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FEDERAL. RESERVE BANK OF DALLAS
F IS C A L . A G E N T O F T H E U N IT E D S T A T E S

Dallas, Texas, May 2, 1941

To All Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve District:
Supplementing our letter of April 15, we are pleased to enclose a copy
of Treasury Department Circular No. 530, Fourth Revision.
The regulations furnish complete information governing the issuance
and redemption of United States Savings Bonds, and should prove helpful
to qualified issuing agents and others who are interested in them.
Additional copies will be furnished on request.

Yours very truly,
R. R. GILBERT
President

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

REGULATIONS GOVERNING UNITED STATES SAVING BONDS
irtment Circular N o. 530
Fourth Revision

TREASURY DEPARTM ENT,
O f f ic e

Fiscal Service
Pureau o f the Public Debt

To

Ow

ners

of

U n it e d

of

th e

Se c r e ta r y ,

W a sh in g to n , A p r il 1 5 ,

States

S a v in g s B

onds,

and

O thers

C

1941.

oncerned:

Departm ent Circular No. 530, Third Revision, dated M arch 27, 1940 (Part 315 of Sub-title B of Title 31, Code of Federal Regu­
lations, Supp. I l l ) , as amended, is hereby further amended and issued as a Fourth Revision, effective M ay 1, 1941, to read as follows:
The following regulations governing United States Savings Bonds are published for the inform ation and guidance of all concerned:*
Sec. 315.1 APPLICABILITY
(a)
A p p l i c a b i l i t y o f th e s e r e g u l a t io n s .-— These regulations apply generally to all United States Savings Bonds of all series whatever
and bearing any issue dates whatever except as otherwise specifically provided herein. Defense Savings Bonds of Series E, Savings
Bonds of Defense Series F and Savings Bonds of Defense Series G may hereinafter be referred to as savings bonds, or bonds of Series E,
F, and G respectively.
Sec. 315.2 REGISTRATION
(а) G e n e r a l . — United States Savings Bonds will be issued only in registered form. The name and complete post office address
of the owner and that of the coowner or designated beneficiary, if any, and the date as of which the bond is issued will be inscribed
thereon at the time of issue by an authorized issuing agent.1 The form of registration used must express the actual ownership of and
interest in the bond and, except as otherwise specifically provided in these regulations, the Treasury Departm ent will treat as con­
clusive the ownership of and interest in the bond so expressed. N o designation of an attorney, agent or other representative to request
ar receive paym ent on behalf of the owner, nor any restriction on the right of such owner to receive paym ent of the bond, other than
as provided in these regulations, may be made in the registration or otherwise.
(б) R e s t r i c t i o n s o n re g istra tio n .- —-The following restrictions on the registration of savings bonds shall apply whether on original
issue or on authorized reissue: (1) Registration of savings bonds sold on and after April 1, 1940, shall be restricted to residents (whether
individuals or others) of the Continental United States, the Territories and Insular Possessions of the United States, the Canal Zone
and the Philippine Islands, or to American citizens temporarily residing abroad, and this restriction applies to owners, coowners and
designated beneficiaries; (2) registration of Savings Bonds of Series D sold on and after April 1, 1940, and of Savings Bonds of Series E
sold on and after M ay 1, 1941, shall be restricted to natural persons (that is, individuals), whether adults or minors, in their own right;
and (3) savings bonds sold on and after M ay 1, 1941, may not be registered in the names of commercial banks which, for this purpose,
defined as banks that accept demand deposits.
(c) F o r m s o f r e g i s t r a t i o n .— Subject to the restrictions and exceptions set forth in the next preceding paragraph the follow ing form s
registration are authorized:
(1) In the names of natural persons (that is, individuals), whether adults or minors, in their own right as follow s:
( t)
In the name of one person, for example, “ John A. Jones” .
(it)
In the names of tw o (but not more than two) persons in the alternative as coowners, for example, “ John A. Jones OR
Mrs. Ella S. Jones” . No other form of registration establishing coownership is authorized.
( i n ) In the name of one (but not more than one) person, payable on death to one (but not more than one) other person, for
example, “ John A. Jones, payable on death to Miss M ary E. Jones” ; the first person named is hereinafter referred
to as the owner or registered owner and the second named as the beneficiary or designated beneficiary.
The full name of the owner and that of the coowner or beneficiary, if any, should be used, except that if there are tw o given names,
the initial of one may be used. The name m ay be preceded by any applicable title such as “ D r.” , “ R ev .” , etc., and in the case of women
must be preceded by “ M rs.” , “ M iss” , or other appropriate title. A married w om an’ s own given name should be used, not that of her
husband, for example, “ Mrs. M ary A. Jones” , not “ Mrs. Frank B. Jones” . A minor, whether or not under legal guardianship, m ay be
named as sole owner, coowner, or beneficiary, except that if the funds used for the purchase of the bonds already belong to the minor he
^nay be named only as owner, without coowner or beneficiary. If a person named in the registration of a bond is under legal disability
and a guardian or similar legal representative of his estate has been appointed, or is otherwise legally qualified, the registration should
mdicate such facts by the addition of appropriate words, for example, “ Frank Jones, a minor under legal guardianship” , or “ H enry
J°nes, an incom petent under legal guardianship” . Bonds should not be registered in the name of a person under disability for reasons
°ther than m inority, unless a legal representative of his estate has been appointed.
IMPORTANT.— The above forms of registration are the only ones authorized for bonds of Series E ; for Series F and G

the above forms are authorized, and in addition the forms set forth in the following subparagraphs.
(2) In the names of fiduciaries of a single duly constituted and wholly independent trust estate, considered as an entity, in the
forms set forth in the following subparagraphs: P r o v i d e d , h o w e v e r , That if tw o or more trusts (other than trusts under wills)
have been, or are, established by the same grantor substantially similar in terms and for the benefit o f the same person,
such trusts will be considered together as an entity, and not as distinct and independent trusts: P r o v i d e d , f u r t h e r , T hat
bonds will not be registered in the name of a trustee of a trust established for the benefit of the grantor and revocable by him(i)
E x e c u t o r s , a d m i n i s t r a t o r s , etc. — In the names of executors, administrators, or other similar legal representatives o f the
estate o f a single decedent appointed by a court of com petent jurisdiction or otherwise legally qualified, follow ed by
adequate identifying reference to the estate, for example, “ John A. Smith, administrator of the estate of Henry J.
Smith, deceased” , or “ First National Bank and Mrs. M ary C. Jones, executors of the will of Alfred Jones, deceased” .
Sections 315.1 to 315.20, inclusive, are prescribed under the authority of R . S. 161 (5 U. S. C. 22), the Second Liberty Bond A ct, as amended, and the Public D ebt A ct of
■Section 3.
The date of maturity is also inscribed on Savings Bonds of Series A , Series B and Series D .

(1)

16— 20911

2
(ii)

(in )

G u a r d i a n s , c o n s e r v a to r s , c u r a to r s , e tc . —

In the names of guardians or similar legal representatives appointed by a co u rt o
:
com petent jurisdiction or otherwise legally qualified, of the estate of any one minor or incompetent, for exam.
“ William C. Jones, guardian of the estate of James B. Brown, a m inor” , or “ Alfred Smith, committee of the estate*.
John Smith, an incom petent” . If a guardian or other legal representative holds a com m on fund for the account oi
tw o or more estates, bonds should be registered in the name of the representative separately for the estate of each ward
even though the representative was appointed in a single proceeding. Registration in the names of natural or volun­
tary guardians is not authorized.

T r u s t e e s , b y n a m e .—

Subject to the limitations of subparagraph ( v i ) , in the names of trustees under wills, agreements, or
similar written instruments, follow ed by adequate identifying reference to the instrument establishing the trust, for
example, “ John C. Brown and the First National Bank of Boston, trustees under paragraph 3 of the will of Henry C.
Brown, deceased” , or “ The Second National Bank of Salem, trustee under agreement v ith George E. White, dated
February 1, 1935” . The names of beneficiaries need not be given unless necessary to an adequate description of the
trust.

