Full text of District Notices (Federal Reserve Bank of Dallas) : Regulations Governing United States Savings Bonds

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FEDERAL, RESERVE BANK OF DALLAS
FISCAL AGENT OF THE UNITED STATES

Dallas, Texas, March 13,1945

REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS

To All Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve District:

There is enclosed a copy of Treasury Department Circular No. 530, Sixth Revision,
dated February 13, 1945. The revised circular has been arranged in what is believed to be
a more logical order than was the previous circular. The principal changes and revisions
are listed below:
Section 315.3
This section has been rewritten to include in terms two items which have been the sub­
ject of interpretation and general waiver, respectively: (1) permission to designate as
coowners oi; beneficiaries upon original issues and upon authorized reissues, nonresident
aliens who are not citizens of enemy nations, and (2) permission to designate as coowners
or beneficiaries American citizens permanently residing abroad. The eligibility of citizens
of the Commonwealth of the Philippine Islands has been restored, subject to the terms of
Executive Order No. 8389, as amended, and the regulations issued thereunder.
Section 315.4
For the sake of simplicity this section has been divided into subsections and subparagraphs, subsection (a) dealing exclusively with the forms of registration, and (b)
with the use of names and titles, registration in the names of minors, and registration in
the names of incompetents. Definitions of the terms “ guardian,” “ legal guardian,” or “ legal
representative,” are given. It will be noted that this section provides that savings bonds
of Series E registered in the name of an individual payable on death to the Treasurer of
the United States, as beneficiary, may not be reissued to eliminate the name of the bene­
ficiary.
Section 315.5
This section deals with the registration of Series F and Series G savings bonds and
has been rewritten in part to clarify the fact that fiduciaries, corporations, associations and
partnerships may not be named as coowners or beneficiaries. The registration of savings
bonds in beneficiary and coownership forms is restricted entirely to natural persons in
their own right. United States Savings Bonds of Series F and Series G may not be regis­
tered in the name of a trustee under a statute, regulation, agreement or any instrument
where the funds used represent merely security for the performance of a duty or obligation.
Subparagraph (5) of subsection (b), which was formerly subsection (f), now limits
registration of Series F or Series G bonds in the title of school officers as trustees for the
benefit of a student body or class, group or activity thereof, to $250, maturity value, where
there is no written agreement of trust.
Section 315.23
Subsection (b) of this section now provides that, after the one-month notice of inten­
tion to redeem in writing has been given, savings bonds of Series F and Series G must be
surrendered to the Treasury Department or a Federal Reserve Bank not less than twenty
days before the effective redemption date, in cases where the owner or coowner desires
redemption before maturity. The previous circular provided for surrender of the bonds not

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less than fifteen days before the payment date but it has developed that the period of
fifteen days was not sufficient time to provide for the orderly handling of the redemption
transactions.
Subsection (c) deals with the redemption of Series G bonds at par before maturity,
under circumstances as outlined. It is provided that notice of intention to redeem should
be given the Treasury Department or a Federal Reserve Bank within six months after date
of death (instead of four months as previously provided). An exception is provided where
notice 'cannot be seasonably given because of litigation or delay in the appqintment of a
legal representative of the estate or in the receipt of notice of death. It should also be
pointed out that if notice is given in time to be received in the ordinary course of mail
within the six-month period, redemption at par will be in order notwithstanding the fact
that notice is not actually received within the given time because of a delay in the mail.
The Treasury has stated that it proposes to strictly enforce the new provisions.
Section 315.31
This is a new section and deals with the nonreceipt or loss of checks issued in pay­
ment of bonds.
Section 315.43
This is a new section but the material is not new. The Treasury has deemed it desir­
able to clarify the rights attached to a bond registered in a single name because there
have been some misunderstandings due in part to an erroneous conception of the restric­
tion against transfer and also to unfounded rumors to the effect that bonds registered in a
single name would escheat to the Government on the owner’s death.
Section 315.45
Subsection (b) (1) is an incorporation of the Fifth Amendment and has been broad­
ened to provide for reissue also in the beneficiary form, whereas previously reissue was
restricted to the coownership registration.
Subsection (c) of this section was rewritten to cover the presentation and surrender
of bonds for reissue as well as for payment, and the effect of such presentation and surren­
der. The term “presented and surrendered” is given a technical definition.
Section 315.47
Subsection (a) of this section now contains four subparagraphs, which sef out more
fully the applicable technical requirements, but there are no real changes of substance in
this subsection or in subsection (b), except for the provision at the end of the latter that
“ If it is established to the satisfaction of the Secretary of the Treasury that the repre­
sentative is not required by law or rules of court to render an accounting, reissue may be
made in his name, upon his request as representative, supported by proof of compliance
with all legal requirements and of all the facts necessary to establish his right to the bond.”
Subsection (c) has been appropriately rewritten for cases where no legal representa­
tive of the decedent’s estate has been or is to be appointed and the amount of savings bonds
belonging to the estate does not exceed $250, maturity value.
Section 315.50
This section has been rewritten as to subsection (a) to indicate that reissue may be
made in the name of the person entitled, in a fiduciary capacity as well as in his own right.
This is in accordance with the accepted interpretation of the regulations previously in
effect.
Section 315.55
The Treasury’s previous requirements have been liberalized to provide for payment or
reissue to a succeeding organization which carries on the business or activities of the orig­
inal organization without substantial change. The test will no longer be substantial identity
of stock ownership or of membership.
Additional copies of Treasury Department Circular No. 530, Sixth Revision, will be
furnished upon request. All copies of the Fifth Revision of the circular should be destroyed.

F E D E R A L R ESER V E B A N K OF D A L L A S
Fiscal A g e n t o f th e U nited States

UNITED STATES TREASURY DEPARTMENT

R E G U L A T IO N S
GOVERNING

UNITED STATES

SAVINGS BONDS
Department Circular N o . 530
SIXTH REVISION

February 13, 1943

UNITED STATES
GOVERNM ENT PRINTING OFFICE
W ASH IN GTON : 1945

TABLE OF CONTENTS
Subpart H — G E N E R A L P A Y M E N T A N D R E ­
D E M P T IO N P R O V IS IO N S — Continued.

Subpart A— A P P L IC A B IL ITY .
Sec. 3 1 5 .1 — A p p licab ility of regulations.

Sec. 315.27—Interested person not to cer­
tify.
Sec. 315.28—Presentation and surrender—•
all series.
Sec. 315.29—Optional procedure limited to
bonds of Series A to E, in­
clusive, in names of indi­
vidual owners or coowners
only.
Sec. 315.30—Partial redemption.
Sec. 315.31—Nonreceipt or loss of checks
issued in payment.

Subpart B— R E G IS T R A T IO N .
Sec. 3 1 5 .2 — General.
Sec. 3 1 5 .3 — R estrictions.
Sec. 3 1 5 .4 — A u th orized form s of registra­
tion, Series E , and general
provisions relating to their
use.
Sec. 3 1 5 .5 — A u th orized form s o f registra­
tion , Series F and G .
Sec. 3 1 5 .6 — U n au th orized registration.
Sec. 3 1 5 .7 — F o rm s of registration on re­
issue.

Subpart I— G E N E R A L R E IS SU E A N D
N O M IN A T IO N A L E X C H A N G E .

Subpart C— L IM IT A T IO N O N H O L D IN G S .

DE­

Sec. 315.32—General.
\
Sec. 315.33—Requests for reissue.
Sec. 315.34—Agencies authorized to make
reissue.
Sec. 315.35—Effective date.
Sec. 315.36—Date of bonds on reissue.
Sec. 315.37—Denominational exchange.

Sec. 3 1 5 .8 — A m o u n t which m a y be held.
Sec. 3 1 5 .9 — C alculation o f am oun t.
Sec. 3 1 5 .1 0 — D isp osition of excess.

Subpart D — L IM IT A T IO N O N T R A N S F E R
A N D JU D IC IAL P R O C E E D IN G S .
Sec. 3 1 5 .1 1 — N o t transferable.
Sec. 3 1 5 .1 2 — P ledge w ith the Secretary of
the T reasu ry or Federal
R eserve B an k s.
Sec. 3 1 5 .1 3 — Judicial proceedings (ju d g ­
m e n t creditors, trustees in
ban k ru p tcy, receivers of
in solven ts’ estates and con­
flicting claim an ts).
Sec. 3 1 5 .1 4 — E vid en ce necessary.
Sec. 3 1 5 .1 5 — N o tic e of pending proceed­
ings n o t accepted.

Subpart
J— M IN O R S
AND
PERSONS
U N D E R O T H E R L E G A L D IS A B IL IT Y .

Sec. 315.38—Payment to legal guardians.
Sec. 315.39—Payment to minors.
Sec. 315.40—Payment to a parent or other
person on behalf of a minor.
Sec. 315.41—Payment to voluntary guard­
ian of person under dis­
ability.
Sec. 315.42—Reissue in the case of a
minor.

Subpart E— S A F E K E E P IN G FAC IL IT IES.

Subpart K — SIN G L E
N A M E — A D D IT IO N
OF C O O W N E R , ETC.

Sec. 3 1 5 .1 6 — Safekeeping o f bonds.

Subpart F— L O S T , S T O L E N , M U T IL A T E D ,
DEFACED O R D E ST R O YE D B O N D S.

Sec. 315.43—Payment or reissue.
Sec. 315.44—Reissue for certain purposes.

Sec. 3 1 5 .1 7 — R elief in case of loss, etc., b y
owner.
Sec. 3 1 5 .1 8 — R elief in case of nonreceipt.

Subpart L— T W O N A M E S — C O O W N E R S H IP
FORM.

Sec. 315.45—Payment or reissue.

Subpart G— IN T E R E S T .

Subpart M — T W O
FORM .

Sec. 3 1 5 .1 9 — G eneral.
Sec. 3 1 5 .2 0 — A ppreciation bonds.
Sec. 3 1 5 .2 1 — C urrent incom e bonds.

N A M E S — B E N E FIC IAR Y

Sec. 315.46-—Payment or reissue.
Subpart N— D E C E A SE D O W N E R S .

Subpart H — G E N E R A L P A Y M E N T A N D R E ­
D E M P T IO N P R O V IS IO N S .

Sec. 315?47—Payment or reissue on death
of owner.

Sec. 3 1 5 .2 2 — P a y m en t a t m a tu rity .
Sec. 3 1 5 .2 3 — R ed em p tio n before m atu rity,
Sec. 3 1 5 .2 4 — F o rm and execution of re­
quests for p a y m en t.
Sec. 3 1 5 .2 5 — C ertifyin g officers.
Sec. 3 1 5 .2 6 — General instructions to certi­
fy in g officers.

Subpart O — F ID U C IAR IE S.

Sec. 315.48—Payment to fiduciaries.
Sec. 315.49—Reissue in the name of a
succeeding fiduciary.
Sec. 315.50—Reissue or payment to person
entitled.
cm)

IV

Subpart
P— P R IV A TE
O R G A N IZ A T IO N S
(C O R P O R A T IO N S ,
ASSOCIATIONS,
P A R T N E R S H IP S , E TC.)
Sec. 3 1 5 .5 1 — P a y m e n t to corporations or
unincorporated
a s s o c ia tions.
Sec. 3 1 5 .5 2 — P a y m e n t to partnerships.
Sec. 3 1 5 .5 3 — P a y m en t to oth er organiza­
tions (churches, hospitals,
hom es, schools, etc.).
Sec. 3 1 5 .5 4 — R eissue in nam e of trustee for
in vestm en t purposes.
Sec. 3 1 5 .5 5 — Reissue or p a y m en t to suc­
cessors of corporations, un­
incorporated
associations
or partnerships.
Sec. 3 1 5 .5 6 — Reissue or p a ym en t on dis­
solution.

