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FEDERAL RESERVE BANK
OF N E W YORK
Fiscal Agent of the United States
f Circular No. 3 2 5 1 I
August 27, 1947 J

t

R E G U L A TIO N S G O V E R N IN G U NITED STATES SAYIN GS BONDS
First A m endm ent to Treasury Department Circular No. 530, Sixth Revision
To all Issuing A gents in the Second Federal Reserve District
Qualified fo r Sale o f United States Savings Bonds o f Series E :

E nclosed is a copy o f the F irst Amendment, dated July 25, 1947, to T reasury D epartm ent
Circular No. 530, Sixth Revision. The principal changes effected by the amendment are the
fo llo w in g :
Section 315.14. When a certified copy of a judgment or decree of court is submitted in support
of an application for payment or reissue pursuant to judicial proceedings, as provided in Section 315.13,
a certificate from the clerk of the court showing that such judgment or decree is in full force and effect
will be required henceforth only when the judgment or decree was rendered more than six months
prior to the presentation of the bond for payment or reissue.
Section 315.23. Subsection (&) has been reworded in order to clarify its provisions, but the
substance has not been changed. Subsection (d) has been added to the regulations to provide for
withdrawal of requests for redemption after receipt of the bonds by the Treasury Department or a
Federal Reserve Bank, but prior to the issuance of the check in payment thereof. Subject to the
limitations of this Subsection, a request for redemption of a Series G bond at current redemption
value made by the owner prior to his death may be withdrawn, and a request for payment at par
before maturity by reason of the owner’s death may be substituted.
Section 315.47. Two important modifications have been made in Subsection (a) in respect of
requests for payment or reissue of bonds registered in the names of deceased owners. Subparagraph
(2) of that subsection formerly required that proof of the authority of a deceased owner’s personal
representative, except in the case of a corporate representative, contain a statement that the appoint­
ment is in full force and that it be dated within six months of the date of presentation of the bond;
henceforth such proof need not contain such a statement, and need not be dated within six months
of the date of presentation of the bond, if the appointment of the personal representative is shown
to have been made within one year immediately prior to the presentation of the bond. Subparagraph
(4) of Subsection (a), which heretofore required that a request for reissue of a bond in the name of
a sole personal representative in his own right be supported by a specific order of court, has been
eliminated; such a representative may now apply for reissue to himself individually by executing a
request for such reissue and certifying that he is entitled to share in the estate to the extent specified.
Section 315.50. Subsection (a) has been amended to permit reissue in the name of a sole trustee
in his own right, without requiring a specific court order as heretofore.
The T reasu ry D epartm ent has requested that banks and trust com panies, and any other
institutions which m ay have occasion to submit requests fo r redem ption o f Series G bonds
at par b efore m aturity, give particular attention to the provision s o f Section 315.23 o f the
regulations, as amended, with respect to the redem ption o f Series G bonds at par before
m aturity. The T rea su ry has experienced m any instances in which Series G bonds have been
submitted fo r redem ption in such a manner and under such circum stances as to lead it to
believe that the bonds w ere tendered fo r redem ption at current redem ption value in the ordinary
course. It has subsequently developed in m any such cases that there had been a death which
w ould have perm itted paym ent at p a r before m aturity, and that paym ent at par was in fact
desired. The adjustm ents which the T reasu ry has been required to make in such instances
have been troublesom e and expensive. The T reasury requests, therefore, that in each instance
in which redem ption o f Series G bonds at par b efore m aturity is desired, specific notice be
given o f intent to redeem at par and m ention be made o f the death o f the person upon which
the notice to redeem at par b efore m aturity is based.
A d d ition al copies o f this circular and o f the enclosure w ill be furnished upon request.




A

llan

S pro tjl ,

President.

REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS

1947
First Amendment to
Department Circular No. 530,
Sixth Revision, dated
February 13, 1945

T reasury D ep a r tm e n t ,
O f f ic e

Fiscal Service
Bureau of the Public Debt

of t h e

Sec r e ta r y,

Washington, July 25,19U7.