The names of all executors, administrators, guardians, trustees, etc., must be included in the registration.
(iv) T r u s t e e s , b y title a l o n e . — Subject to the limitations of subparagraph ( v i ) :
(a a )

(bb)

( v)

(vi)

In the titles of public officers, public corporations or similar public bodies expressly authorized to act as trustees under
a constitutional provision, statute, city ordinance or similar enactment by a legislative body, followed by a refer­
ence to the proper provision of law and, if necessary, adequate identification of the trust involved, for example.,
“ Treasurer of the State of Wisconsin, trustee under Section 223.02 Wise. Stats., for holders of X Title Company
securities” , or “ City of Miami, trustee under ordinance passed -----------------------------------------------------------------, of
sinking fund for holders of General Im provem ent Bonds o f _______ ______ ____________________________ ” .
In the titles of trustees of unincorporated lodges, churches, societies, or similar unincorporated associations, title to
whose property is duly held by trustees in accordance with the constitution or bylaws ..of the organization; the
titles of such trustees should be followed by the name of the organization, the words “ an unincorporated associ­
ation” , and a reference to the appropriate authorizing provision, for example, “ Trustees of the Soroptimist Society
an unincorporated association, under Section X of the bylaws” .

B o a r d s o f t r u s te e s . —

In the names o f boards of trustees, duly authorized to act as a board rather than as individual trustees,
follow ed by appropriate reference to the trust instrument or similar authority (agreement, statute, etc.) under which
they are acting and, if necessary, adequate identification of the trust, for example, “ Board of Trustees of the Police
Pension Fund of the C ity of Burlington, Iowa, under Sections 6310-11 Iow a C ode” .
P e n s i o n o r r e tir e m e n t f u n d s , etc . — Registration may be made in the names and title or titles alone, of trustees of a pension
or retirement fund or of an investment, savings, insurance, annuity, or similar fund or trust, but in all such cases th’
fund will be regarded as an entity regardless of the number of beneficiaries or the manner in which their respectiy
interests are established or determined. Segregation of individual shares as a matter of bookkeeping or as a result c
individual agreements with beneficiaries will not operate to constitute separate trusts under these regulations.

In any case the Treasury Departm ent m ay require a copy of the instrument establishing and governing a trust. R egistra+ l^
m ay not be made in the names of trustees under an agreement or other governing authority which purports to create a trust, whence
funds used represent merely security for the proper performance of an obligation, except under a statute the terms of which expressry
create an actual trust.
(3) P r i v a t e c o r p o r a ti o n s a n d a s s o c i a t i o n s .• In the names of any private organizations whether incorporated or unincorporated,
—
as follows:
(i)
A private corporation, follow ed b y the words “ a corporation” , for example, “ Smith M anufacturing Com pany, a corpora­
tion” .
(ii)
An unincorporated association, such as a lodge, church, society, or similar body, followed by the words “ an unincorporated
association” , for example, “ The Lotus Club, an unincorporated association” . The term “ an unincorporated associa­
tion” should not be used to describe a trust fund, a partnership, or a trade name.
(H i) A partnership, considered as an entity, followed by the words “ a partnership” , for example, “ Smith and Brown, a partner­
ship” .
The full legal name of the corporation, unincorporated association, or partnership, as the case may be, should be given in the
registration. No officer or member of the organization may be named in the registration. Reference may be made, if desired, to a
particular bookkeeping fund or account (not a trust), for example, “ Lafayette Post No. 1, The American Legion, an unincorporated
association (Building Fu nd)” .
(4)

S t a t e s a n d p u b l i c c o r p o r a ti o n . — In

the name of the owner or custodian of public funds, other than trust funds, as follows:
Any sovereignty, as a State, or any public corporation, as a county, city, town, village, or school district, for example
“ County of Middlesex, Massachusetts” , or “ Tow n of Takom a Park, M aryland” .
(ii) Any duly constituted public body, as a board or commission, for example, “ M aryland State Highway Com mission” .
(Hi) Any public officer, designated by title only, for example, “ Treasurer, City of B oston” .
(i)

The registration should include the full name of the sovereignty or public corporation owning the bonds and may include reference
to a particular account, if desired, for example, “ Treasurer, School District No. 2 of Morris County, Kansas, a Public Corporation
(Cafeteria Fund)” . A savings bond registered in either of the forms authorized in (ii) or (Hi) above will be considered as owned by the
sovereignty or public corporation concerned for the purpose of applying the limitations set forth in Section 315.4 hereof.
(5)

U n a u t h o r iz e d r e g i s t r a t i o n . —

A savings bond inscribed in a form substantially different from those authorized in this section
for bonds of that particular class will not be considered as validly issued and will be accepted only for a refund of the pur­
chase price, unless reissue can be made under the provisions of these regulations.
Sec. 315.3 LIMITATION ON TRANSFER

(a)
N o t t r a n s fe r a b le . — United States Savings Bonds are not transferable and are payable only to the owners named thereon ex
in the case of the disability or death of the owner or as otherwise specifically provided herein, but in any event only in accord.?
with the provisions hereof. Accordingly, savings bonds may not be sold and m ay not be hypothecated as collateral for a loan and rift*,
not be used to secure the performance of an obligation except as expressly provided by Section 315.18 hereof.
16— 20911

3
Sec. 315.4 LIMITATION ON HOLDINGS
(а)

A m o u n t w h ic h m a y be h eld .—

(1)

S a v i n g s b o n d s i s s u e d b e fo r e M a r c h 1 , 1 9 4 1 .—

Section 22 of the Second Liberty Bond Act, as added February 4, 1935, provided
that it should not be lawful for any one person at any one time to hold savings bonds issued during any one calendar year in
an aggregate am ount exceeding $10,000 (m aturity value). This limitation applies to all savings bonds issued before March
1, 1941.
(2) S a v i n g s B o n d s o f S e r i e s D i s s u e d o n o r a fter M d r c h 1 , 1 9 4 1 .— The Public D ebt A ct of 1941, effective M arch 1, 1941, am ended
Section 22 of the Second Liberty Bond Act, as amended, to authorize the Secretary o f the Treasury by regulation to fix
the amount of savings bonds issued in any one year that may be held by ony one person at any one time. B y virtue o f such
authority, the Secretary of the Treasury has provided by regulation effective March 1, 1941, that the am ount of savings
bonds of Series D originally issued to any one person during any one calendar year (including those issued between January
1, 1941, and February 28, 1941, inclusive) that may be held by that person at any one time shall not exceed $10,000 (maturity
value). This paragraph, together with the one next preceding, establishes a limitation of $10,000 (m aturity value) upon
savings bonds of Series D originally issued to any one person between January 1, 1941, and April 30, 1941 (inclusive) that
may be held by that person at any one time.
(3) D e f e n s e S a v i n g s B o n d s o f S e r i e s E . — Pursuant to the authority of the Second Liberty Bond Act, as amended, it is hereby
provided that the am ount of Defense Savings Bonds of Series E originally issued to any one person during any one calendar
year that may be held by that person at any one time shall n ot exceed $5,000 (m aturity value).
(4) S a v i n g s B o n d s o f D e f e n s e S e r i e s F a n d D e f e n s e S e r i e s G . — Pursuant to the authority of the Second Liberty Bond Act, as amended,
it is hereby provided that the amount o f savings bonds of Defense Series F or of Defense Series G, or of the com bined aggre­
gate am ount of both series, originally issued to any one person during any one calendar year that may be held by that
person at any one time shall not exceed $50,000 (issue price).
(б) C a lc u la tio n o f a m o u n t.- —In determining whether the prescribed limit with respect to savings bonds o f any one series issued
during any one calendar year is exceeded b y any one person at any one time, there must be taken into account the aggregate m aturity
value (or, in the case of Series F and G, the aggregate issue price) of all savings bonds of that series issued during that calendar year
as shown b y the issue dates thereon, including (1) bonds originally issued to and registered in the name of that person alone, (2) those
originally issued to and registered in the name o f that person with another as coowner, and (3) in the case o f bonds of Series A, B, C,
or D, those acquired before M arch 1, 1941, on the death of another or the happening of any other event. Bonds o f which such person is
merely the designated beneficiary, in case o f the death of the owner, those acquired on or after M arch 1, 1941, on the death of another
or the happening of any other event, those held by him in a fiduciary capacity only, and those in which his interest is only that of a
beneficiary of a trust need not be included. N othing herein contained shall be construed to validate any holdings theretofore acquired
in excess o f the authorized lim it as com puted under the regulations in force at the time of such acquisition, which must be surrendered
for redemption in accordance with such regulations.
(c) M e a n i n g o f t e r m s . — For the purpose o f applying the limitation on holdings, the term “ person” shall include, but not be limited
an individual, a partnership, a corporation, an unincorporated association, a trust estate, or any other legal entity.
(d) D i s p o s i t i o n o f e x c e s s . — If any person at any time acquires savings bonds issued during any one calendar year in excess of the
prescribed am ount the bonds so acquired must be im mediately surrendered for refund of the issue price.
Sec. 315.5 LOST, STOLEN, MUTILATED, DEFACED, OR DESTROYED BONDS
A substitute m ay be issued for, or paym ent made of, an unmatured savings bond, and paym ent made o f a matured
savings bond, upon proof of the loss, theft, mutiliation, defacement, or destruction of the bond. Relief will be granted in such cases
only in accordance with the provisions of applicable statutes and will be governed in general b y the regulations contained in D epart­
ment Circular N o. 300, as amended. Application for relief on account of loss, theft, mutiliation, defacement or destruction should be
made only on a form which m ay be obtained from the Treasury Departm ent, Division of Loans and Currency, Washington, D. C.,
or from any Federal Reserve Bank. In cases of mutilation, defacement, or partial destruction the bond or so much thereof as remains
should be carefully packed and forwarded to the Treasury Department, Division o f Loans and Currency.
(b) N o t i c e o f l o s s , etc . — The Treasury Department, Division of Loans and Currency, should be immediately notified of the loss,
theft, or destruction of any savings bond, reference being made to the series, year of issue, date and serial number of the bond, and the
name and address of the registered owner. If such bond is subsequently recovered, immediate notice of recovery should be given to
the D epartm ent in order that delay may be avoided should the recovered bond be presented for payment, and if a substitute bond has
been issued in lieu thereof, the recovered bond should be surrendered immediately to the Department.
(a)

