, 1942 (56 Stat. 189), authorizes the Secretary of the Treasury to issue at a discount current interest-bearing obligations of the United States pursuant to sections 1, 5 and 18 of that act. The later authority provided by section 20 supersedes the more restricted authority conferred by sections 1, 5 and 18. 41:357 The Secretary of the Treasury has authority under the Second Liberty Bond Act of September 24, 1917 (40 Stat. |