To Owners o f United States Savings Bonds and Others Concerned:
Pursuant to Section 2 2 (a ) o f the Second Liberty Bond A ct as amended (55 Stat. 7, 31 U. S, C.
and Sup, 7 5 7 c), which authorizes the Secretary o f the Treasury to issue United States Savings Bonds
“ in such manner and subject to such terms and conditions . . . including any restrictions on their
transfer, as the Secretary o f the Treasury may from time to time prescribe,” Sections 315.14 o f Subpart D, 315.23 o f Subpart H, Subpart N, and Section 315.50 o f Subpart 0 o f Department Circular
No. 530, Sixth Revision, dated February 13, 1945 (31 C. F. R. 1945 Supp., 315), are hereby revised
to read as fo llo w s:
Sec. 315.14. Evidence necessary.— To establish the validity o f judicial proceedings there must
be submitted a certified copy o f a final judgment or decree o f court and of any necessary supplemen­
tary proceedings. I f the judgment or decree o f court was rendered more than six months prior to
presentation o f the bond there must also be submitted a certificate from the clerk Qf the court, under
the court’s seal and dated within six months o f the presentation o f the bond, showing that the judg­
ment or decree is in full force and effect. A trustee in bankruptcy should submit proof of his author­
ity in the form o f a certificate from the referee showing that he is the duly elected and qualified
trustee, together with a certificate from the clerk o f the United States District Court o f the particular
district, under seal, showing the incumbency o f the referee and authenticating his signature.
Sec. 315.23. Redemption before maturity.— Pursuant to its terms, a savings bond may not be
called fo r redemption by the Secretary o f the Treasury prior to maturity, but may be redeemed in
whole or in part at the option o f the owner, prior to maturity, under the terms and conditions set
forth in the offering circular o f each series and in accordance with the provisions o f these regulations
follow ing presentation and surrender as provided in this Subpart. *
(a ) Series A , B ,C , D and E.— A bond o f Series A, B, C, D or E will be redeemed in whole or in
part at any time after 60 days from the issue date without advance notice, at the appropriate redemp­
tion value as shown in the table printed on the bonds.
(b ) Series F and G.— A bond o f Series F or G will be redeemed in whole or in part, on or after
six months from the issue date, at the appropriate redemption value as shown in the table printed
on the bond, on one month’s notice in writing to the Treasury Department, Division o f Loans and
Currency, Merchandise Mart, Chicago 54, Illinois, or a Federal Reserve Bank. Such notice may
be given separately or by presenting and surrendering the bond with a duly executed request fo r
payment thereof. Payment will be made as o f the first day o f the first month following by at least
one full calendar month the date o f receipt o f notice. For example, if the notice is received on
June 1, payment will be made as o f July 1, but if notice is received between June 2 and July 1,
inclusive, payment will be made as o f August 1. If notice is given separately, the bond must be