R e l i e f .—

Sec. 315.6 SAFEKEEPING FACILITIES
(a) S a f e k e e p i n g o f b o n d s . — A savings bond will be held in safekeeping without charge b y the Secretary of the Treasury if the holder
so desires, and in such connection the facilities of the Federal Reserve Banks as fiscal agents of the United States will be utilized. Post­
masters will not act as safekeeping agents. Arrangements for safekeeping m ay be made at the time o f purchase or subsequently, and
postmasters, upon request, will furnish appropriate application blanks and envelopes to be used in-forwarding bonds for safekeeping.
The forwarding will be at the risk of the owner and the use o f registered mail is recommended (postage and registration fee to be paid
by the sender). A savings bond purchased by mail upon application to the Treasurer of the United States or to any Federal Reserve
Bank m ay be placed in safekeeping when issued. All safekeeping transactions are subject to the provisions of the next succeeding
paragraph.
( b) R e c e i p t a n d r e d e l iv e r y . — Upon receipt of the savings bond the Federal Reserve Bank will place it in safekeeping and issue a
receipt, whicn, unless delivered in person, will be mailed to the depositor at the address given in the application. The Federal Reserve
Bank will at any time deliver the bond to the owner or person entitled to possession thereof at his risk and expense upon his application
and upon such identification through the return of the safekeeping receipt or otherwise, as m ay be required.
Sec. 315.7 INTEREST
(a) G e n e r a l . — United States Savings Bonds are issued in two forms: (1) appreciation bonds, issued on a discount basis and re­
deemable before maturity at increasing fixed redemption values; and (2) current income bonds, bearing interest payable semiannually
10 — 20911

4
and redeemable before maturity at fixed redemption values less than the face am ount of the bond.
A t present Series G constitutes tV
only issue of current income savings bonds.
(b) A p p r e c i a t i o n b o n d s . — N o interest as such is paid on savings bonds issued on a discount basis.
Such bonds increase in redemp­
tion value at the end of the first year from issue date and at the end of each successive half-year period thereafter until their maturity,
when the full amount becomes payable. The increment in value represents interest and is payable only on redemption of the bonds
whether at or before maturity.
(c) C u r r e n t i n c o m e b o n d s . — Each such bond bears interest at a specified rate com puted on the face amount thereof and payable
semiannually.
(1)

(2)

(3)

(4)

(5)

T i m e a n d m e th o d o f in t e r e s t p a y m e n t s . —

Interest at the rate specified in Savings Bonds of Series G will be paid semiannually by
check drawn as the bonds are inscribed (except in case of bonds in the form “ A, payable on death to B ” ), and mailed to the
address of the owner or, in case of coowners, unless otherwise specifically directed, to the owner first named on the face of
the bonds. Checks for interest on bonds inscribed in the form “ A, payable on death to B ” will be drawn payable to A.
The first check will be issued six months from the issue date appearing on the bonds and subsequent checks each six months
thereafter. Full advantage of interest at the rate specified may be secured only if the bonds are held to m aturity; if Savings
Bonds of Series G are redeemed before maturity in accordance with the provisions of Section 315.S (b) (2) hereof, the differ­
ence between the face or full maturity value and the redemption value then payable as shown in the table of redemption
values on the face of each bond will represent an adjustm ent of the interest to the rate appropriate for the shorter term, as
set forth in the tables attached to the circular of issue.
(i) R e i s s u e d u r in g in t e r e s t p e r i o d . — If a Savings Bond o f Series G is reissued for any reason between interest payment
dates, interest for the entire period will be paid, on the next interest payment date, by check drawn to the order of the
person in whose name the bond is reissued.
C h a n g e o f a d d r e s s . — In case the owner of savings bonds of Series G changes his address, a notice of the change should im me­
diately be forwarded to the Treasury Department, Division of Loans and Currency, Washington, D . C. Such notice
should refer to all bonds for which it is desired that the address for delivery of interest checks be changed and should
describe each bond by denomination, serial number, series designation (including year of issue), and inscription appearing
on the face of the bond.
T e r m i n a t i o n o f i n t e r e s t . — In case of redemption prior to m aturity of savings bonds of Series G in accordance with the pro­
visions of Section 315.8 (b) hereof, interest will cease on the last day of the interest period next preceding the date of re­
dem ption. In case of partial redemption, interest on the amount redeemed will cease on the last day o f the interest period next
preceding the date of partial redemption, and thereafter will be paid only on the lower amount remaining after partial
redemption.
C o n s o l i d a t i o n o f c h e c k s . — Whenever possible a single check will be issued on each interest paym ent date for interest on all
savings bonds of Defense Series G due to any owner on that date.
E n d o r s e m e n t o f c h e c k s . — Checks for interest must be endorsed in accordance with the requirements of the Treasurer o f the
United States, by the payees, either personally or by an attorney-in-fact. Forms for the appointment o f such attorney
m ay be obtained from the Treasurer of the United States, Washington, D. C., or from any Federal Reserve Bank.
Sec. 315.8 GENERAL PAYMENT AND REDEMPTION PROVISIONS

(a)
P a y m e n t a t m a t u r i t y . — A savings bond of any series will be paid at or after m aturity at its full face or maturity value,
only following presentation and surrender of the bond for that purpose with a request for paym ent properly signed and certified as
provided herein.
(Jo) R e d e m p t i o n b e fo r e m a t u r i t y . — A savings bon d 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 option of the owner, prior to maturity under the terms and conditions set
forth in the offering circular of each series and in accordance with the provisions of these regulations, but only following presentation
and surrender for that purpose with a request for payment duly signed and certified as provided herein.
(1) S e r i e s A , B , C , D a n d E . — A savings bon d of 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, at the appropriate redemption value as shown on the face of the bond.
(2) S e r i e s F a n d S e r i e s G . — A savings bond o f Series F or G will be redeemed, in whole or in part, at the option of the owner, on
one m onth’s notice in writing, on the first day of any m onth after six months from the issue date, at the appropriate redemp­
tion value as shown on the face of the bond. The notice o f the owner’s intention to redeem must be received by a Federal
Reserve Bank or the Treasury Departm ent not less than one calendar m onth in advance of the day paym ent is desired, and
may be in the form of a duly executed request for payment. The bond, with the request for paym ent duly signed and certi­
fied as hereinafter provided, should be surrendered with the notice, if separate notice is given, and to the same agency to
which the notice is given. (See Section 315.7 (c) (1) for provisions as to interest in the case of bonds of Series G redeemed
prior to maturity.)
(3) D e f e n s e S e r i e s G — r e d e e m a b le b e fo r e m a t u r i t y at p a r o n d e a th . — A savings bond of Series G will be redeemed at par before ma­
turity, in whole or in part, but only after six months from the issue date, (1) upon the death of the owner, or a coowner,
if a natural person, or (2) as to bonds held by a trustee or other fiduciary,, upon the death of any person which results in
the termination of the trust, in whole or in part. If the trust is terminated only in part, redemption at par will be made
only to the extent of the pro rata portion of the trust so terminated, to the next lower multiple of $100. In any case notice
of desire to redeem at par before maturity must be given in accordance with the provisions of the next preceding subparagraph
and must be received by the Treasury Departm ent or a Federal Reserve Bank within four months after the date of death(c) F o r m a n d d a te c f r e q u e s t s . — Requests for payment must be executed within six months of the date of receipt of a bon d by a
Federal Reserve Bank or the Treasury Department, and unless otherwise authorized in a particular case the form of request appearing
on the back o f the bond must be used. Payment of a savings bond pursuant to a duly executed request will be made on the earliest
day consistent with these regulations unless otherwise specifically requested.
(d) E x e c u t i o n o f re q u e st f o r p a y m e n t .—
(1) I d e n t i f i c a t i o n o f o w n e r : s ig n a t u r e . — The registered owner in whose name the bond is inscribed, or such other person as may
be entitled to paym ent under the provisions of these regulations, must appear before one of the officers authorized b y the
Secretary of the Treasury to certify requests for paym ent (See paragraph (e) of this section), establish his identity, and
the presence of such officer sign the request for payment in ink, adding, in the space provided, the address to which the cher
issued in payment, is to be mailed. A signature to a request for payment made by mark (X ) must be witnessed by at leasl
one person in addition to the certifying officer and must be attested by an endorsement on the blank line, substantiallv as
10— 20911