Subpart Q— S T A T E S , PUBLIC C O R P O R A ­
T IO N S , A N D PUBLIC B O A R D S , C O M ­
M IS S IO N S A N D O FFIC ER S.
Sec. 3 1 5 .5 7 — In

n am es o f S ta tes, p u b lic
corporations
and
p u b lic
boards.
Sec. 3 1 5 .5 8 — I n n am es of p u blic officers.

Subpart R— F U R T H E R P R O V IS IO N S .
Sec. 3 1 5 .5 9 — R egu lation s prescribed.
Sec. 3 1 5 .6 0 — P reservation of rights.
Sec. 3 1 5 .6 1 — A d d ition a l proof— bon d
of
indem n ity.
Sec. 3 1 5 .6 2 — Correspondence, certificates,
notices and form s— p res­
en tation and surrender.
Sec. 3 1 5 .6 3 — Supplem ents, am en dm ents o r
revisions.

Regulations Governing United States Savings Bonds
TREASU RY D E P A R T M E N T ,

Department Circular No. 530
Sixth Revision

O f f ic e o f t h e S e c r e t a r y ,

Washington, February 13, 191+5.

Fiscal Service
Bureau of the Public Debt

T o O w ners

of

U nited S tates Sayings B onds ,

and

O thers C oncerned :

D e p a rtm e n t Circular N o . 5 30, F ifth R evision , dated June 1, 1942 (31 C . F . R . 3 1 5 ), as am ended
and su pplem en ted, is hereby further am ended and issued as a S ixth R evision to read as follow s:

Subpart A— APPLICABILITY
Sec. 315.1. Applicability of regulations.— Th ese regulations, published for the inform ation and
guidance of all concerned, a pply generally to all U n ited S ta tes Savin gs B on d s of all series of w hatever
designation and bearing any issue dates w hatever, except as otherwise specifically provided herein.

Subpart B— REGISTRATION
Sec. 315.2. General.— U n ited States Savings B on ds are issued only in registered form . T h e
nam e and post office (m ailing) address of the owner, as well as the n am e o f the coowner or designated
beneficiary, if any, and the date as of w hich the bond is issued will be inscribed thereon at the tim e
of issue b y an authorized issuing a gen t.1 T h e form o f registration used m u st express the actual
ownership of and interest in the bon d and, except as otherwise specifically provided in these regula­
tions, will be considered as conclusive of such ownership and interest.
T h e T reasu ry D ep a rtm en t
will recognize no notices of adverse claim s to savings bon ds and will enter no stoppages or caveats
against p a y m en t in accordance w ith the registration of the bonds.
N o designation of an attorney,
agent, or other representative to request or receive p a ym en t on beh alf o f the owner, nor a n y restric­
tion on the righ t of such owner to receive p a y m en t of the bon d, other than as provided in these
regulations, m a y be m a d e in the registration or otherwise.
Sec. 315.3. Restrictions.— O n ly residents (w hether individuals or others) of the U n ited States
(which for the purposes of this section shall include the territories, insular possessions and the
C an al Z o n e ), and the C om m o n w ea lth of the Philippine Isla n d s,1
2 citizens of the U n ite d States
tem porarily residing abroad and nonresident aliens em ployed in the U n ited States b y the Federal
G o vern m en t or an agency thereof m a y be n am ed as owners, coowners or designated beneficiaries
of savings bonds originally issued on or after April 1, 1940, or of authorized reissues thereof, except
th at such persons m a y n am e as coowners or beneficiaries of their bonds A m erican citizens perm an en tly
residing abroad or nonresident aliens who are n o t citizens of enem y nations. A m erica n citizens
perm an en tly residing abroad and nonresident aliens w ho becom e entitled to bonds under these
regulations, b y righ t of survivorship or otherw ise upon the death of another, will h a v e the right
only to receive p a y m en t either a t or before m a tu rity .3
Sec. 315.4. Authorized forms of registration, Series E, and general provisions relating to their
use.
(a )
F o r m s o f r e g is tr a tio n .— B on d s o f Series E m a y be registered only in the n am es of individ­
uals (natural persons), w hether adults or m inors, in their ow n right in one of the follow ing form s:
(1) O N E P E R S O N : I n the n am e of one person, for exam ple:
“ John A . Jon es.”
(2) T W O P E R S O N S — C O O W N E R S H I P F O R M : I n the nam es of two (b ut n o t m ore
than tw o) persons in the alternative as coowners, for exam ple:
“ John A . Jones O R M r s . E lla S. Jon es.”
N o other form of registration establishing coownership is authorized.

1 The date of maturity is also inscribed on savings bonds of Series A, B and D.
2 Subject to the terms of Executive Order 8389, as amended, and the regulations issued thereunder. See footnote 3.
3 Under the terms of Executive Order No. 8389, as amended, and the regulations issued thereunder, bonds may
not be issued or paid to nationals (as defined in said Order) of blocked countries or to nationals of enemy countries,
whether or not residing in the United States, unless such nationals are generally or specially licensed under the terms
of the Order.

(i)

2

(3)
TWO PERSONS—BENEFICIARY FORM: 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 Mary E. Jones.”
“ Payable on death to” may be abbreviated as “ p. o. d.” The first person named is herein­
after referred to as the owner or registered owner, and the second person named as the
beneficiary or designated beneficiary.
TREASURER OF THE UNITED STATES AS BENEFICIARY: If it is desired that a
bond revert to the United States upon the death of the owner, it may be registered in
the name of the owner with the Treasurer of the United States as beneficiary. A
bond so registered may not be reissued to eliminate the beneficiary. Section 315.46
(b) (2), with regard to reissue to eliminate a beneficiary with his written consent,
shall not apply thereto.
(6 )

G en era l p r o v isio n s rela tin g t o fo r m s o f r e g is tr a tio n .—

(1) NAMES AND TITLES.-—The full name of the owner and that of the coowner or
beneficiary, if any, should be used and should be the name by which the person is ordinarily
known or that under which he does business; if there are two given names the initial of one
may be used, and if a person is habitually known or does business by initials only of his given
names, registration may be in such form. In the case of women, the name should be preceded
by “ Miss” or “ Mrs.” and a married woman’s own given name should be used, not that of her
husband, for example, “ Mrs. Mary A. Jones,” not “ Mrs. Frank B. Jones” . The name may be
preceded by any applicable title such as “ Dr.” , “ Rev.” , etc. The use of suffixes such as “ Sr.”
arid “ Jr.” is desirable whenever applicable. Suffixes such as “ M. D .” and “ D. D .” may also
be used.
(2) MINORS.—A minor, whether or not under legal guardianship, may be named as
owner, coowner, or beneficiary on bonds purchased by another person with such person’s own
funds. A minor may name a coowner or beneficiary on bonds purchased by him from his wages,
earnings, or other money in his possession. But bonds purchased by another person with
funds already belonging to a minor should be registered in the name of the minor alone, followed
by an appropriate reference if the minor is under legal guardianship, as, for example, “ John
Smith, a minor under legal guardianship” , or “ John Smith, a minor under legal guardianship of
Henry C. Smith.”
(3) INCOMPETENTS.—Bonds should not be registered in the name of an incompetent ,
who is defined for this purpose as a person under disability for reasons other than minority,
unless a legal representative of his estate has been appointed. If a representative has been
appointed the bonds may be registered in the name of the incompetent followed by the addition
of appropriate words, for example, “ Frank Jones, an incompetent under legal guardianship
(or conservatorship) ” or “ Frank Jones, an incompetent under legal guardianship (or conservatorship) of Henry Smith.”
(4) TERMS.—The terms “ guardian” , “ legal guardian” , or “ legal representative” , as used
in this Subpart, refer to a guardian or representative of the estate appointed by a court or other­
wise legally qualified. These terms do not refer to a voluntary or natural guardian such as a
parent, including a parent to whom custody of a child has been awarded through divorce pro­
ceedings or a parent by adoption through court proceedings.
Sec. 315.5. Authorized forms of registration, Series F and G.—Bonds of Series F or G may
be registered in the names of individuals (natural persons) in their own right as set forth in Section
315.4, subject to the same conditions as therein set forth, and in the names of fiduciaries, corporations,
associations and partnerships, as owners (not as coowners or beneficiaries), except as follows: (1) they
may not be registered in the name of a trustee under a statute, regulation, agreement, or other in­
strument where the funds used represent merely security for the performance of a duty or obligation,
and (2) they may be registered in the names of commercial banks, which are defined for this purpose
as those accepting demand deposits, only to such extent and under such conditions as may have been
or may hereafter be provided specifically in official circulars governing the offering of other Treasury
securities.4 The following forms are authorized for such registration:
4
Examples of official circulars governing the offering of other Treasury securities and authorizing the registration
of savings bonds of Series F and G in the names of commercial banks under conditions therein specified, are Treasury
Department Circulars Nos. 729, 730, 740, 741, 755, and 756. The offering circular for savings bonds of Series F and G
and this circular will not hereafter be amended to include any specific provisions for the registration of such bonds in
the names of commercial banks, but such provisions shall have the same force and effect as if specifically incorporated
in this and in the offering circular.

