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200 BOARD OF GOVERNORS OF" THE FEDERAL RESERVE SYSTEM S-470 WASHINGTON ADDRESS DF'F'ICIAL CORRESPONDENCE TO THE BOARD May 6, 1942 Dear Sir: In connection with the exeeution of guarantees under Regulation V, the question has arisen whether final consurrunation of a loan which is to be guaranteed and which is to be secured by assignments of contracts should be deferred until receipt by the assignee of accepted notices of assignment or until notices of such assignment have been delivered to the proper officers in accordance with Treasury Department Procurement Division Circular No. h47, of December 3, 1940. For your information, there is quoted below an excerpt from a memorandum regarding this question which has been received by the Board of Governors from the War Department: "Please be advised that where loans guaranteed under Regulation V are to be secured by assignment of contracts the funds may be released in so far as the Vlar Department is concerned immediately upon execution of the assignment-by the contractor even though that assignment is not perfected by proper filing until later. 11 L. P. Bethea., Assistant Sc;;cretary. LETTER TO THE PRESIDENTS OF ALL FEDEAAL RESERVE BAN.t\S
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