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follows: “ Witness to the above signature by m ark” followed by the signature and address of the witness. If the name of
the registered owner or other person entitled to paym ent, as it appears in the registration or in evidence on file in the Treasury
Department, Division of Loans and Currency, has been changed b y marriage or in any other legal manner, the signature
to the request for payment should show both names and the manner in which the change was made, for example, “ Miss
M ary T. Jones, now b y marriage Mrs. M ary T. Smith” , or “ Jung Smelt, now by court order John Smith” . In the case of
a change of name other than by marriage, the request must be supported b y satisfactory proof of such change, unless already
on file. N o request signed in behalf of the owner by an agent or a person acting under a power of attorney will be recognized
by()the Treasury Departm ent except as specifically provided in Section 315.18 hereof.
(2) C e r tific a t io n o f r e q u e s t . — After the request for paym ent has been signed b y the owner, the certifying officer should complete
and sign the certificate provided (See paragraph (/) of this section), and the bond should then be presented and surrendered
as provided in paragraph (h ) of this section.

(e)
C e r t i f y i n g o ffice rs. — The request for paym ent must be signed in the presence of, and be certified by, one o f the follow ing officers
who are hereby authorized to certify requests for paym ent:
(1) A t U n i t e d S t a t e s p o s t o ffic e s .—
(i) A t a n y p o s t office o f a n y c l a s s : The postmaster, acting postmaster, or inspector in charge; and in addition
( i i ) A t a n y p o s t office o f the f ir s t c la s s ( m a i n o f fi c e ) : The assistant postmaster, superintendent of mails, the postal cashier,
superintendent of m onev orders, m oney-order cashier, assistant cashier, bookkeeper, or foreman, or clerk temporarily
in charge of the post office; and
( i i i ) A t a n y p o s t office o f th e s e c o n d o r th ir d c l a s s : The assistant postmaster or, if there is none, the clerk temporarily in charge
of the post office in the absence of the postmaster; and
(iv ) A t a n y c la s s ifie d b r a n c h o r s t a t i o n : The superintendent, assistant superintendent, assistant cashier, bookkeeper, or fore­
man, or, in the absence of all such officials, the clerk tem porarily in charge of the branch or station.

(For instructions see paragraph (/) (1) and (2) o f this section.)
(2) A t b a n k s , tr u s t c o m p a n i e s , b r a n c h e s t h e r e o f a n d a u t h o r iz e d s a le s a g e n c i e s .—
(i) Any executive officer of any bank or trust com pany incorporated in the United States or its organized territories, including
officers at dom estic or foreign branches who are certified to the Treasury Departm ent as executive officers;
( i i ) Any executive officer o f incorporated banks and trust companies in the organized territories and insular possessions of the
United States and in the Commonwealth o f the Philippines doing business under Federal charter or organized under
Federal law;
( i i i ) Executive officers o f Federal Reserve Banks and branches thereof, including managing directors, assistant managers,
cashiers and assistant cashiers; and Federal Reserve agents and assistant Federal Reserve agents;
(iv )
Executive officers of Federal Land banks;
(v)
Executive officers of Federal Hom e Loan banks;
(v i)
Executive officers of corporations not included in the preceding paragraphs, and of other organizations, which have
qualified under the provisions of Departm ent Circular No. 657 as issuing agents for bonds of Series E, provided that
the signatures and titles of such officers shall have been properly certified to the Treasury Departm ent; and further
provided that all certifications to requests for payment shall be authenticated by a legible impression of the corporate
seal, if any, otherwise by a legible imprint of said issuing agent’s dating stamp.
(For general instructions to such officers see paragraph (/) (1) and (3) of this section.)
(3) U n i t e d S t a t e s o ffic ia ls . — Judges, clerks, and deputy clerks of United States courts, including United States courts for the
organized territories, insular possessions, and the Canal Zone; United States attorneys; United States collectors of Customs
and their deputies; United States collectors of Internal Revenue and their deputies; commanding officers of the U nited
States Arm y, N avy, Marine Corps, and Coast Guard, but only for members of their respective commands, members of
their families and civilian employees at Arm y Posts or Naval Bases or stations (such officer should indicate his rank, the
organization which he commands, and state that the person signing the request is one of the class whose requests he is
authorized to certify); the officer in charge of any home, hospital, or other facility of the Veterans Administration, bu t on ly
for patients and members of such facilities.
(For instructions to such officers see paragraph ( /) (1) of this section.)
(4) O ffic ers a u t h o r iz e d i n p a r tic u la r l o c a litie s . — In addition to the officers listed above, the following officers are authorized to
certify requests for payment of United States Savings Bonds in the localities specified:
(i)
Washington, D . C .: Certain officers of the Treasury Departm ent;
(ii)
Alaska: Governor, Treasurer, and United States Commissioners;
(iii)
Canal Zone: Governor, paymaster or acting paymaster, collector or acting collector, the Panama Canal, and also p o s t­
masters and acting postmasters in the Bureau of Posts;
( iv )
Commonwealth of the Philippines: The United States High Commissioner, his Executive Assistant, and the Chief Clerk
in his office; Treasurer of the Commonwealth and the city treasurers of Manila and Baguio; judges and clerks of
courts of record whose signatures and official positions are certified by the Secretary of Justice;
(v )
Guam and American Samoa: Governors, and naval and marine officers authorized to administer oaths for naval justice
and administration;
(v i)
Hawaii: G overnor and Treasurer;
(v ii )
Puerto R ico: Governor and Treasurer;
(v ii i ) Virgin Islands: Governor and Commissioner of Finance.
(For instructions to such officers see paragraph (/) (1) of this section.)
(5) I n f o r e i g n c o u n t r i e s . — In a foreign country requests for paym ent may be signed in the presence of and be certified b y any
United States diplom atic or consular representative, or manager (or other executive officer in charge) or assistant m anager
of a foreign branch of a bank or trust com pany incorporated in the United States, who is certified to the Treasury D ep a rt­
ment as an executive officer. If such an officer is not available, requests for paym ent may be signed in the presence o f
and be certified b y a notary or other officer authorized to administer oaths, but his official character and jurisdiction m ust
be certified by a United States diplom atic or'consular officer under the seal of his office.
(For instructions to such officers see paragraph (/) (1) of this section.)
(6) S p e c i a l p r o v i s i o n . — In the event none of the officers authorized to certify requests for paym ent of savings bonds is readily
accessible, the Commissioner of the Public D ebt is authorized to make special provision for any particular case.
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6
( /)
(1)

I n s t r u c t i o n s to c e r t i f y i n g o ffic e r s .—
I n g e n e r a l. —

Certifying officers should require positive identification of the person signing the request for paym ent, and wf.
be held fully responsible therefor. In all cases the certifying officer must affix to the request for paym ent his official signa­
ture, title, address and seal, and the date of execution. If the officer does not possess an official seal, that fact should be
made known and attested. (See subparagraphs (2) and (3) below for special instructions to post office officials and bank
officials respectively.)
(2) P o s t office officia ls.- — If any designated post office official other than a postmaster, acting postmaster, or inspector in charge
of an office certifies a request for paym ent, he should certify in the name of the postmaster, acting postmaster, or inspector
in charge, followed by his own signature and official title, for example, “ John D oe, postmaster, by Richard Roe, postal
cashier” . In the case of a clerk in charge of an office, branch, or station, the official title should be follow ed by the name
of such office, branch, or station, for example, “ John D oe, postmaster, by Richard Roe, clerk in charge, Main Street Station” .
The certification of any post office official must be authenticated by a legible imprint of a dating stamp of his post office.
(3) B a n k o ffic e r s . — (1) A t the principal office of an incorporated bank or trust com pany, the signature of the certifying officer
should be authenticated by a legible impression of the seal of the bank or trust com pany; (2) at a branch, if the corporate
seal is not available, the signature of the certifying officer and his official title should be certified to the Treasury D epart­
ment, Division of Loans and Currency, by the parent bank or trust com pany under its seal, unless such certificate is already
on file in that division.