3
(a) E x e c u to r s, a d m in is tr a to r s , g u a rd ia n s, e t c .— In the n am e o f one or m ore executors,
adm inistrators, guardians, conservators or other representatives of a single estate appointed b y a
court o f com p eten t jurisdiction or otherwise legally qualified, all o f whose nam es m u st be included
in the registration, follow ed b y adequate identifyin g reference to the estate, for exam ple:
“ John Sm ith , executor of the will (or adm inistrator of the estate) of H e n r y J. Sm ith ,
deceased” , or “ W illia m C . Jones, guardian (or conservator, etc.) o f the estate of
Jam es D . B row n, a m inor (or an in com p eten t)” .
B on d s belonging to a trust w hich an executor is authorized to adm inister under the term s of the
will, alth ough he is n o t n am ed as trustee, m a y be registered in accordance w ith the follow ing
exam ple:
“ John S m ith , executor of the will o f H en ry J. S m ith , deceased, in trust for M r s. Jane
S m ith , w ith rem ainder o v e r .”
I f a guardian or other legal representative holds a com m on fu n d for the account of tw o or more
estates or w ards, bon ds should be registered in the n am e of the representative for each such es­
tate or ward separately, even though the representative was appointed in a single proceeding.
A
father or m oth er, as such, or as natu ral guardian, is n o t considered a fiduciary for purposes of
registration.
(b) T r u s t e e s .— I n the n am e and title of the trustee, or trustees, of a single du ly constituted
trust estate (w hich will be considered as an en tity ) su bstan tially in accordance w ith the form s set
forth in subparagraphs (1) to (5) including, unless otherwise indicated therein, an adequ ate id en tify ­
ing reference to the trust instrum ent or other auth ority creating the trust.
I n each instance the
trustee, or all the trustees if there are m ore th an one, should be designated b y n am e and title except
as provided in subparagraphs (3) to (5) and as follow s: I f the trustees are too num erous to be desig­
n ated in the inscription b y n am es and title, registration m a y be in the form , for exam ple, “ John
S m ith , H e n r y Jones, et al, trustees under the will of W illiam C . B row n , deceased” , or “ T ru stees under
the will of W illiam C . B row n, deceased” ; if the instrum ent creating the trust authorizes the trustees
to act as a board, registration m a y be b y title only, as, for exam ple, “ T ru stees of the L o tu s C lu b ,
W a sh in gto n , In d ia n a , under A rticle X of its con stitu tion ” , or “ B oa rd of T ru stees of the L o tu s C lu b ,
W a sh in gto n , In d ia n a , under A rticle X of its co n stitu tio n .”
T h e follow ing form s of registration are
authorized under this subsection:
(1) T R U S T E E U N D E R W I L L , D E E D O F T R U S T , O R S I M I L A R I N S T R U M E N T .—
In the n am e o f the trustee or trustees under a will, deed o f trust, agreem ent, or sim ilar instru­
m en t, for exam ple:
“ John C . B row n and the F irst N a tio n a l B an k , trustees under the will of H e n ry C . B row n,
deceased” , or “ T h e Second N a tio n a l B a n k , trustee under an agreem ent w ith George
E . WTiite, dated F ebruary 1, 1 9 3 5 .”
(2) T R U S T E E S O F P E N S I O N , R E T I R E M E N T , O R S I M I L A R
F U N D .— In the
nam es and title, or title alone, o f trustees of a pension or retirem ent fund or o f an in vestm en t,
insurance, arm uity, or similar fund or trust, b u t in all such cases the fu n d will be regarded as
an en tity regardless o f the n u m ber o f beneficiaries or the m anner in which their respective
interests are established or determ ined. Segregation of individual shares as a m a tter of b o ok ­
keeping or as a result of individual agreem ents w ith beneficiaries or the express designation of
individual shares as separate trusts will n o t operate to constitute separate trusts under these
regulations.
Such trusts will n o t be deem ed to term inate, in whole or in part, upon the death
o f a n y person, fo r the purpose o f redem ption at par under the provisions o f Section 3 1 5 .2 3 (c).
(3) T R U S T E E S O R B O A R D O F T R U S T E E S O F L O D G E ,
S I M I L A R O R G A N I Z A T I O N .-— I n the title of the trustees or the
in trust the legal title to the p roperty o f a lodge, church, society,
low ed preferably b y reference to the appropriate provisions of its
exam ple:

C H U R C H , S O C IE T Y , O R
board of trustees w ho hold
or similar organization, fo l­
constitution or bylaw s, for

“ Tru stees of Jam estow n L o d g e N o . 1000, B en evolen t and P rotective Order of E lk s, under
Section 10 of its b y law s” ; “ Tru stees of the First B a p tist C hurch, A k ron , O hio, acting
as a board under Section 15 o f its by law s” ; or “ B oa rd of T ru stees of the L o tu s C lu b,
W a sh in g to n , Indiana, under A rticle X of its con stitu tion .”

4
(4) PUBLIC OFFICERS, CORPORATIONS, OR BODIES AS TRUSTEES.—In the
titles of public officers or the names of public corporations or public bodies acting as trustee
under express authority of law, for example:
“ Sinking Fund Commission, trustee of State Highway Certificates of Indebtedness
Sinking Fund, under Section 5972, Code of South Carolina” ; or “ Warden, Illinois
State Penitentiary, Joliet Branch, Trustee of Inmates' Amusement Fund, under
Chapter 23, Sections 34a and 34b, Illinois Revised Statutes, 1941.”
(5) SCHOOL OFFICERS AS TRUSTEES FOR BENEFIT OF STUDENT BODY,
ETC.—In the title of a principal or other officer of a public, private or parochial school, as
trustee for the benefit of the student body, or a class, group or activity thereof, for example:
“ Principal, Western High School, in trust for Class of 1945 Library Fund.”
A written agreement of trust will not be required if the amount to be purchased does not
exceed $250 (maturity value).
(c) P riva te o r g a n iz a tio n s ( c o r p o r a tio n s , a sso c ia tio n s, p a r tn e r s h ip s , e t c .) .— In the name
of any private organization (for commercial banks see Section 315.5), using in each case the full legal
name of the organization without mention of any officer or member by name or title, but making
reference, if desired, to a particular book account or fund (not a trust), as follows:
(1) A CORPORATION.—A business, fraternal, religious or other private corporation,
followed, preferably, by the words “ a corporation” (unless the fact of incorporation is shown in
the name), for example:
“ Smith Manufacturing Company, a corporation” ; or “ Jones and Brown, Inc.”
(2) AN UNINCORPORATED ASSOCIATION.— An unincorporated lodge, society
or similar self-governing association, followed, preferably, by the words “ an unincorporated
association” , for example, “ The Lotus Club, an unincorporated association,” The term “ an
unincorporated association” should not be used to describe a trust fund, a partnership or a
business conducted under a trade name.
(3) A PARTNERSHIP.—A partnership, considered as an entity, followed by the words
“ a partnership” , for example:
“ Smith and Brown, a partnership” , or “ Acme Novelty Company, a partnership.”
(4) OTHER ORGANIZATIONS.—A church, hospital, home, school, or similar institu­
tion, regardless of the manner in which it is organized or governed or title to its property is
held, for example:
“ Shriners' Hospital for Crippled Children, St. Louis, Missouri” , “ St. Mary's Roman
Catholic Church, Albany, New York” , or “ Rodeph Shalom Sunday School, Phila­
delphia, Pennsylvania.”
(d ) S ta te s a n d p u b lic c o r p o r a tio n s . —In the full legal name or title of the owner or custodian
of public funds, other than trust funds, as follows:
(1) Any sovereignty, as a State, or any public corporation, as a county, city, town or
school district, for example:
“ State of Maine” , or “ Town of Rye, New York.”
(2) A n y board, com m ission or other public b o d y duly constituted b y law, for exam ple:
“ M a r y la n d S ta te H ig h w a y C om m issio n .”

(3) Any public officer designated by title only, for example:
“ Treasurer, City of Chicago.”
Registration may include reference to a particular bookkeeping account, if desired.
Sec. 315.6. Unauthorized registration.—Savings bonds inscribed in a form not substantially
in agreement with those authorized by this Subpart will not be considered as validly issued and
will be accepted only for a refund of the purchase price, except in those cases in which reissue
can be made under the provisions of these regulations.
Sec. 315.7. Forms of registration on reissue.—Bonds reissued under the provisions of these
regulations may be issued in any form of registration permitted by the regulations in effect on the
date of original issue, with respect to bonds of that series.

5
Subpart C— LIMITATION ON HOLDINGS
Sec. 315.8. Amount which may be held.— A s provided b y section 22 of the Second L ib erty
B o n d A c t , as added Feb ruary 4, 1935 (U . S. C . 1940 E d ., title 3 1, section 75 7 c ), and b y regula­
tions prescribed b y the Secretary of the Treasu ry pursuant to the authority of th at section, as
am en ded b y the P ublic D e b t A c t of 1941, 55 S ta t. 7, the am oun ts of savings bon ds of the several
series issued during any one calendar year th a t m a y be held b y any one person at any one tim e
are lim ited as follow s:
(а) S eries A, B , C a n d D. — $ 1 0 ,0 0 0 (m atu rity value) of each series for each calendar year.
(б ) S eries E .— $ 5 ,0 0 0 (m atu rity value) for each calendar year.
(c)
S eries F a n d G . — $ 5 0 ,0 0 0 (issue price) for the calendar year 1941, and $ 1 0 0 ,0 0 0 (issue
price) for each calendar year thereafter, of either series or of the com bined aggregate of b o th , except
th at, in the case of com m ercial banks authorized to acquire such bonds in accordance w ith Section
3 1 5 .5 , the lim itation shall be such as m a y h ave been or m a y hereafter be provided specifically in
official circulars governing the offering of other T reasu ry securities, b u t in no event in excess of
$ 1 0 0 ,0 0 0 (issue price) for any calendar year.
Sec. 315.9. Calculation of amount.— In com p uting the a m ou n t of savin gs bonds of any one
series issued during a n y one calendar year held b y any one person at any one tim e for the purpose of
determ ining w hether the am oun t is in excess of the authorized lim it as set forth in the n ext preceding
section, the follow ing rules shall govern:
(а) T h e term “ person” shall m ean any legal en tity , including b u t n o t lim ited to an individual,
a partnership, a corporation (public or priv a te), an unincorporated association or a trust estate, and
the holdings o f each person, individu ally and in a fiduciary capacity, shall be com puted separately.
(б ) In the case of bonds of Series A , B , C , D and E , the com p utation shall be based upon m a ­
tu rity values.
I n the case of bonds o f Series F and G , the com p utation shall be based upon issue
prices.
(c) E x c e p t as provided in subsection (d ), there m u st be taken into account: (1) all bonds
originally issued to and registered in the nam e of that person alon e; (2) all bonds originally issued
to and registered in the nam e of th at person as coowner or reissued, at the request of the original
owner, to add the n am e of th at person as coowner or to designate h im as coowner instead of as
beneficiary under the provisions of this circular, except th a t the a m o u n t o f bonds of Series E held
in coownership form m a y be applied to the holdings of either of the coowners, b u t will n ot be applied
to b o th , or the a m o u n t m a y be apportioned betw een th e m ; and (3) all bon ds acquired b y h im
before M a r c h 1, 1941, upon the death of another or the happening of any other event.
(d ) Th ere need n o t be taken into account: (1) bonds of w hich th a t person is m erely the desig­
n ated beneficiary; (2) those in which his interest is only th at o f a beneficiary under a tru st; or (3)
those to which he is entitled as surviving designated beneficiary upon the death of the registered
owner, as an heir or legatee of the deceased registered owner, or b y virtue of the term ination of a
trust or the happening o f a n y other even t, unless he becam e entitled to any such bon ds in his own
right before M a r c h 1, 1 9 4 1 ; or (4) w ith respect to bonds of Series E , those purchased w ith the pro­
ceeds of m atured bonds of Series A , where the Series A bonds were presented b y an individual
(natural person in his ow n right) owner or coowner for th at purpose and the Series E bonds are
registered in his n am e in any form of registration authorized for th at series.
(e) N o th in g herein contained shall be construed to invalidate any holdings w ithin or, except as
provided in subsection (c) above, to validate any holdings in excess of, the authorized lim its, as
co m p u ted under the regulations in force at the tim e such holdings were acquired.
Sec. 315.10. Disposition of excess.— If any person at any time acquires savings bonds issued
during any one calendar year in excess of the prescribed amount, the excess must be immediately
surrendered for refund of the purchase price, less (in the case of Series G bonds) any interest which
may have been paid thereon, or for such other adjustment as may be possible.