presented and surrendered with a duly executed request fo r payment to the same agency to which
the notice is given not less than twenty days before the date on which payment is to be made. For
example, if the notice is received on June 15, the bond should be received not later than July 12.
(See Section 315.21 fo r provisions as to interest in case current income bonds are redeemed prior to
maturity.)
(c) Series G.— Redemption at par before maturity.— A bond o f Series G (but not o f Series F)
will be redeemed at par before maturity in whole or in part, in amounts corresponding with
authorized denominations, not less than six months from the issue date, (1) upon the death o f an
owner or coowner, if a natural person, or (2) upon the termination of a trust or other fiduciary
estate by reason o f the death o f any person, if held by the trustee or other fiduciary, except
that if the trust or fiduciary estate is terminated only in part, redemption at par will be made
to the extent o f not more than the pro rata portion o f the trust or fiduciary estate so terminated.
Redemption will be made only following actual receipt o f written notice o f intention to redeem
at par. Such notice must be given in time to be received in the ordinary course o f mail by the
Treasury Department, Division o f Loans and Currency, Merchandise Mart, Chicago 54, Illinois, or
a Federal Reserve Bank within six months after the date o f death o f the owner or coowner or person
whose death results in the termination o f the trust or other fiduciary estate, unless the period within
which notice must be received is extended in accordance with the provisions o f this subsection.
P roof o f the date o f death must be furnished and the bond must be surrendered to the same agency
to which notice o f intention to redeem at par is given, but they need not accompany such notice.
Ordinarily, payment will be made as o f the first day o f the first month following by at least one full
calendar month the date o f receipt o f notice, but payment may be postponed, upon request o f the
person presenting the bond, to the second interest payment date following the date o f death, except
as follow s: if the period within which notice must be received is extended beyond such interest
payment date, in accordance with the provisions o f this subsection, and notice received thereafter is
accepted, payment may, upon request, be postponed to the next interest payment date follow ing the
date o f receipt o f notice. The period within which notice must be received may be extended in any
particular case upon presentation o f satisfactory p roof that notice could not seasonably be given by
reason o f litigation or delay in the appointment o f a legal representative o f the estate or in the
receipt o f notice o f death.
(d ) Withdrawal o f request fo r redemption.— An owner who has presented and surrendered a
savings bond to the Treasury Department or a Federal Reserve Bank for payment with an appropri­
ate request fo r payment may withdraw such request if notice o f intent to withdraw is given to and
received by the same agency to which the bond was presented, prior to the issuance o f the check in
payment. Under these same conditions an executor or administrator may withdraw a request for
redemption executed by the owner and presented and surrendered to the Treasury Department or a
Federal Reserve Bank prior to the owner’s death, except where the presentation and surrender o f
the bond has cut off the rights o f survivorship under the provisions o f Subpart L or Subpart M.
The terms “ presented and surrendered” as used in this subsection mean the actual receipt o f the
bond by the Treasury Department or a Federal Reserve Bank during the lifetime o f the owner.
Subpart N— DECEASED OW NERS
Sec. 315.47. Paym ent or reissue on death of owner.— Upon the death o f the owner o f a savings
bond who was not survived by a coowner or designated beneficiary and who had not during his
lifetim e presented and surrendered the bond to a Federal Reserve Bank or the Treasury Depart­
ment fo r an authorized reissue, the bond will be considered as belonging to his estate and will be
paid or reissued accordingly, as hereinafter provided, except that reissue under the provisions o f
this Subpart will not be made to a creditor. In any case, reissue will be restricted to a form o f
registration permitted by the regulations in effect on the date o f original issue o f the bond, but the
person entitled to the bond may hold it without change o f registration and will have the right to
payment before or at maturity. The provisions o f this section shall also apply to savings bonds