( g ) I n t e r e s t e d p e r s o n n o t to c e r t i f y .— N o person authorized to certify requests for payment may certify a request for paym ent of a
bond of which he is the owner, or in which he has an interest, either in his own right or in any representative capacity.
(h) P r e s e n t a t i o n a n d s u r r e n d e r .— After the request for paym ent has been duly signed by the owner and has been certified as above
provided, the bond must be presented and surrendered as follow s:
(1) If a bond is registered in the name of an individual in his own right or in the name of (1) a private organization in its own right,
(2) a State, (3) a public corporation, (4) a public board or commission, or (5) a public officer, and paym ent is to be made to
the registered owner or coowner, the bond should be presented and surrendered to a Federal Reserve Bank, or to the Treasurer
of the United States, W ashington, D . C.
(2) If a bond is registered in the name of a fiduciary or if paym ent is to be made to any person other than the registered owner
or coowner, the bond should be presented and surrendered to the Treasury D epartm ent, D ivision of Loans and Currency,
Washington, D . C., or to a Federal Reserve Bank.
(3) In all cases presentation will be at the expense and risk of the owner, and, for his protection, the bonds should be forwarded by
registered mail if not presented in person. Payment will be made by check drawn to the order of the registered owner
or other person entitled and mailed to him at the address given in his request for payment.
(i) P a r t i a l r e d e m p t i o n . — A savings bon d of any series in a denomination other than the lowest authorized for that series, m ay be
redeemed in part, but only in multiples of the lowest authorized denomination, at the appropriate current redemption value, upon
presentation and surrender of the bond in accordance with the provisions of this section. In any such case, before the request for
payment is signed, there should be added to the first sentence of the request for payment, on the line provided, the words “ to the exteri
of $____________________ (maturity value), and reissue of the remainder” . Upon partial redemption of a savings bon d the remain^.
will be reissued as of the original issue date, subject to the provisions of Section 315.19 hereof. (As to interest on bonds of Defense
Series G in case of partial redemption see Section 315.19 (c) (3).)

Sec. 315.9 MINORS
(a) P a y m e n t to lega l g u a r d i a n s . — If the owner of a savings bond is a minor for whose estate a guardian or similar legal representative
has been appointed b y a court of com petent jurisdiction or is otherwise legally qualified, and if the Treasury Departm ent is properly
advised of such fact, payment will be made only to such guardian, or similar legal representative. In any such case the request for
payment appearing on the back of the bond should be signed by the guardian or similar representative as such, for example, “ John A.
Jones, guardian of the estate of Henry W. Smith, a m inor” . The request for paym ent must be supported by proof of the representative’s
authority. Such proof may consist of a court certificate or a certified copy of the representative’s letters of appointment, issued by the
court having jurisdiction. The certificate, or the certification to the letters, must be under the seal of the court, must contain a statement
that the appintment is in full force, and should be dated within six months of the date of presentation of the bond for paym ent. A
request for payment before maturity executed on behalf of a corporate fiduciary must be authorized by a resolution of the governing
bod y of the corporation or b y a standing bylaw, a certified copy of which must be furnished the Treasury Departm ent, Division of
Loans and Currency, Washington, D. C., unless already on file.
( b) P a y m e n t to m i n o r s . — If the Treasury Departm ent is not properly advised that a guardian or similar legal representative of the
estate of a minor owner of a savings bond has been appointed or is otherwise legally qualified, paym ent will be made direct to such
minor owner, provided such minor is, at the time payment is requested, of sufficient com petency and understanding to sign his name
to the request and to comprehend the nature of such act. In general the fact that the request for paym ent has been signed by the
minor and duly certified in accordance with Section 315.8 hereof will be accepted as sufficient proof of such com petency and
understanding.
(c) P a y m e n t to p a ren ts.- — If the Treasury Departm ent is not properly advised that a guardian or similar legal representative of
the estate of a minor owner of a savings bond has been appointed or is otherwise legally qualified, and if such minor owner is not of
sufficient com petency and understanding to execute the request for payment, paym ent will be made to either parent of the minor with
whom he resides, or if the minor does not reside with either parent, then to the person who furnishes his chief support. The parent or
such other person should sign the request for paym ent in is own name, on behalf of the minor, in the form “ Mrs. M ary Jones, on behalf
of John C. Jones” , and should sign a certificate, in substantially the following form, which m ay be typed on the back of the bond:
“ I certify that I am t h e __________________________________________ (relationship) of John C. Jones and the person with whom
he resides. He i s ----------years of age and is not of sufficient com petency and understanding to sign this request.”
If a person other than a parent signs the request on behalf of the minor he should also certify that the minor does not reside with either
and that he furnishes his chief support. The Treasury Departm ent m ay in any particular case require further proof that the m inor
not of sufficient com petency and understanding to execute the request for payment and of the right of the person executing the request
to act on behalf of the minor.
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Sec. 315.10 DISABILITY OTHER THAN MINORITY

(a) P a y m e n t to leg a l g u a r d i a n .’— If the owner of a savings bond has been judicially declared to be incom petent to manage his
affairs and the Treasury D epartm ent is properly advised that a guardian or similar legal representative of his estate has been appointed
by a court of com petent jurisdiction, payment will be made only to such guardian or similar legal representative. In this case the request
for payment should be signed: “ Thomas S. Gray, guardian (curator, conservator, or committee, as the case may be) of the estate
of Benjamin S. Smith, an incom petent” . The request for paym ent must be supported by proof of the representative’s authority.
Such proof m ay consist of a court certificate or a certified copy of the representative’s letters of appointment, issued by the court having
jurisdiction. The certificate, or the certification to the letters, must be under the seal of the court, must contain a statement that the
appointment is in full force, and should be dated within six months of the date of presentation of the bond for payment. 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
corporation or by a standing bylaw, a certified copy of which must be furnished the Treasury Departm ent, Division of Loans and
Currency, Washington, D . C., unless already on file.
(b) P a y m e n t to v o lu n t a r y g u a r d i a n .— In any case where the owner of a savings bond has been judicially declared incom petent, or
fis incom petency, in the opinion of the Secretary of the Treasury, is otherwise established and no guardian or other legal representative
)f 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, or other person, standing in the position of voluntary guardian, upon presentation
if proof satisfactory to the Secretary of the Treasury that the proceeds of the bon d are required, and are to be used, for the purchase
rf necessaries for the incom petent or for his wife or minor children or other persons dependent upon him for support. Applications for
such paym ent should be made only on appropriate forms which may be obtained from the Treasury Departm ent, Division of Loans and
Currency, Washington, D. C., or any Federal Reserve Bank. The request for payment should not be executed, nor the bond presented,
intil the application has been approved and instructions have been given by the Treasury Department.

Sec. 315.11 COOWNERS
(а) P a y m e n t or r e i s s u e .— A savings bond registered in the names of tw o persons as coowners, for example, “ John A. Jones O R
Mrs. M ary C. Jones” , will be paid or reissued as follows:
(1)

During the lives of both coowners the bond will be paid to either coowner upon his separate
request without requiring the signature of the other coowner; and upon payment to either coowner the other person shall
cease to have any interest in the bond. The bond will also be paid to both coowners upon their joint request, in which case
paym ent will be made by check drawn to the order of both coowners in the form, for example, “ John A. Jones a n d Mrs.
M ary C. Jones” , and the check must be endorsed by both payees. The bond will not be reissued in any form during the
lives of both coowners except as specifically provided in these regulations.
(2) A f t e r th e d ea th o f o n e c o o w n e r .— If either coowner dies without having presented and surrendered the bond for paym ent to a
Federal Reserve Bank or the Treasury Departm ent, the surviving coowner will be recognized by the Treasury Departm ent
as the sole and absolute owner of the bond, and paym ent will be made only to him: P r o v i d e d , h o w e v e r , That if a coowner dies
after he has properly executed the request for paym ent and after the bond has actually been received by a Federal Reserve
Bank or the Treasury Department, paym ent of the bond, or check if one has been issued, will be made to his estate in accord­
ance with the provisions of Section 315.16 hereof. Upon proof of the death of one coowner and appropriate request b y the
surviving coowner, the bond will be reissued in the name of such survivor alone, or (if not a minor or under any other legal
disability) in his name payable on death to a designated beneficiary. (See Section 315.12 (e).)
(3) A f t e r th e d ea th o f the s u r v i v i n g c o o w n e r .— After the death of a surviving coowner who became solely entitled to the bond under
the provisions of the next preceding subparagraph, the bond will be paid or reissued in accordance with the provisions of
Section 315.16 hereof, as though it were registered in the name of the last deceased coowner alone. In this case proof of the
death of both coowners and of the order in which they died will be required.