Subpart D — LIMITATION ON TRANSFER AND JUDICIAL PROCEEDINGS
Sec. 315.11. Not transferable.— Savings bonds are n o t transferable and are p ayable only to
the owners n am ed thereon, except in case of the disability or death of the owner, authorized reissue,
or as otherwise specifically provided in this Su bpart, b u t in a n y event o n ly in accordance w ith the
provisions of these regulations. A savings bond m a y n o t be h ypoth ecated or pledged as collateral
for a loan or used as security for the perform ance of an obligation, except as provided in Section
3 1 5 .1 2 .
631727°-

6
Sec. 315.12. Pledge with the Secretary of the Treasury or Federal Reserve Banks.— A savin gs
bon d m a y be pledged b y the registered owner in lieu of surety under the provisions of D e p a r tm e n t
Circular N o . 154, am ended, if the bond approving officer is the Secretary of the Treasury, in w h ich
case an irrevocable pow er o f attorn ey shall be executed authorizing the Secretary of the T r ea su ry
to request p a ym en t. A savings bon d m a y also be deposited as security w ith a Federal R eserve
B a n k under the provisions of D ep a rtm en t Circular N o . 657 b y an institution certified under th a t
circular as an issuing agent for savings bonds of Series E .
Sec. 315.13. Judicial proceedings (judgment creditors, trustees in bankruptcy, receivers o f
insolvents’ estates and conflicting claimants).— A claim against an owner or coowner of a sa vin gs
bond and conflicting claim s as to ownership of or interest in such bon d as betw een coowners or th e
registered owner and a designated beneficiary, w ill be recognized w h en established b y valid ju d icia l
proceedings and p a y m en t or reissue will be m ad e, upon presentation and surrender of the b o n d ,
except as follow s:
(1) N o such proceedings will be recognized if th ey w ould give effect to an a tte m p te d
v olu n ta ry transfer inter v iv os o f the bond or would defeat or im pair the rights of su rvivorsh ip
conferred b y these regulations upon a surviving coowner or beneficiary.
(2) A ju d gm en t creditor, a trustee in b an k ru p tcy or a receiver of an in solven t’s e sta te
will h ave the right to p a ym en t (but n ot to reissue) and a ju d g m en t creditor will be lim ited t o
p a y m en t at the redem ption value current th irty days after the term ination of the ju d ic ia l
proceedings or current at the tim e the bond is received, w hichever is sm aller.
(3) If a debtor, or bankrupt, or insolvent, is not the sole owner of the bond, payment will be

made only to the extent of his interest therein, which must be determined by the court or other­
wise validly established.
A divorce decree ratifyin g or confirming a property agreem ent betw een husband and w ife o r
otherw ise settling their respective interests in savings bonds, will be recognized and will n o t b e r e ­
garded as a proceeding giving effect to an a ttem p ted v olu n tary transfer for the purpose of this sectio n .

Sec. 315.14. Evidence necessary.— T o establish the v alid ity of judicial proceedings there m u s t
be su bm itted a certified cop y of the ju d gm en t or decree of court and of a n y necessary su p p lem en ta ry
proceedings, as well as a certificate from the clerk of the court, under the court’s seal, show ing th a t th e
ju d gm en t or decree is in full force and effect.
A trustee in b an k ru p tcy should su bm it proof o f his
a u th o rity in the form of a certificate from the referee show ing th at he is the du ly elected and qualified
trustee, together w ith a certificate from the clerk of the U n ited States D istrict C ou rt of the p articu lar
district, under seal, shovung the incum ben cy of the referee and authenticating his signature.
Sec. 315.15. Notice of pending proceedings not accepted.—Neither the Treasury Department
nor any agency for the issue, reissue, or redemption of savings bonds will accept notices of adverse
claims or of pending judicial proceedings or undertake to protect the interests of litigants who do
not have possession of the bonds.

Subpart E— SAFEKEEPING FACILITIES
Sec. 315.16. Safekeeping of bonds.— A savings bond will be held in safekeeping, w ith o u t
charge, b y the Secretary of the Treasu ry if the holder so desires. I n such connection the Secre­
tary will utilize the facilities of the Federal R eserve B an k s, as fiscal agents of the U n ited S ta te s ,5
and those of the Treasurer of the U n ited States.
A p p lication form s for safekeeping m a y b e
secured from postm asters, Federal R eserve B a n k s or the T reasu ry D ep a rtm en t.

Subpart F— LOST, STOLEN, MUTILATED, DEFACED OR DESTROYED BONDS
Sec. 315.17. Relief in case of loss, etc., by owner.— U n der the provisions of Sec. 8, 50 S ta t.
4 8 1 , as am ended (U . S. C . 1940 E d ., title 3 1, sec. 73 8 a ), relief either b y the issue of a su b stitu te
bond or b y p a ym en t m a y be giv en in case of the loss, th eft, destruction, m u tilation or d efacem en t
of a savings bon d after receipt b y the owner or his representative.
In a n y such case im m e d ia te
notice of the facts, together w ith a com p lete description of the bon d (including series, year o f is­
sue, serial nu m ber, and n am e and address of the registered owner) should be given to th e T r e a su r y
D e p a r tm e n t, D iv isio n of L o a n s and C urrency, M erchan dise M a r t, C hicago 54, Illinois.
That
division will thereupon furnish an appropriate fo rm and full instructions for presenting the ev i­
dence necessary to secure relief under the law and the regulations as contained in D e p a r tm e n t
5
Safekeeping facilities may be offered at some Branches of Federal Reserve Banks, and in such connection an
inquiry may be addressed to the Branch.

7
C ircular N o . 3 0 0 , as am ended.
I f sucli bon d is su bsequ en tly recovered, im m ediate notice of such
recovery should be given to the D iv isio n of L o a n s and C urren cy (at the address above) in order
th a t delay m a y be avoided upon a later presentation of the bon d for p a y m en t or authorized reissue.

Sec. 315.18. Relief in case of nonreceipt.— I f a savings bon d, on original issue or on reissue,
is n o t received fro m the issuing agent or agency b y the registered owner or other person to w h om
the b o n d was to be delivered, the issuing agent or agency should be notified as p ro m p tly as possible
and g iven all the in form ation available in regard to the transaction. A p p rop riate instructions and
form s, if necessary, will then be furnished the owner reporting nonreceipt.

Subpart G — INTEREST
Sec. 315.19. General.— U n ited States Savin gs B on d s are issued in tw o form s: (1) appreciation
b on ds, issued on a discount basis and redeem able before m a tu rity at increasing fixed redem ption
v alu es; and (2) current incom e bon ds, bearing interest p ayable sem iannually and redeem able before
m a tu r ity at fixed redem ption values less th an the face a m ou n t of the b on d. A t present Series G
con stitu tes the o n ly issue of current incom e savings bonds.
Sec. 315.20. Appreciation bonds.-— N o interest as such is paid on savings bonds issued on a
discount basis.
Such bonds increase in redem ption valu e at the end of the first year fro m issue
date and at the end of each successive h alf-yea r period thereafter until their m a tu rity , w hen the
full a m o u n t becom es payable.
T h e increm ent in valu e represents interest and is paya b le only on
redem ption of the bon ds, whether at or before m a tu rity .
Sec. 315.21. Current income bonds.— E a c h such bond bears interest at a specified rate co m ­
pu ted on the face am o u n t of the bond and paya b le sem iannually, beginning six m on th s fro m issue
date.
E x c e p t for redem ption at par as provided in Section 3 1 5 .2 3 (c) of S u b p a rt H , full advan tage
of interest at th e rate specified m a y be secured only if the bon ds are held to m a tu r ity ; if bonds are
redeem ed before m a tu rity at current redem ption values the difference betw een the face or full m a tu ­
rity valu e and the current redem ption valu e th en payable in accordance w ith the table printed on
each bon d will represent an a d ju stm en t of interest for the rate appropriate for the shorter term ,
as set forth in th e tables attached to th e circular announcing the issue of such bonds.
(a) M eth od o f in terest p a y m e n ts. — Interest due on a current incom e bond will be paid on
each interest p a y m e n t date b y check drawn to the order o f the person or persons in whose n am e the
bond is inscribed, in the sam e form as their nam es appear in the inscription on the bon d, except
th at in the case of a bo n d registered in the form “ A , pa ya b le on death to B ” , the check will b e drawn
to the order o f A alone un til the T reasu ry D ep a rtm en t, D iv isio n o f L o a n s and C urren cy, M erch a n ­
dise M a r t, C hicago 5 4, Illinois, receives notice o f A ’s death, from which date the p a y m en t of interest
will be suspended un til such tim e as the bon d is presented for p a y m en t or reissue. In terest so w ith­
held will be paid to the person found to be entitled to the bo n d .
C hecks issued in p a y m en t of in­
terest on a bon d registered in the nam es o f coowners will be draw n to the order o f “ A or B ” and
will be m ailed to the address o f record of the p ayee first nam ed unless otherwise specifically directed
or until the T reasu ry D ep a rtm en t, D iv isio n o f L oans and C urrency, M erchan dise M a r t, C hicago
54, Illinois, receives notice of his death.
U p o n receipt o f notice of the death of the coowner to w hom
interest is being m ailed the interest will be m ailed to the other coowner, if living, or, if n o t, will be
held pending the receipt of evidence on the estate of the last survivin g coowner.
(b) C h ange o f ad d re ss. — A n owner or coowner of current incom e bonds should p ro m p tly
n o tify the T reasu ry D ep a rtm en t, D iv isio n of L oans and C urrency, M erchan dise M a r t, C hicago 54,
Illinois, of any change in the address for delivery of interest checks.
T h e notice should refer to
all bonds for which it is desired th a t the address be changed and should describe each bond b y date,
serial num ber, series (including years of issue) and inscription appearing on the face of the bond.
(c) R eissu e d u rin g in te rest period . — I f a current incom e bond is reissued for any reason
betw een interest p a y m en t dates, interest for the entire period will be paid, on the n ext interest pay­
m e n t date, b y check drawn to the order o f the person in whose nam e the bond is reissued.
O rdi­
narily, if a bon d is received for reissue less than one m o n th prior to an interest p a y m en t date, re­
issue cannot be effected until after such interest p a ym en t date.
( d ) T erm in atio n o f in te rest. — In case of redem ption prior to m a tu rity , interest on current
incom e bonds will cease on the last d a y o f the interest period n ext preceding the date of redem ption.
F o r exam ple, if a bon d on which interest is paya b le on January 1 and July 1 is redeem ed on Sep­
tem ber 1, 1945, interest will cease on July 1, 1945, and no ad ju stm en t will be m ade on account o f
the failure to receive interest for the period from July 1 to Septem ber 1, 1945.
I n case o f authorized
reissue in another form of registration, the interest on the original bond will cease on the last d a y
of the interest period n ext preceding the date of reissue and interest on the new bond will begin

8
o n the follow ing d a y. T h e sam e rules shall apply in ease of partial redem ption or partial reissue
w ith respect to the am ou n t redeem ed or reissued.
(e) C o n solidation o f a cco u n ts. — W h en ev er possible the accounts for all current incom e
bonds o f a single series on which interest is paya b le on the sam e dates, held b y any one person, will
be consolidated, and a single check will be issued on each interest p a ym en t date for interest on all
such bonds.
F or exam ple, if one person is the sole registered owner o f bonds bearing issue dates o f
January 1 and July 1, and all the bonds are registered in exactly the sam e n am e w ith the sam e a d ­
dress, the interest p a ya b le on the first interest p a y m en t date follow ing the date of the last purchase
will be com puted on the aggregate am oun t of b o th purchases.
(f) E n d o rsem en t o f ch ecks. — Interest checks m u st be endorsed b y the payee, either person­
ally or b y an attorney in fact, in accordance w ith the requirem ents of the Treasurer of the U n ite d
States.
A form for the appoin tm en t of such attorn ey m a y be obtained from the Treasurer of th e
U n ited S ta tes or from a n y Federal R eserve B a n k .
I n case of the death o f the payee the check m a y
be endorsed b y the legal representative, if any, of his estate.
I f no legal representative has been o r
is to be appointed, and if the am oun t due from the U n ited States does n o t exceed $50 0 , the T reasu rer
of the U n ited States, W a sh in g to n 25, D . C ., or a Federal R eserve B a n k , will, upon request, furnish
special instructions.
(g) N onreceipt or lo ss o f check. — I f an interest check is n o t received or is lost after receipt,
the Treasu ry D ep a rtm en t, D iv isio n of L oans and C urrency, M erchan dise M a r t, C hicago 5 4 ; Illin ois,
should be notified of the facts and should be given inform ation concerning the am oun t, n u m b er,
and inscription of the bonds, as well as a description of the check, if possible, in case of loss a fter
the check is received.
U p o n receipt of this inform ation appropriate instructions will be given.