registered in the names o f executors or administrators, except that proof o f their appointment and
qualification may not be required. Established forms for use in such cases and for requests for
payment or reissue may be obtained from any Federal Reserve Bank or from the Treasury Depart­
ment, Division o f Loans and Currency, Merchandise Mart, Chicago 54, Illinois, and should be used in
every instance.
(a) In course o f administration.— If the estate o f the decedent is being administered in a court
o f competent jurisdiction, the bond will be paid to the duly qualified representative o f the estate or
will be reissued in the names o f the persons entitled to share in the estate, upon request o f the duly
appointed and qualified representative o f the estate and compliance with the following conditions:
(1) Where there are two or more legal representatives, all must unite in the request for
payment or reissue, unless by express statute or decree o f court, or by testamentary provision, some
one or more o f them may properly execute the request.
(2) The request fo r payment or reissue should be signed in the form, for example: “ John A.
Jones, administrator o f the estate (or executor o f the will) o f Henry W. Jones, deceased,” and must
be supported by proof o f the representative’s authority in the form o f a court certificate or a
certified copy o f the representative’s letters o f appointment issued by the court having jurisdiction.
The certificate, or the certification to the letters, must be under seal o f the court, and, except in the
case o f a corporate representative, must contain a statement that the appointment is in full force
and should be dated within six months o f the date o f presentation o f the bond, unless the certificate
or letters show that the appointment was made within one year immediately prior to such
presentation.
(3) In case o f reissue the personal representative should certify that the persons named are
entitled to share in the estate to the extent specified for each and have consented to such reissue. A
request for reissue by an individual legal representative should be made on Form PD 1455 and a
request by a corporate representative should be made on Form PD 1498. If a person in whose name
reissue is requested desires to name a coowner or beneficiary, such person should execute an addi­
tional request fo r that purpose, using Form PD 1787.
(b ) A fte r settlem ent through court proceedings.— If the estate o f the decedent has been settled
in a court o f competent jurisdiction, the bond will be paid to or reissued in the name o f the person
entitled thereto as determined by the court. The request for payment or reissue should be made
by the person shown to be entitled and supported by duly certified copies o f the representative’s
final account and the decree o f distribution or other pertinent court records, supplemented, if there
are two or more persons having an apparent interest in the bonds, by an agreement executed by them.
(c ) W ithout administration.— I f no legal representative o f the decedent’s estate has been or is
to be appointed and the amount o f savings bonds belonging to the estate does not exceed $250
(m aturity value), or if it is established to the satisfaction o f the Secretary o f the Treasury that
the gross value o f the personal estate o f the decedent does not exceed $500 or that administration
o f the estate is not required in the State o f the decedent’s last domicile, the bond will be paid to or
reissued in the names o f the persons entitled, pursuant to an agreement and request by all persons
entitled to share in the estate, executed on the form prescribed by the Treasury Department and
supported by the evidence called for by such form . Application for the appropriate form to be used
hereunder may be made to any Federal Reserve Bank or to the Treasury Department, Division o f
Loans and Currency, Merchandise Mart, Chicago 54, Illinois. The applicant should state whether
or not the amount o f bonds belonging to the decedent’s estate is in excess o f $250 (maturity v a lu e).
I f any o f the persons entitled are minors or incompetents payment or reissue o f a bond will not be
permitted without administration, except to them or in their names unless their interests are
otherwise protected to the satisfaction o f the Secretary o f the Treasury.
Sec. 315.50.

Reissue or paym ent to person entitled.—

(a ) Distribution o f trust estate in kind.— A savings bond to which a beneficiary o f a trust estate




has become lawfully entitled in his own right or in a fiduciary capacity, in whole or in part, under
the terms o f the trust instrument, will be reissued in his name to the extent o f his interest as a dis­
tribution in kind upon the request o f the trustee o r trustees and their certification that such person
is entitled and has agreed to reissue in his name. I f the form in which the bond is registered does
not show that it belongs to a trust estate, the request fo r reissue must be supported by satisfactory
proof o f ownership.
(b ) A fte r termination o f trust estate.— I f the person who would be lawfully entitled to a
savings bond upon the termination o f a trust does not desire to have such distribution to him in
kind, as provided in the next preceding subsection, the trustee or trustees should redeem the bond in
accordance with the provisions o f Section 315.48 before the estate is terminated. If, however, the
estate is terminated without such payment or reissue having been made, the bond will thereafter be
paid to or reissued in the name o f the person lawfully entitled upon his request and satisfactory
proof o f ownership, supplemented, if there are tw o or more persons having any apparent interest in
the bond, by an agreement executed by all such persons.
(c ) Upon termination o f guardianship estate.— A savings bond registered in the name o f a
guardian or similar legal representative o f the estate o f a minor or incompetent, if the estate is
terminated during the ward’s lifetime, will be reissued in the name o f the form er ward upon the
representative’s request and certification that th e form er ward is entitled and has agreed to reissue
in his name, or will be paid to or reissued in the n ame o f the form er ward upon his own request,
supported in either case by satisfactory proof that his disability has been removed. Certification by
the representative that a form er minor has attained his m ajority, or that the legal disability o f a
female ward has been removed by marriage, if the State law so provides, will ordinarily be accepted
as sufficient, but if the disability is removed by c ourt order a duly certified copy o f the order will be
necessary. Upon the death o f the ward a bond registered in the name o f his guardian or similar
representative will be reissued in accordance with the provisions o f Subpart N as though it were
registered in the name o f the ward alone.




A . L. M. WIGGINS,

A cting Secretary of the Treasui'y.

U. S. GOVERNMENT PR IN TIN G O FFIC E

757817 °


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102