(б)
315.19.

D u r i n g th e liv e s o f both c o o w n e r s .—

L i m i t a t i o n o n r e i s s u e .—

Any reissue authorized in this section will be made only subject to the limitations set forth in Section
Sec. 315.12 BENEFICIARIES

(a) P a y m e n t to r e g is te r e d o w n e r .— A savings bond registered in the name of one person, payable on death to a designated beneficiary,
for example, “ Henry W. Ash, payable on death to John C. Black” , will be paid to the registered owner during his lifetime upon his
properly executed request without regard to the designated beneficiary. If the beneficiary should predecease the registered owner the
bond will be paid as though no beneficiary had been named in the registration.

(5)
R e i s s u e d u r in g l i f e t i m e o f re g is te r e d o w n e r .— A savings bond registered in the name of one person payable on death to a desig­
nated beneficiary may not be reissued during the lifetime of such beneficiary so as to eliminate his name. If such beneficiary should
predecease the registered owner, the bond may, upon appropriate request by the registered owner, and proof of the death of the bene­
ficiary, be reissued in the name of the registered owner alone, or in his name payable on death to a new beneficiary.

(c) P a y m e n t or r e i s s u e to b e n e f ic i a r y .— -If the registered owner dies without having presented and surrendered the bond for pay­
ment to a Federal Reserve Bank or the Treasury Department, and is survived b y the beneficiary, upon proof of such death and sur­
vivorship, the beneficiary will be recognized b y the Treasury Departm ent as the sole and absolute owner of the bond, and paym ent
"ill be made only to him, or, upon appropriate request by the beneficiary the bond may be reissued in his name alone or (if not a
minor or under any other legal disability) in his name payable on death to a single designated beneficiary: P r o v i d e d , h o w e v e r , That if
the bond with a properly executed request for paym ent has actually been received by a Federal Reserve Bank or the Treasury D epart­
ment, payment of the bond, or check if one has been issued, will be made to the estate of the deceased owner in accordance with the
provisions of Section 315.16 hereof.
(d ) P a y m e n t or r e i s s u e a fte r d ea th o f th e s u r v i v i n g b e n e f ic i a r y .— After the death of a surviving beneficiary who became entitled to the
d under the provisions of the next preceding paragraph, the bond will be paid or reissued in accordance with the provisions of
Section 315.16 hereof, as though the bond were registered in the name of the surviving beneficiary alone. In this case proof of the
death of both the registered owner and the beneficiary and of the order in which they died will be required.
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(e)
R e i s s u e to a d d a b e n e f ic i a r y .— A savings bond registered in the name of one person in his own right or to which one p e rso
shown to be entitled in his own right under these regulations, upon appropriate request by such person (if not a minor or under ai
other legal disability) m ay be reissued in whole or in part, in his name payable on death to a single designated beneficiary.

C
O

L i m i t a t i o n o n r e i s s u e .— 'Any

reissue authorized in this section will be made only subject to the limitations set forth in Section

315.19.
Sec. 315.13 FIDUCIARIES
(a) P a y m e n t to f i d u c i a r i e s . — A savings bond registered in the name of, or otherwise belonging to a fiduciary estate, will be paid
to the fiduciaries o f such estate upon their request. The request for payment must be signed by all acting fiduciaries, except for pay­
ment at maturity, when a request by any one or more acting fiduciaries will be accepted, but paym ent will be made to all. If the
bond is registered in the names of individual fiduciaries of the estate who are still acting, no further evidence of authority will be
required. In other cases the request for paym ent must be supported b y certain evidence as specified below:
(1)
(2)
(3)

(4)

(5)

F i d u c i a r i e s — b y title o n l y . — If

the bond is registered in the titles without the names of the fiduciaries, satisfactory proof of the
incumb.ency of the fiduciaries must be furnished, except in the case of public officers.
S u c c e e d i n g f id u c i a r i e s . — If the fiduciaries in whose names the bonds were registered have been succeeded by other fiduciaries,
satisfactory proof of successorship must be furnished.
B o a r d s , c o m m i tt e e s , e tc ., a s f i d u c i a r i e s . — If the fiduciaries consist of a board, committee, commission, or public body, or are
otherwise empowered to act as a unit, a request for paym ent before m aturity must be supported by a duly certified copy of a
resolution of the board or other body authorizing such action. In any case the request must be signed in the name of the
board or other body by an authorized officer or agent thereof.
C o r p o r a t e f i d u c i a r i e s . — If the fiduciary is a corporation, a request for paym ent before maturity must be supported by a duly
certified copy of a resolution of the governing body of the corporation or a standing bylaw authorizing such action. In any
case the request must be signed in the name of the corporation, in the fiduciary capacity in which it is acting, by an au­
thorized officer thereof.
R e g i s t r a t i o n n o t d i s c l o s i n g t r u s t . — If the form in which the bond is registered does not show that it belongs to a fiduciary estate
or does not identify the estate to which it belongs, satisfactory proof of ownership must be furnished: P r o v i d e d , h o w ev er .
That these provisions do not apply to bonds registered in the name of, or held by the estate of, a decedent for whose estate
a legal representative has been appointed; such bonds are governed by the provisions of Section 315.16 hereof.

(b) R e i s s u e i n th e n a m e o f a s u c c e e d i n g f i d u c i a r y . — If a person in whose name a savings bond is registered as a fiduciary has beer
succeeded as such fiduciary b y another person, the bond will be reissued in the name of the succeeding fiduciary upon appropriate
request and satisfactory proof of successorship.

(c)

R e i s s u e i n th e n a m e o f , o r p a y m e n t to, the p e r s o n e n title d .—

(1)

D i s t r i b u t i o n o f tru s t es ta te i n k i n d . —

A savings bond to which a beneficiary of a trust has becom e lawfully entitled, in w hole oi
in part, under the terms of the trust, will be reissued in his name to the extent of his interest, as a distribution in kind, upar
the request of the trustee or trustees and their certification that such person is entitled and has agreed to reissue in his nai?.
P r o v i d e d , That if a trustee himself is so entitled in his own right, his request for reissue in his name must be supported b y L ,
order of court or other satisfactory proof that he is so entitled, unless a cofiduciary joining in the request has no beneficial’
interest in the estate: P r o v i d e d , f u r t h e r , That if the form in which the bond is registered does not show that it belongs to a
<
trust estate, the request for reissue must be supported by satisfactory proof of ownership.
(2) A f t e r t e r m i n a t i o n o f tr u s t es ta te . — I f the person who would be lawfully entitled to a savings bond upon the termination of a
trust does not desire to have such bond distributed to him in kind, as provided in the next preceding subparagraph, the trustee
or trustees should redeem the bond in accordance with the provisions of paragraph (a) of this section, before the estate is
terminated. If, however, the estate is terminated w ithout such paym ent or reissue having been made, the bond will there­
after be paid to or reissued in the name of the person lawfully entitled upon his request and satisfactory proof of ownership*
supplemented, if there are tw o or more persons having any apparent interest in the bond, b y an agreement executed by all
such persons.
(3) U p o n t e r m i n a t i o n o f g u a r d i a n s h ip es ta te . —A savings bond registered in the name of a guardian or similar legal representative
of the estate of a minor or incom petent, if the estate is terminated during the w ard’s lifetime, will be reissued in the name
of the form er ward upon the representative’s request and certification that the form er ward is entitled and has agreed to
reissue in the name of the former ward upon his own request, supported in either case by satisfactory proof that his dis­
ability has been removed. Certification by the representative that a former minor has attained his m ajority, or that the
legal disability of a female ward has been removed b y marriage, if the state law so provides, will ordinarily be accepted assufficient, but if the disability is rem oved by court order a duly certified copy of the order will be necessary. Upon the death
of the ward a bond registered in the name of his guardian or similar representative will be reissued in accordance with theprovisions of Section 315.16 as though it were registered in the name o f the ward alone.
(d) B o n d s h eld b y tr u s te e w h er e r e i s s u e n o t a u t h o r iz e d . — Savings Bonds of Series D issued after April 1, 1940, and Defense Savings
Bonds of Series E, m ay be held w ithout change of registration by a trustee under the will of the deceased owner thereof (but m ay not
be reissued in the name of such trustee). Bonds so held will be paid, or, upon termination of the trust, will be reissued in the names
of the persons entitled in their own right, in accordance with the provisions of this section: P r o v i d e d , That proof of the appointment
and authority of the trustee will be required.
(e) L i m i t a t i o n o n r e i s s u e . — Any reissue authorized in this section will be made only subject to the limitations set forth in Section
315.19.
Sec. 315.14 PRIVATE CORPORATIONS, ASSOCIATIONS, PARTNERSHIPS, ETC.