Subpart H — GENERAL PAYMENT AND REDEMPTION PROVISIONS
Sec. 315.22. Payment at maturity.— P ursuant to its term s, a saving bon d of any series will b e
paid at or after m a tu rity at its
surrender o f the bond for th at
to an incorporated ban k or trust
to E only) in Section 3 1 5 .2 9 , the
herein.

full face or m a tu rity value, b u t o n ly follow ing presentation a n d
purpose.
Unless presented b y an individual owner or coow n er
com p an y or other paying agent, as provided (for bonds of Series A
request for p a ym en t m u st be du ly signed and certified as p ro vid ed

Sec. 315.23. Redemption before maturity.— P ursuant to its term s, a savings bon d m a y n o t
be called for redem ption b y the Secretary of the Treasury prior to m a tu rity , b u t m a y be redeem ed
in whole or in part a,t the option of the owner, prior to m a tu rity , under the term s and con dition s
set forth in the offering circular of each series and in accordance w ith the provisions of these reg u la ­
tions follow ing presentation and surrender as provided in this Subpart.
(a)
Series A, B , C, D a n d E . — A bond of Series A , B , C , D or E will be redeem ed in w hole or
in part at a n y tim e after 60 days from the issue date w ith ou t advance notice, at the appropriate
redem ption value as show n in the table printed on the bonds.
( h) Series F an d G .— A bond of Series F or G will be redeem ed in whole or in part, on on e
m o n th ’s n otice in w riting, on the first day of a n y m o n th n o t less than six m on th s from the issue d a te ,
at the appropriate redem ption valu e as show n in the table printed on the bond.
T h e ow n er’ s
option to redeem m a y be show n b y a signed request for p a ym en t or b y express w ritten notice, an d
p a ym en t will be m ade as of the first day of the first m on th follow ing b y at least one full calen dar
m o n th the date of receipt of n otice b y the T reasu ry D ep a rtm en t, D iv isio n of L oans and C u rren cy ,
M erchan dise M a r t, C hicago 54, Illinois, or a Federal R eserve B a n k . F o r exam ple, if the request o r
notice is received on June 15, the effective redem ption date will be A u g u st 1. I f express notice is
given, the bond m u st be surrendered to the sam e agency to which the notice is given n ot less th a n
20 days before the effective redem ption date.
(See Section 315.21 for provisions as to interest in
case current incom e bonds are redeem ed prior to m a tu rity .)
(c) S eries G — R ed em p tio n a t p a r before m a tu rity . — A bond of Series G (but n ot o f Series
F ) will be redeem ed at par before m a tu rity in w hole or in part, in am ounts corresponding w ith
authorized denom inations, n ot less than six m on ths from the issue date, (1) upon the death o f a n
owner o f coowner, if a n atural person, or (2) upon the term ination of a trust or other fiduciary
estate b y reason of the death of a n y person, if held b y the trustee or other fiduciary, except th a t if
the trust or fiduciary estate is term inated o n ly in part, redem ption at par will be m ade to the ex ten t
of n ot m ore than the pro rata portion of the trust or fiduciary estate so term inated.
R e d e m p tio n
will be m ade only follow ing actual receipt of w ritten notice of intention to redeem at par.
Su ch
notice m u st be given in tim e to be received in the ordinary course of m ail b y the Treasu ry D e p a r t­
m en t, D iv isio n of L oans and C urrency, M erchan dise M a r t, C hicago 54, Illinois, or a Federal R eserv e
B a n k w ithin six m on ths after the date of death of the owner or coowner or person whose d ea th
results in the term ination of the trust or other fiduciary estate, unless the period w ithin w h ich

9
notice must be received is extended in accordance with the provisions of this subsection. Proof
of the date of death must be furnished and the bond must be surrendered to the same agency to
which notice of intention to redeem at par is given, but they need not accompany such notice.
Ordinarily, payment will be made as of the first day of the first month following by at least one full
calendar month the date of receipt of notice, but payment may be postponed, upon request of the
person presenting the bond, to the second interest payment date following the date of death, except
as follows: if the period within which notice must be received is extended beyond such interest
payment date, in accordance with the provisions of this subsection, and notice received thereafter
is accepted, the effective redemption date may, upon request, be postponed to the next interest
payment date following the date of receipt of notice. The period within which notice must be
received may be extended in any particular case upon presentation of satisfactory proof that notice
could not seasonably be given by reason of litigation or delay in the appointment of a legal repre­
sentative of the estate or in the receipt of notice of death.
Sec. 315.24. Form and execution of requests for payment.—Requests for payment of savings
bonds, unless otherwise authorized in a particular case, must be executed on the form appearing on
the back of the bond to be surrendered. Unless otherwise specifically requested, payment, pursuant
to a dtdy executed request, will be made on the earliest day consistent with these regulations.
(a) D a te o f r e q u e s t. — O rdinarily, requests executed m ore than six m on th s before the date of
receipt of a bon d for p a ym en t will n o t be accepted.
( b ) Id e n tific a tio n an d sig n a tu r e o f o w n e r . — T h e registered owner in w hose n am e the bond
is inscribed, or such other person as m a y be entitled to p a y m en t under the provisions of these regu­
lations, m u st appear before one o f the officers authorized to certify requests for p a y m e n t (see Section
3 1 5 .2 5 ), establish his identity and in the presence of such officer sign the request for p a y m en t in ink,
adding in the space provided the address to which the check issued in p a ym en t is to be m ailed.
A signature m ade b y m ark ( X ) m u st b e witnessed b y at least one person in addition to the certifying
officer and m u st be attested b y endorsem ent in the blank space, su bstan tially as follow s: “ W itn ess
to the above signature b y m a rk ” , follow ed b y the signature and address of the witness. I f the n am e
o f the registered owner or other person entitled to p a ym en t, as it appears in the registration or in
evidence on file at the Treasury D ep a rtm en t, D iv isio n of L o a n s and C urrency, has been changed b y
m arriage or in a n y oth er legal m anner, the signature to the request for p a ym en t should show b o th
nam es and the m anner in which the change was m ade, for exam ple, “ M iss M a r y T . Jones, now b y
m arriage M r s . A la r y T . S m ith ” , or “ Jung Sm elt, now b y court order John S m ith .”
I n case o f a
change of nam e other th an b y m arriage the request should be supported b y satisfactory proof of
such change, unless already on file.
N o request signed in beh alf of the owner or person entitled to
p a y m en t b y an agent or a person acting under a power of a ttorn ey will be recognized b y the Treasu ry
D ep a rtm e n t except as provided in Section 3 1 5 .1 2 .
(c) C ertifica tio n o f r e q u e s t. —After the request for payment has been signed by the owner
the certifying officer should complete and sign the certificate appearing at the end of the form for
request for payment, and the bond should then be presented and surrendered as provided in Section
3 1 5 .2 8 .

Sec. 315.25. Certifying officers .—The

payment:

following officers are authorized to certify requests for

(a) A t U n ite d S ta te s p o s t o ffic e s. —Any postmaster, acting postmaster or inspector in charge,
or other post office official or clerk heretofore or hereafter designated for the purpose. One or more
of these officials will be found at every United States post office, classified branch or station. A post
office official or clerk other than a postmaster, acting postmaster or inspector in charge, should
certify in the name of the postmaster or acting postmaster, followed by his own signature and
official title, for example, “ John Doe, postmaster, by Richard Roe, postal cashier.” Signatures of
these officers should be authenticated by a legible imprint of the post office dating stamp.
( b) A t ha nks, tr u s t c o m p a n ie s a n d b ra n c h es. —Any officer of any bank or trust company
incorporated in the United States or its organized territories, or domestic or foreign branch of such
bank or trust company, including those doing business in the organized territories or insular posses­
sions of the United States and the Commonwealth of the Philippines under Federal charter or
organized under Federal law, Federal Reserve Banks, Federal Land Banks, and Federal Home Loan
Banks; any employee of any such bank or trust company expressly authorized by the corporation
for that purpose, who should sign over the title “ Designated Employee” ; and Federal Reserve
Agents and Assistant Federal Reserve Agents, located at the several Federal Reserve Banks. Cer­
tifications by any of these officers or designated employees should be authenticated by either a
legible impression of the corporate seal of the bank or trust company or, in the case of banks or
trust companies and their branches which are authorized and duly qualified issuing agents for bonds
of Series E, by a legible imprint of the issuing agent’s dating stamp.

10
(c) Is su in g a g e n ts n o t ha nks or tr u s t c o m p a n ie s . —Any officer of a corporation not a bank
or trust company, and of any other organization, which is a duly qualified issuing agent for bonds
of Series E. All certifications by such officers must be authenticated by a legible imprint of the
issuing agent's dating stamp.
(d) C o m m is s io n e d o ffice rs a n d w a rra n t o ffice rs o f a r m e d fo r c e s . —Commissioned officers
and warrant officers of the United States Army, Navy, Marine Corps and Coast Guard, but only for
members (and the families of members) of their respective services and civilian employees at Posts
or Bases or Stations (such certifying officer should indicate his rank and state that the person signing
the request is one of the class whose requests he is authorized to certify).
(e) U n ite d S ta te s officia ls. —Judges, clerks and deputy clerks of United States courts, in­
cluding United States courts for the organized territories, insular possessions and the Canal Zone;
United States Commissioners; United States attorneys; United States collectors of customs and
their deputies; United States collectors of internal revenue and their deputies; the officer in charge
of any home, hospital or other facility of the Veterans' Administration, but only for patients and
members of such facilities; certain officers of Federal penal institutions designated for that purpose
by the Secretary of the Treasury and certain officers of the United States Public Health Service
Hospitals at Lexington, Kentucky, and at Fort Worth, Texas, and of United States Marine Hospitals
at Fort Stanton, New Mexico, and Carville, Louisiana, designated for that purpose by the Secretary
of the Treasury (in each case, however, only for inmates or employees of the institution involved).
if) O fficers a u th o r iz e d in p a rticu la r lo ca lities. —Certain officers in the Treasury Depart­
ment; the Governors and Treasurers of Hawaii, Puerto Itico and Alaska; the Governor and Com­
missioner of Finance of the Virgin Islands; the Governors and Administrative Naval and Marine
officers of Guam and American Samoa; the Governor, paymaster or acting paymaster, and collector
or acting collector of the Panama Canal; postmasters and acting postmasters in the Bureau of
Posts of the Canal Zone; the United States High Commissioner to the Commonwealth of the Philip­
pines, his Executive Assistant, and the Chief Clerk in his office, the Treasurer of the Commonwealth
and the city treasurers of Manila and Baguio, and judges and clerks of courts of record of the Com­
monwealth whose signatures and official positions are certified by the Secretary of Justice.
(g) I n fo r e ig n c o u n tr ie s . — In a foreign country requests for payment may be signed in the
presence of and be certified by any United States diplomatic or consular representative, or manager
or other officer of a foreign branch of a bank or trust company incorporated in the United States,
whose signature is attested by an impression of the corporate seal or is certified to the Treasury
Department. If such an officer is not available, requests for payment may be signed in the presence
of and be certified by a notary or other officer authorized to administer oaths, but his official character
and jurisdiction should be certified by a United States diplomatic or consular officer under seal of
his office.
(h ) S p ecia l p r o v is io n s .—In the event none of the officers authorized to certify requests for
payment of savings bonds is readily accessible, the Commissioner of the Public Debt, the Deputy
Commissioner of the Public Debt in Charge of the Chicago Office, or a Federal Reserve Bank, is
authorized to make special provision for any particular case.
Sec. 315.26. General instructions to certifying officers.— Certifying officers should require
positive identification of the person signing a request for payment and will be held fully responsible
therefor. In all cases a certifying officer must affix to the certification his official signature, title,
address and seal, or dating stamp, and the date of execution. Officers of Veterans' Facilities, Public
Health Service Hospitals, Marine Hospitals, and Federal penal institutions, should use the seal of
the particular institution or service, where such seal is available. If a certifying officer, other than
a post office official, officer of a bank or trust company, or officer of an issuing agent, does not possess
an official seal, that fact should be made known and attested.
Sec. 315.27. Interested person not to certify.—No person authorized to certify requests for
payment may certify a request for payment 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.
Sec. 315.28. Presentation and surrender— all series.—Except for cases coming within the
provisions of Section 315.29, after the request for payment has been duly signed by the owner and
certified as above provided, the bond should be presented and surrendered, if a bond of Series F or G
to a Federal Reserve Bank or to the Treasury Department, Division of Loans and Currency, M erchandise Mart, Chicago 54, Illinois, or, if a bond of any other series, to a Federal Reserve Bank or to
the Treasurer of the United States, Washington 25, D. C. Usually payment will be expedited by
surrender to a Federal Reserve Bank. In all cases presentation will be at the expense and risk of
the owner, and, for his protection, the bond 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.

11
Sec. 315.29. Optional procedure limited to bonds o f Series A to E, inclusive, in names of
individual owners or coowners only.—An individual (natural person) whose name is inscribed on

the face of a bond of Series A, B, C, D or E, either as owner or coowner in his own right, may pre­
sent such bond (unless marked “ DUPLICATE” ) to any incorporated bank or trust company or
any other organization qualified as a paying agent under the provisions of Department Circular
No. 750 or any amendment thereto. If such bond is in order for payment by the paying agent, the
owner or coowner, upon establishing his identity to the satisfaction of the paying agent and upon sign­
ing the request for payment and adding his home or business address, may receive immediate payment
at the current redemption value, if the bond is presented prior to maturity, or at full maturity value
if presented at or after maturity. Even though the request for payment has been signed, or signed
and certified prior to the presentation of the bond, nevertheless the paying agent is required to
establish to its satisfaction the identity of the owner or coowner requesting payment and such paying
agent may require the owner or coowner to sign again the request for payment. No charge will be
made to the owner. This method of presentation is authorized notwithstanding the provisions of
Treasury Department Circulars Nos. 529, 554, 571, 596 and 653, all as supplemented, amended, or
revised, and notwithstanding any instructions which may be printed on the bond and is optional
with individual owners. Bonds of Series A, B, C, D or E requiring documentary evidence to sup­
port redemption, or presented for partial redemption, and bonds of Series F and G, are not eligible
for payment at these paying agencies.
Sec. 315.30. Partial redemption.—A savings bond of any series in a denomination greater
than $25 (maturity value) may be redeemed in part at current redemption value but only in amounts
corresponding to authorized denominations of not less than $25 (maturity value), upon presentation
and surrender of the bond to a Federal Reserve Bank or to the Treasurer of the United States, or
to the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54,
Illinois, all in accordance with this Subpart. Partial redemption may not be effected at incorporated
banks or trust companies. In any case in which partial redemption is authorized, before the request
for payment is signed there should be added to the first sentence of the request the words “ to the
extent o f$ _____ (maturity value), and reissue of the remainder.” Upon partial redemption of the
savings bond the remainder will be reissued as of the original date as provided in Subpart I. For
payment of interest on bonds of Series G in case of partial redemption, see Subpart G.
Sec. 315.31. Nonreceipt or loss o f checks issued in payment.—In case a check in payment of
a bond surrendered for redemption is not received within a reasonable time, or in case such check is
lost after receipt, notice should be given to the same agency to which the bond was surrendered for
payment, accompanied by a description of the bond by series, denomination, serial number and
registration. The notice should state whether or not the check was received and should give the
date upon which the bond was forwarded. Instructions will be given as to the necessary procedure
to secure a duplicate. It should be borne in mind, in connection with bonds of Series F and G,
that payment is made only on the first day of a calendar month and only after at least one full calen­
dar month following actual receipt of the notice of intention to redeem, and a check cannot be
expected until that time.

Subpart I— GENERAL REISSUE AND DENOMINATIONAL EXCHANGE
Sec. 315.32. General.—Reissue of a savings bond will be restricted to a form of registration
permitted by the regulations in effect on the date of original issue of the bond and will be made only
upon surrender of the bond and only in accordance with the provisions of these regulations. Reissue
of a savings bond in a different name or in a different form of registration will be made only in the
following instances:
(a) To correct an error in the original issue, upon appropriate request, supported by satisfac­
tory proof of such error unless the error was made by the issuing agent.
( b ) To show a change in the name of an owner, coowner or designated beneficiary, upon his
request, supported by satisfactory proof of the change of name if for any reason other than marriage.
(c) As otherwise specifically provided in these regulations.
Sec. 315.33. Requests for reissue.—Requests for reissue should be made on appropriate
forms, which may be obtained from any Federal Reserve B&nk or from the Treasury Department,
Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, and should be signed by
the persons authorized under these regulations to make such requests. If the request is by reason of
a change of name, the signature should show both names and the manner in which the change took
place, as, for example, “ Miss Mary T. Jones, now by marriage Mrs. Mary T. Smith.” A request for

12

reissue must be signed in the presence of and be certified by an officer authorized under Subpart H
to certify requests for payment.
Sec. 315.34. Agencies authorized to make reissue.—Reissues under Sec. 315.32 (b) and (c)
may be made only at a Federal Reserve Bank or the Treasury Department, Division of Loans and
Currency, Merchandise Mart, Chicago 54, Illinois.
Sec. 315.35. Effective date.—In any case of authorized reissue the Treasury Department will
treat the receipt by a Federal Reserve Bank or the Treasury Department of a bond and appropriate
request for reissue thereof, as determining the date upon which reissue is effective.
Sec. 315.36. Date of bonds on reissue.—The new bonds will be of the same series, will bear
the same issue date, and will have the same rights and privileges as the bonds surrendered.
Sec. 315.37. Denominational exchange.—Exchange as between authorized denominations
will not be permitted except in cases of partial redemption or authorized reissue and then only in
authorized denominations of not less than $25 (maturity value).

Subpart J— M INORS AND PERSONS UNDER OTHER LEGAL DISABILITY
Sec. 315.38. Payment to legal guardians.— If the form of registration of a savings bond indi­
cates that the owner is a minor or has been judicially declared to be incompetent to manage his
estate and that a guardian or similar representative has been appointed for the estate of such minor
or incompetent by a court having jurisdiction or is otherwise legally qualified, payment will be made
only to such guardian or similar legal representative. In such case the request for payment appear­
ing on the back of the bond should be signed by the guardian or other legal representative as such,
for example, “ John A. Jones, guardian (committee) of the estate of Henry W. Smith, a minor (an
incompetent).” Unless the form of registration gives the name of the representative, there must be
submitted in support of the request a certificate or a certified copy of the letters of appointment
from the court making the appointment under the seal of the court. Except in the case of corporate
fiduciaries, such certificate*or certification should state that the appointment is in full force and
should be dated not more than six months prior to the date of presentation of the bond for payment.
See Subpart O for payment provisions applicable to bonds registered in the names of guardians and
similar fiduciaries. Where the form of registration does not indicate that the owner is a minor for
whose estate a guardian has been appointed, a notice that such guardian has been appointed will
not be accepted by the Treasury Department for the purpose of preventing payment to the minor or
to a parent or other person on behalf of the minor as provided in the two following sections. How­
ever, if a legal guardian presents for payment a bond so registered accompanied by proof of his
appointment, payment will be made to such guardian.
Sec. 315.39. Payment to minors.—Unless the form of registration of a savings bond indicates
that the owner is a minor for whose estate a guardian or similar legal representative has been ap­
pointed or is otherwise duly qualified, payment will be made direct to such minor presenting the bond
for payment if, at the time payment is requested, he is of sufficient competency 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 payment has been signed by a minor and duly certified in accordance with Subpart H
will be accepted as sufficient proof of such competency and understanding.
Sec. 315.40. Payment to a parent or other person on behalf of a minor.—If the owner of a
savings bond is a minor and the form of registration does not indicate that a guardian or similar legal
representative of the estate of such minor has been appointed by a court or is otherwise legally
qualified, and if such minor owner is not of sufficient competency and understanding to execute the
request for payment, payment 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.
Such parent or other person must surrender the bond with the request for payment properly executed,
and furnish a certificate, which may be typed on the back of the bond, showing his right to act for
the minor. If a parent signs the request, the certificate and signature thereto should be in sub­
stantially the following form:
“ I certify that I am the mother (or father) of John C. Jones and the person with whom he
resides. He i s ___ years of age and is not of sufficient competency and understanding to sign
this request.
Mrs. Mary Jones on behalf of John C. Jones.”

13
If a person other than a parent signs the request, the certificate and signature thereto, including a
reference to the person’s relationship, if any, to the minor, should be in substantially the following
form:
“ I certify that John C. Jones does not reside with either parent and that I furnish his chief
support. He is___ years of age and is not of sufficient competency and understanding to sign
this request.
Mrs. Alice Brown, grandmother, on behalf of John C. Jones.”
The Treasury Department may in any particular case require further proof that the minor is not
of sufficient competency 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.
Sec. 315.41. Payment to voluntary guardian of person under disability.—In any case where
the adult owner of a bond has been judicially declared incompetent or such incompetency is otherwise
satisfactorily established, and no duly qualified legal representative of his estate is acting, 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 acting as voluntary guardian, upon presentation of satisfactory proof that the
proceeds of the bond are necessary for the purchase of' necessaries for the incompetent or for his wife or
minor children or other persons dependent upon him for support. Application for such payment
should be made only on appropriate forms, which may be obtained from the Treasury Department,
Divisions of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, or any Federal Reserve
Bank. The request for payment should not be executed, nor the bond presented, until the applica­
tion has been approved and instructions have been given by the Treasury Department.
Sec. 315.42. Reissue in the case of a minor.—A savings bond of which a minor is the owner,
or in which he has an interest, may be reissued upon an authorized reissue transaction under the
following conditions:
(1) Reissue will be restricted to a form of registration which preserves the existing ownership
or interest of the minor, except that a minor of sufficient competency and understanding to sign
his name to the request and to comprehend the nature of such act, shall have the right to request
reissue to add a coowner or beneficiary to a bond registered in his name alone or to which he is
entitled in his own right.
(2) Reissue will be subject to the terms and conditions prescribed by Sections 315.38, 315.39
and 315.40 of this Subpart, governing a request for payment of such bond.