(a) P a y m e n t to c o r p o r a ti o n s o r u n i n c o r p o r a t e d a s s o c i a t i o n s . — A savings bond registered in the name of a private corporation or an
unincorporated association will be paid to such corporation or unincorporated association upon request for paym ent on its behalf by n
duly authorized officer thereof. The signature to the request should be in the form, for example, “ The Jones Coal Com pany, a corpora­
tion, by William A. Smith, president” , or “ The Lotus Club, an unincorporated association, by John Jones, treasurer” . A request fo<
paym ent so signed and duly certified in accordance with Section 315.8 hereof will ordinarily be accepted w ithout further p roof of th‘
officer’s authority.
b) P a y m e n t to p a r t n e r s h i p s . — A savings bond registered in the name of a partnership will be paid upon a request for paym ent sigr«/.
by a general partner. The signature to the request should be in the form “ Smith and Jones, a partnership, by John Jones, a geners
partner” . A request for payment so signed and duly certified in accordance with Section 315.8 hereof will ordinarily be accepted ^
sufficient proof that the person signing the request is duly authorized.
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(c) R e i s s u e or p a y m e n t to s u c c e s s o r s o f c o r p o r a ti o n s , u n i n c o r p o r a t e d a s s o c i a ti o n s , or p a r t n e r s h i p s . — ’A savings bond registered in the
ne of a private corporation, an unincorporated association, or partnership which has been succeeded by another corporation, unin­
corporated association, or partnership as the result of merger, consolidation, reincorporation, conversion, reorganization, or other
succession where the ownership of the succeeding organization is substantially identical with that of its predecessor, duly effected by
mthority of law, will be paid to, or reissued in the name of, the respective succeeding corporation, unincorporated association, or partaership upon appropriate request on its behalf supported by satisfactory proof of successorship.
(d ) R e i s s u e or p a y m e n t o n d i s s o l u t i o n .— •
(1)

C o r p o r a t i o n s .—

A savings bond registered in the name of a private corporation which is in process of dissolution will be paid
to the authorized liquidators of the corporation on their request for paym ent as such, or will be reissued in the names of the
stockholders entitled as distributees, to the extent of their respective interests, upon the request of the authorized liquidators
of the corporation and their certification that all the debts of the corporation have been paid or properly provided for and
that the persons in whose names reissue is requested, to the extent specified, are entitled as stockholders and have agreed
to such reissue. In any case a request for paym ent or reissue by the liquidators of a corporation must be supported by
proof of their authority in the form of a certified copy of the stockholders’ authorizing resolution and such other evidence as
the Secretary of the Treasury m ay require, unless already on file.
(2) P a r t n e r s h i p s . — A savings bond registered in the name of a partnership which has been dissolved by the death or withdrawal
of a partner, or otherwise, will be paid to, or reissued in the name of, the persons entitled to the partnership assets to the
extent of their respective interests, upon the request of such persons supported by a certificate and agreement executed by
all surviving partners, former partners, and representatives of the estates of any deceased partners, identifying themselves
as such, showing that the debts of the partnership have been paid or properly provided for, and setting forth "their agreement
with respect to the ownership o f the bonds.
(e) L i m i t a t i o n o n r e i s s u e . — Any reissue authorized b y this section will be made only subject to the limitations set forth in Section
115.19.
Sec. 315.15 STATES, PUBLIC CORPORATIONS, AND PUBLIC BOARDS, COMMISSIONS AND OFFICERS
(а ) I n n a m e s o f S t a t e s , p u b l i c c o r p o r a ti o n s , a n d p u b l i c b o a r d s . — A savings bond registered in the name of a State or of a county,
iity, town, village, or other public corporation, or in the name of a public board or commission, will be paid upon a request signed in
he name of such State, corporation, board, or commission b y a duly authorized officer thereof. A request for paym ent so signed and
luly certified in accordance with Section 315.8 hereof will ordinarily be accepted without further proof of the officer’s authority.
(б) I n n a m e s o f p u b l i c o ffice rs. — A savings bond registered in the title, without the name, of an officer of a State or public corporaion, such as a county, city, town, or village, will be paid upon request for paym ent signed by the designated officer. The fact that the
equest for paym ent is signed and duly certified in accordance with Section 315.8 hereof will ordinarily be accepted as sufficient proof
hat the person signing is the incumbent of the designated office.

Sec. 315.16 DECEASED OWNERS
(a) P a y m e n t o r r e i s s u e o n d ea th o f o w n e r . — 'Upon the death of the owner of a savings bond, who was not survived by a coowner or
lesignated beneficiary and who had not during his lifetime presented and surrendered the bond to a Federal Reserve Bank or the Treasiry D epartm ent with a request for reissue signed by him and duly certified, the bond will be paid or reissued as hereinafter provided,
-ither pursuant to proceedings in a court having jurisdiction of the estate or, in appropriate cases, without such proceedings. The
Provisions of this paragraph shall also apply to savings bonds registered in the names of executors or administrators except that proof
pf their appointm ent and qualification may not be required. Established forms for use in such cases may be obtained from any Federal
Reserve Bank or from the Treasury Departm ent, Division of Loans and Currency, Washington, D . C., and should be used in every
nstance.
(1)

I n c o u r s e o f a d m i n i s t r a t i o n .— I f

the estate of the decedent is being administered in a court of com petent jurisdiction, the bond
will be paid to, or, when administration is concluded, reissued in the names of, the persons entitled to share in the estate,
upon the request of the duly appointed and qualified representative of the estate. If paym ent is desired, the request for
paym ent on the back of the bond should be signed by the representative and paym ent will be made only to him. If reissue
is desired, the representative should request reissue in the names of the persons entitled and should certify that they are so
entitled to the extent specified with respect to each, and that they have agreed to such reissue. The request for paym ent
or reissue should be signed in the form, for example, “ John A. Jones, administrator of the estate (or executor of the will) of
H enry W. Jones, deceased” . Reissue will be made in the name of the person entitled, payable on death to a designated
beneficiary, upon appropriate request by such person, in addition to the request and certification by the representative.
A request for paym ent or reissue must be supported by proof of the representative’s authority. Such proof m ay consist of
a court certificate or a certified copy of the representative’s letters of appointment issued by the court having jurisdiction.
The certificate, or the certification to the letters, must be under the seal of the court, must contain a statement that the
appointm ent is in full force, and should be dated within six months of the date of presentation of the bond for paym ent or
reissue. If the representative is himself the person entitled and desires reissue in his own name, a special order of court
showing that he is entitled to the bond in his own right must be furnished. A request for paym ent before maturity on behalf
of a corporate fiduciary must be supported by appropriate evidence as provided in Section. 315.13 (a) (4).
(2) A f t e r s e ttle m e n t th r o u g h c o u r t p r o c e e d i n g s . —-If the estate of the decedent has been settled in a court of com petent jurisdiction,
the bond will be paid to, or reissued in the name of, the persons entitled thereto under the terms of the final account, decree,
of distribution, or other similar court records, supplemented, if there are tw o or more persons having an apparent interest
in the bond, by an agreement executed b y all such persons. The persons entitled should request paym ent or reissue on ap­
propriate forms, which m ay be obtained as above provided. The request for paym ent or reissue, and the agreement, if
necessary, must be supported b y duly certified copies of the pertinent court records.
(3) W i t h o u t a d m in is t r a t io n .- —-If no legal representative of the decedent’s estate has been or is to be appointed, and if 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 last domicile, the bond will be paid to, or
reissued in the name of, the persons entitled to share in the estate pursuant to an agreement by all such persons w ithout
requiring administration of the estate: P r o v i d e d , h o w e v e r , That reissue will not be made in the name of a creditor of the estate.
The persons entitled should request paym ent or reissue on appropriate forms which m ay be obtained as above provided.
Unless otherwise directed by the Treasury D epartm ent the request for paym ent or reissue must be supported b y (1) affi­
davits by all persons entitled to any share in the estate, setting forth the facts in detail, and their agreement for the distribu16— 20911