Subpart K — SINGLE N AM E— ADDITION OF COOWNER, ETC.
Sec. 315.43. Payment or reissue.—A savings bond registered in the name of one person in
his own right without a coowner or beneficiary, or to which one person is entitled in his own right
under these regulations, will be paid to such person during his lifetime upon a duly executed request
for payment. Upon the death of the owner, such bond, if not previously redeemed, will be considered
as belonging to his estate and will be paid or reissued accordingly. (See Subpart N.)
Sec. 315.44. Reissue for certain purposes.—A savings bond registered in the name of one
person in his own right, or to which one person is shown to be entitled in his own right under these
regulations, may be reissued, upon appropriate request, for the following purposes:
(a) A d d itio n o f a c o o w n e r . —Reissue in the name of the owner with that of another natural
person as coowner. Bonds reissued in accordance with this subsection upon request of the original
owner will be considered for the purposes of computation of holdings under Subpart C of these
regulations as originally issued in both names, and no reissue will be effective_ which results in any
one person holding bonds in excess of the established limit for the series to which the bonds belong.
Requests for reissue under this subsection should be made on Form PD 1787.
( b ) A d d itio n o f a b en efic ia ry .—Reissue in the name of the owner with that of another natural
person as designated beneficiary. Requests for reissue under the provisions of this subsection should
be made on Form PD 1787.
(c) A tr u s te e o f a living t r u s t . —Reissue in the name of a trustee of a living trust created by
the owner for his benefit, in whole or in part, during his lifetime, whether or not containing an abso­
lute power of revocation in the grantor; but such reissue will be allowed only in the case of bonds of
those series which may be originally issued in the name of a trustee. Requests for reissue under this
subsection should be made on Form PD 1851.

14
Subpart L— TW O N AM ES— COOWNERSHIP FORM
Sec. 315.45. Payment or reissue.—A savings bond registered in the names of two persons as
coowners in the form, for example, “ John A. Jones or Mrs. Mary C. Jones” , will be paid or reissued
as follows:
(а) P a y m e n t d u rin g t h e lives o f b o t h c o o w n e r s . —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
payment will be made by check drawn to the order of both coowners in the form “ John A. Jones and
Mrs. Mary C. Jones” , and the check must be endorsed by both payees.
(б) R e is s u e d u rin g t h e lives o f b o t h c o o w n e r s . —During the lives of both coowners the
bond may be reissued upon the request of both, as follows:
(1) If one of the coowners is married after the issue of the bond, the bond may be reissued to
eliminate the name of the other coowner and to name the former’s wife or husband as coowner
or beneficiary. Requests for reissue under this provision should be made on Form PD 1938.
(2) If the coowners are divorced from each other after the issue of the bond, the bond
may be reissued in the name of either coowner, alone or with a new coowner or a beneficiary.
The request must be supported by a copy of the divorce decree, certified by the clerk of the
court under its seal. Application for the appropriate form to be used hereunder may be made
to a Federal Reserve Bank or to the Treasury Department, Division of Loans and Currency
Merchandise Mart, Chicago 54, Illinois.
(3) If the bond is of a series which may be originally issued in the name of a trustee, it
may be reissued in the name of a trustee of a living trust created by both coowners for the
benefit of both, in whole or in part, during their lifetime, whether or not containing an absolute
power of revocation in the grantors. Requests for reissue under this provision should be made
on Form PD 1851.
No other reissue will be permitted in any form during the lives of both coowners except as specifi­
cally provided in these regulations.
(c) P a y m e n t or r e iss u e a fte r th e d e a th o f o n e c o o w n e r . —If either coowner dies without
the bond having been presented and surrendered for pajunent or authorized reissue, the surviving
coowner will be recognized as the sole and absolute owner of the bond and payment or reissue, as
though the bond were registered in his name alone, will be made only to such survivor. If the
survivor requests reissue, he must present proof of the death of the other coowner. If a coowner
dies after he has presented and surrendered the bond for payment, payment of the bond or check
if one has been issued, will be made to his estate (see Subpart N). If either coowner dies after the
bond has been presented and surrendered for authorized reissue, the bond will be treated as though
such reissue had been made before the death of such coowner (see Section 315.35).
(d) P a y m e n t o r r e iss u e o n d e a th o f b o th c o o w n e r s in c o m m o n d isa ster. —If both co­
owners die in a common disaster under such conditions that it cannot be established, either by pre­
sumption of law or otherwise, which coowner died first, the bond will be considered as belonging to
the estates of both coowners, and payment or reissue will be made accordingly (see Subpart N).
(e) P a y m e n t o r r e iss u e a fte r t h e d e a th o f t h e su rv iv in g c o o w n e r . —If a surviving co­
owner who becomes solely entitled to the bond under the provisions of subsection (c) of this section
dies without having presented and surrendered the bond for payment or authorized reissue, the bond
will be considered as belonging to his estate and will be paid or reissued accordingly (see Subpart N).
In this case, proof of the death of both coowners and of the order in which they died will be required.
The term “ presented and surrendered” as used in this Subpart means the actual receipt of a
bond, for payment, by a Federal Reserve Bank or the Treasury Department, or an incorporated
bank or trust company or any other agency duly qualified to make payment of the bond, or, for
reissue, by a Federal Reserve Bank or the Treasury Department, with an appropriate request for the
particular transaction.

Subpart M — TW O NAM ES— BENEFICIARY FORM
Sec. 315.46. Payment or reissue.—A savings bond registered in the name of one person pay­
able on death to another, for example, “ Henry W. Ash, payable on death to John C. Black” , will
be paid or reissued as follows:
(a) P a y m e n t to t h e r e g is te r e d o w n e r . —The bond will be paid to the registered owner during
his lifetime upon his properly executed request as though no beneficiary had been named in the
registration.

15
R eissu e d u rin g th e life tim e o f th e reg istered ow ner a s follow s:
(1) The bond will be reissued, on the duly certified request of the registered owner, to
name the beneficiary designated on the bond as coowner. Bonds so reissued upon the requestof the original owner will be considered for the purposes of computation of holdings under
Subpart C of these regulations as originally issued in both names and no reissue will be effective
which results in any one person holding bonds in excess of the established limit for the series
to which the bonds belong.
(2) The bond will also be reissued upon the duly certified request of the registered owner,
together with the duly certified consent of the designated beneficiary, to eliminate such benefi­
ciary 6 or to substitute another person as beneficiary, or to name another person as coowner.
Under this provision the bond may also be reissued in the name of a trustee of a living trust
created by the owner for his benefit, in whole or in part, during his lifetime, whether or not
containing an absolute power of revocation in the grantor, if it is a bond of a series which
may be originally issued in the name of a trustee.
(3) If the beneficiary should predecease the registered owner, upon proof of such death
and upon request of the registered owner the bond may be reissued as though it were regis­
tered in his name alone.
Requests for reissue under this subsection should be made on Form PD 1787, except that Form
PD 1849 should be used for reissue to a trustee of a living trust under the provisions of
subparagraph 2.
(c) P ay m e n t or reissu e a fte r th e d e a th o f th e registered ow ner.—If the registered owner
dies without having presented and surrendered the bond for payment or authorized reissue and
is survived by the beneficiary, upon proof of such death and survivorship, the beneficiary will be
recognized as the sole and absolute owner of the bond, and payment or reissue, as though the bond
were registered in his name alone, will be made only to such survivor. If the registered owner dies
after he has presented and surrendered the bond for payment, payment of the bond, or check, if
one has been issued, will be made to his estate (see Subpart N). If the registered owner dies after
the bond has been presented and surrendered for an authorized reissue, the bond will be treated
as though such reissue had been made before the death of the registered owner (see Sec. 315.35).
(d) P a y m e n t or reissu e a fte r th e d eath o f th e surviving beneficiary.—If a surviving
beneficiary who becomes entitled to the bond under the provisions of subsection (c) of this section,
dies without having presented and surrendered the bond for payment or reissue, the bond will be
considered as belonging to his estate and will be paid or reissued accordingly (see Subpart N).
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.
The term “ presented and surrendered” as used in this Subpart means the actual receipt of a
bond, for payment, by a Federal Reserve Bank or the Treasury Department, or an incorporated
bank or trust company or any other agency duly qualified to make payment of the bond, or, for
reissue, by a Federal Reserve Bank or the Treasury Department, with an appropriate request for
the particular transaction.
(6 )

Subpart N — DECEASED OWNERS
Sec. 315.47. Payment or reissue on death of owner.—Upon the death of the owner of a sav­
ings bond who was not survived by a coowner or designated beneficiary and who had not during his
lifetime presented and surrendered the bond to a Federal Reserve Bank or the Treasury Department
for 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 of this Subpart
will not be made to a creditor. In any case, reissue will be restricted to a form of registration per­
mitted by the regulations in effect on the date of original issue of the bond, but the person entitled
to the bond may hold it without change of registration and will have the right to payment before or
at maturity. The provisions of this section shall also apply to savings bonds registered in the names
of executors or administrators, except that proof of 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 Department, Division of Loans and
Currency, Merchandise Mart, Chicago 54, Illinois, and should be used in every instance.
(a) In course o f a d m in istra tio n .—If the estate of the decedent is being administered in a
court of competent jurisdiction, the bond will be paid to the duly qualified representative of the
estate or will be reissued in the names of the persons entitled to share in the estate, upon request
6 A bond registered in the name of the owner payable on death to the Treasurer of the United States may not
be reissued to eliminate the beneficiary.

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of the duly appointed and qualified representative of 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 of court, or by testamentary provision,
some one or more of them may properly execute the request.
(2) The request for payment or reissue should be signed in the form, for example: “ John
A. Jones, administrator of the estate (or executor of the will) of Henry W. Jones, deceased” ,
and must be supported by proof of the representative’s authority in the form of a court certifi­
cate 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 seal of the court,
and, except in the case of a corporate representative, must contain a statement that the appoint­
ment is in full force and should be dated within six months of the date of presentation of the bond.
(3) In case of reissue the personal representative should certify that the persons named arc
entitled to share in the estate to the extent specified for each and have consented to such re­
issue. 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 additional request for that purpose, using Form PD 1787.
(4) If a sole representative is himself the person entitled and desires reissue in his own
name, the request for reissue must be supported by an order of court showing that he is entitled
to the bond in his own right.
( 6) A ft e r s e t t l e m e n t th r o u g h c o u r t p r o c e e d in g s .—If the estate of the decedent has been
settled in a court of competent jurisdiction, the bond will be paid to or reissued in the name of 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 of the representative’s
final account and the decree of 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 b y
them. If it is established to the satisfaction of the Secretary of the Treasury that the representative
is not required by law or rules of court to render an accounting, reissue may be made in his name,
upon his request as representative, supported by proof of compliance with all legal requirements
and of all the facts necessary to establish his right to the bond.
(c) W i t h o u t a d m in is tr a tio n .—If no legal representative of the decedent’s estate has been
or is to be appointed and the amount of savings bonds belonging to the estate does not exceed $250
(maturity value), or if it is established to the satisfaction of the Secretary of the Treasury that the
gross value of the personal estate of the decedent 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, 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 of Loans and
Currency, Merchandise Mart, Chicago 54, Illinois. The applicant should state whether or not the
amount of bonds belonging to the decedent’s estate is in excess of $250 (maturity value). No pay­
ment or reissue will he permitted 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 interests in the
decedent’s entire personal estate, whichever is less, unless such interests are otherwise protected to
the satisfaction of the Secretary of the Treasury.
Subpart O — FIDUCIARIES
Sec. 315.48. Payment to fiduciaries.—A savings bond registered in the name of a fiduciary,
or otherwise belonging to a fiduciary estate, will be paid to the fiduciaries of such estate upon their
request. A request for payment before maturity must be signed by all acting fiduciaries unless, by
express statute or decree of court or by the terms of the instrument under which the fiduciaries are
acting, some one or more of them may properly execute the request. A request for payment at
maturity signed by any one or more acting fiduciaries will be accepted, but payment will be made
to all. If the bond is registered in the names of fiduciaries of the estate who are still acting, no
further evidence of authority will be required. In other cases the request for payment must be
supported by evidence as specified below:

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(а) F id u ciarie s — B y title only. — I f the bond is registered in the titles w ith ou t the nam es of
th e fiduciaries, satisfactory proof of their incum ben cy m u st be furnished, except in the case o f public
officers.
(б) Su cceed in g fidu ciaries.—If the fiduciaries in whose names the bonds were registered
have been succeeded by other fiduciaries, satisfactory proof of successorship must be furnished.
(c) B o ard s , co m m itte e s, etc.—If the fiduciaries consist of a board, committee, commission
or public body, or are otherwise empowered to act as a unit, a request for payment before maturity
must be signed in the name of the board or other body by an authorized officer or agent thereof
or by all members of the board or other body. A request executed by an officer or agent must be
supported by a duly certified copy of a resolution of the board or other body authorizing such action
or by a duly certified copy of the trust instrument or excerpt therefrom snowing the authority for
such action, except that in the case of a public board or commission a request signed in its name by
an authorized officer thereof and duly certified will ordinarily be accepted without further proof of
his authority. A request signed by all members of a private board or committee must be supported
by a duly executed certificate of incumbency.
(d) C orporate fidu ciaries.—If a public or private corporation or a political body, such as a
State or county, is acting as a fiduciary, a request for payment must be signed in the name of the
corporation or other body, in the fiduciary capacity in which it is acting, by an authorized officer
thereof. A request for payment so signed and duly certified will ordinarily be accepted without
further proof of the officer’s authority.
(e) R e g istra tio n not d isclo sin g tr 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, satis­
factory proof of ownership must be furnished.
Sec. 315.49. Reissue in the nam e of a succeeding fiduciary.—If a fiduciary in whose name a
savings bond is registered has been succeeded as such fiduciary by another, the bond will be reissued
in the name of the succeeding fiduciary upon appropriate request and satisfactory proof of successorship.
Sec. 315.50. Reissue or payment to person entitled.—
(а) D istrib u tio n o f tr u st e sta te in k in d .—A savings

bond to which a beneficiary of a trust
estate has become lawfully entitled in his own right or in a fiduciary capacity, in whole or in part,
under the terms of the trust instrument, will be reissued in his name to the extent of his interest as a
distribution in kind upon the request of the trustee or trustees and their certification that such
person is entitled and has agreed to reissue in his name. If a sole trustee is the person so entitled
in his own right, his request for reissue in his name must be supported by an order of court or other
satisfactory proof that he is so entitled. 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.
(б) A fter te rm in a tio n o f tr u s t e sta te .—If the person who would be lawfully entitled to a
savings bond upon the termination of a trust does not desire to have such distribution to him in kind,
as provided in the next preceding subs'ection, the trustee or trustees should redeem the bond in
accordance with the provisions of 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 of the person lawfully entitled upon his request and satisfactory
proof of ownership, supplemented, if there are two or more persons having any apparent interest
in the bond, by an agreement executed by all such persons.
(c) Upon te rm in atio n o f g u a rd ia n sh ip e sta te .—A savings bond registered in the name of
a guardian or similar legal representative of the estate of a minor or incompetent, if the estate is
terminated during the ward’s lifetime, will be reissued in the name of the former ward upon the
representative’s request and certification that the former ward is entitled and has agreed to reissue
in his name, or will be paid to or reissued in the name of the former ward upon his own request,
supported in either case by satisfactory proof that his disability has been removed. Certification
by the representative that a former minor has attained his majority, or that the legal disability of 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 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 the provisions of Subpart N as though it were
registered in the name of the ward alone.

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Subpart P— PRIVATE

ORGANIZATIONS (CORPORATIONS,
PARTNERSHIPS, ETC.)

ASSOCIATIONS,

Sec. 315.51. Payment to corporations or unincorporated associations.—A savings bond regis­
tered in the name of a private corporation or an unincorporated association will be paid to such
corporation or unincorporated association upon request for payment on its behalf by a duly author­
ized officer thereof. The signature to the request should be in the form, for example, “ The Jones
Coal Company, a corporation, by William A. Smith, president” , or “ The Lotus Club, an unincorpo­
rated association, by John Jones, treasurer.” A request for payment so signed and duly certified
will ordinarily be accepted without further proof of the officer’s authority.
Sec. 315.52. Payment to partnerships.—A savings bond registered in the name of a partner­
ship will be paid upon a request for payment signed by a general partner. The signature to the
request should be in the form “ Smith and Jones, a partnership, by John Jones, a general partner.”
A request for payment so signed and duly certified will ordinarily be accepted as sufficient proof
that the person signing the request is duly authorized.
Sec. 315.53. Payment to other organizations (churches, hospitals, hom es, schools, etc.).— A

savings bond registered in the name of a church, hospital, home, school, or similar institution with­
out reference in the registration to the manner in which it is organized, governed, or title .to its
property is held, will be paid upon a request for payment signed on behalf of such institution by an
authorized representative. For the purpose of this section, a request for payment signed by a pastor
of a church, superintendent of a hospital, president of a college, or by any official generally recog­
nized as having authority to conduct the financial affairs of the particular institution, will ordinarily
be accepted without further proof of his authority. The signature to the request should be in the
form, for example, “ Shriners’ Hospital for Crippled Children, St. Louis, Missouri, by William A.
Smith, superintendent” , or “ St. Mary’s Roman Catholic Church, Albany, New York, by John
Jones, pastor.”
Sec. 315.54. Reissue in nam e of trustee for investment purposes.— A savings bond held by a
church, hospital, home, school, or similar institution, whether or not incorporated, may be reissued
upon appropriate request in the name of a bank or trust company as trustee under an agreement
with such organization, under which the bank or trust company holds the funds of the organization,
in whole or in part, in trust, for the purpose of investing and reinvesting the principal and paying
the income to the corporation or association.
Sec. 315.55. Reissue or payment to successors of corporations, unincorporated associations
or partnerships.—A savings bond registered in the name of a private corporation, an unincorporated

association or a partnership which has been succeeded by another corporation, unincorporated
association or partnership by operation of law or otherwise, as the result of merger, consolidation,
reincorporation, conversion, reorganization, or in any manner whereby the business or activities of
the original organization are continued without substantial change, will be paid to, or reissued in
the name of, the succeeding organization upon appropriate request on its behalf and satisfactory
proof of lawful successorship.
Sec. 315.56. Reissue or payment on dissolution.—

(а) C o rp o r a tio 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 representative of the corporation upon a duly
executed request for payment supported by satisfactory evidence of the representative’s authority.
Upon the termination of dissolution proceedings such bonds may be reissued in the names of those
persons, other than the creditors, entitled to the assets of the corporation, to the extent of their
respective interests, upon the duly executed request of the authorized representative of the corpora­
tion and upon proof of compliance with all statutory provisions governing the voluntary dissolution
of such corporation, and that the persons in whose names reissue is requested are entitled and have
agreed to such reissue. If the dissolution proceedings are had under the direction of a court, proof
of the authority of the representative and of the persons entitled to distribution must consist of
certified copies of orders of the court.
(б) P a r tn e r s h ip s .—A savings bond registered in the name of a partnership which has been
dissolved by death or withdrawal of a partner, or in any other manner, will be paid to or reissued
in the names of the persons entitled thereto as the result of such dissolution to the extent of their
respective interests, upon their request supported by satisfactory evidence of their title, including
proof that the debts of the partnership have been paid or properly provided for.

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Subpart Q— STATES, PUBLIC CORPORATIONS, AND PUBLIC BOARDS, C O M ­
M ISSIONS AND OFFICERS
Sec. 315.57. In names o f States, public corporations and public boards.—A savings bond
registered in the name of a State or of a county, city, town, village or other public corporation or
in the name of a public board or commission, will be paid upon a request signed in the name of such
State, corporation, board or commission by a duly authorized officer thereof. A request for payment
so signed and duly certified will ordinarily be accepted without further proof of the officer’s
authority.
Sec. 315.58. In nam es of public officers.—A savings bond registered in the title, without the
the name, of an officer of a State or public corporation, such as a county, city, town or village, will
be paid upon request for payment signed by the designated officer. The fact that the request for
payment is signed and duly certified will ordinarily be accepted as sufficient proof that the person
signing is the incumbent of the designated office.

Subpart R— FURTHER PROVISIONS
Sec. 315.59. Regulations prescribed.— These regulations are prescribed by the Secretary of
the Treasury as governing United States Savings Bonds issued under the authority of Section 22
of the Second Liberty Bond Act, as amended, and pursuant to the various Department Circulars
offering such bonds for sale. The provisions of these regulations with respect to bonds registered
in the names of certain classes of individuals, fiduciaries and organizations are equally applicable
to bonds to which such individuals, fiduciaries and organizations are otherwise shown to be entitled
under these regulations. The provisions of Treasury Department Circular No. 300, as amended,
have no application to savings bonds except as to cases arising under Subpart F of this circular.
Sec. 315.60. Preservation of rights.—Nothing contained in these regulations shall be construed
to limit or restrict any existing rights which holders of savings bonds heretofore issued may have
acquired under the circulars offering such bonds for sale, or under the regulations in force at the
time of purchase.
Sec. 315.61. Additional proof— bond of indemnity.—The Secretary of the Treasury, in any
case arising under these regulations, may require such additional proof as he may consider necessary
or advisable in the premises; and may require a bond of indemnity with satisfactory sureties, or an
agreement of idemnity, in any case where he may consider such a bond or agreement necessary
for the protection of the interests of the United States.
Sec. 315.62. Correspondence, certificates, notices and forms— presentation and surrender.—

The Chicago Office of the Bureau of the Public Debt of the Treasury Department (Merchandise
Mart, Chicago 54, Illinois) is charged with all matters relating to United States Savings Bonds
after their original issue, and within that office transactions under these regulations are largely con­
ducted by the Division of Loans and Currency, at the same address. In the same connection the
Federal Reserve Banks, as Fiscal Agents of the United States, and their Branches, are utilized.
Correspondence in regard to any transactions with respect to United States Savings Bonds within
the scope of these regulations, certificates of court and other certificates required hereunder, notices
of intention to redeem and the like (which must be in writing), and any other appropriate forms
or documents, should be addressed accordingly (and, where necessary, the bonds should be presented
and surrendered therewith), except that any specific instructions given elsewhere in this circular
for addressing particular transactions should be observed, and in any such instances the term
“ Federal Reserve Bank” shall include any branch of that bank. Notices or documents not so sub­
mitted, or on file in the Treasury Department elsewhere than with the Bureau of the Public Debt
will not be recognized. Appropriate forms for use in connection with transactions may be obtained
from any Federal Reserve Bank or Branch, or from the Treasury Department, Division of Loans
and Currency, at the Chicago address.
Sec. 315.63. Supplements, amendments or revisions.—The Secretary of the Treasury may at
any time, or from time to time, prescribe additional, supplemental, amendatory or revised rules
and regulations governing United States Savings Bonds.
Henry Morgenthau, Jr.

Secretary oj the Treasury.
(Filed with the Division o f the Federal Register Feb. 15, 1945)
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