10

tion of the bond, (2) proof that the debts of the decedent and of his estate have been paid or provided for, (3) affidavit^~,=
•
,
credibility by two disinterested persons having personal knowledge of the decedent and his fam ily, and (4) a death certific
or other proof of the death of the decedent. The evidence should be subm itted only on the form established for that purpose,
which m ay be obtained as above provided. N o paym ent or reissue will be perm itted without administration if any of the
persons entitled are minors or incompetents, except to them or in their names, in whole or to the extent of their interest:
in the decedent’s entire personal estate, or upon com pliance with the provisions of Sections 315.9 and 315.10 hereof governing
paym ent of savings bonds registered in the names of such persons.
(6)
F o r m s o f r e g is tr a tio n o n r e i s s u e . — In no case will reissue as authorized in this section be made in the names of tw o person
coowners, nor will bonds of Series D bearing issue dates on or after April 1, 1940, or bonds of Series E, be reissued except in the names
of natural persons (that is, individuals) in their own right.
(c) L i m i t a t i o n o n r e i s s u e . — Any reissue authorized by this section will be made only subject to the limitations set forth in Sectioi
315.19.
Sec. 315.17 CREDITORS’ RIGHTS AND JUDICIAL PROCEEDINGS

(a) J u d i c i a l p r o c e e d i n g s . — -The ownership of a savings bond or interest therein m ay be transferred or established through valic
judicial proceedings; P r o v i d e d : h o w e v e r , That no such proceedings will be recognized if they would give effect to an attem pted voluntary
transfer inter vivos of the bond or would defeat or impair the rights of survivorship conferred by these regulations upon coowners anc
beneficiaries. Payment, or partial paym ent in accordance with the provisions of Section 315.8 (i) hereof, in an am ount not in exces:
of the interest so transferred or established, will be made upon presentation and surrender of the bond with the request for payment
duly executed, at the redemption value current 30 days after the proceedings have becom e final, or current at the time the bond is pre­
sented for payment, whichever is earlier. A bond or interest therein will not be reissued as the result of judicial proceedings excepi
in the case of a determination of ownership as between coowners, in which case the bond m ay be reissued in the names of the respective
coowners, to the extent of their respective interests as determined by such proceedings, and only in authorized denominations. The
request for paym ent or reissue must be supported by a certified copy o f the judgm ent or decree o f court through which the owmershij.
was transferred or established, certified copies o f the records with respect to any necessary supplementary proceedings, and a certificate
by the clerk of the court showing that no appeal, motion for new trial, or other proceeding which m ay result in m odifying the judgment*
or decree has been taken, made, or applied for, that the time for such action has expired (or that such proceeding has been finall'
terminated), and that the judgm ent or decree is in full force and effect and has becom e final under the laws o f the jurisdiction. T h
Secretary of the Treasury may in any case require such further information, documents, and security as he m ay deem necessary.
( b) B a n k r u p t c y a n d i n s o l v e n c y . — Paym ent (but not reissue) of a savings bond will be made to a duly qualified receiver or trustee -i'
bankruptcy of the estate of the registered owner, adjudicated bankrupt or insolvent, upon request for paym ent duly executed b y sue
receiver or trustee and supported b y satisfactory proof of his appointment and qualification.
Sec. 315.18 PLEDGE WITH SECRETARY OF TREASURY OR FEDERAL RESERVE BANKS
(a) D e p o s i t u n d e r D e p a r t m e n t C i r c u la r s N o . 1 5 4 a n d No. 6 5 7 . — Notwithstanding any other provisions o f this or any other circmtLs
a savings bond m ay be pledged by the registered owner in lieu of surety under the provisions of Departm ent Circular N o. 154, amended:
P r o v i d e d , That the bond approving officer is the Secretary of the Treasury.
In such cases an irrevocable powrer o f attorney shall b
executed authorizing the Secretary to request payment, and payment of the bond will, if it becomes necessary, be made upon such re
quest at the then appropriate redemption value. N o pledge to a bond approving officer other than the Secretary of the Treasury will h
permitted. A savings bond m ay also be deposited as security with a Federal Reserve Bank under the provisions of Department
Circular No. 657 b y an institution certified under that circular as an issuing agent for Defense Savings Bonds of Series E. In no other
cases are savings bonds suitable for use as collateral, nor will a power of attorney to request paym ent be recognized in any other case.
Sec.

315.19 REISSUE

AND

DENOMINATIONAL

EXCHANGE

(a) G e n e r a l . — Reissue of savings bonds in a different form of registration will be made only in the following instances and only in
denominations and forms of registration authorized for the bonds surrendered:
(1) T o correct an established error in the original issue;
(2) T o show a change in the name o f an owner or beneficiary whether by marriage or otherwise;
(3) As specifically provided in this circular.
Reissues pursuant to (2) and (3) above will be made only at the Treasury Department, Division of Loans and Currency, Washington
D. C., upon a request which must be signed b y the person authorized by these regulations to make such request, in the presence of
and be certified by, an authorized officer in accordance with Section 315.8 (d) and (e). Requests for reissue should be executed oi
appropriate forms which may be obtained from the Division of Loans and Currency or from any Federal Reserve Bank. Bonds held
in excess of the prescribed limit, calculated in accordance with Section 315.4 hereof, will not be reissued except insofar as reissue may be
made pursuant to subparagraph (1) above.
( b ) L i m i t a t i o n o n r e is s u e . — In any case where reissue is authorized by these regulations, the Treasury D epartm ent reserves the
right to treat the receipt of a bond and appropriate request for reissue thereof b y a Federal Reserve Bank or the Treasury Department
as determining the date upon which the reissue as requested is effective.
(c) D e n o m i n a t i o n a l e x c h a n g e . — Exchange as between authorized denominations of savings bonds will not be permitted except i'!
cases of partial redemption or authorized reissue.
('d) N e w b o n d s o n r e is s u e . — In all cases of reissue the savings bonds will be of the same series, will bear the same issue date, and wil
have the same rights and privileges as the savings bonds surrendered.
Sec. 315.20 FURTHER PROVISIONS
(a) R e g u l a t i o n s p r e s c r ib e d . — These regulations are prescribed by the Secretary of the Treasury as governing United States Savli
Bonds issued under the authority of Section 22 of the Second Liberty Bond Act, approved September 24, 1917, as amended, and pf*.
suant to the various Departm ent Circulars offering such bonds for sale. The provisions of Treasury Departm ent Circular N o . 30(
as amended, have no application to such savings bonds except as hereinbefore specifically provided.
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( b ) P r e s e r v a ti o n o f r ig h ts .— Nothing in these regulations contained shall be construed to limit or restrict any existing rights which
jlders of savings bonds heretofore issued may have acquired under the circulars offering such bonds for sale, or under the regulations
•m force at the time of purchase.
(c) A d d i t i o n a l p r o o f ; b o n d o f i n d e m n i t y .— The Secretary of the Treasury, in any case arising under these regulations, m ay require
such additional proof as he m ay consider necessary or advisable in the premises; and may require a bon d of indemnity with satisfactory
sureties, or an agreement of indemnity, in any case where he may consider such a bond or agreement necessary for the protection o f the
interests of the United States.
(d) C o r r e s p o n d e n c e a n d f o r m s .— Correspondence in regard to any transactions in United States Savings Bonds under the provisions
of these regulations should be addressed to the Treasury Departm ent, Division of Loans and Currency, Washington, D. C. A ll evidence
required in support of such transactions should be filed with that division. Appropriate forms for use in connection with such trans­
actions m ay be secured from that division or from any Federal Reserve Bank.
(e) S u p p l e m e n t s , a m e n d m e n ts , o r r e v i s i o n s .— The Secretary of the Treasury may at any time, or from time to time, prescribe addi­
tional, supplemental, amendatory or revised rules and regulations governing United States Savings Bonds.

HENRY MORGENTHAU, Jr.,
Secretary
(Filed with the Division of the Federal Register, April 29, 1941)
IJ.

S.

GOVERN M ENT PR IN TIN G O F F IC E

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the Treasury.

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