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

Dallas, Texas, July 17, 1952

REGULATIONS GOVERNING UNITED STATES
SAVINGS BONDS
Seventh Revision of Treasury Department Circular No. 530

To All Banking Institutions and Others Concerned,
in the Eleventh Federal Reserve District:
There is transmitted herewith a copy of Treasury Department
Circular No. 530, Seventh Revision, dated May 21, 1952, which con­
tains regulations governing United States Savings Bonds.
This revision incorporates the ten amendments made to the Sixth
Revision, and also clarifies the provisions found in Section 315.23(c)
whereby Savings Bonds of Series G and K may be redeemed at par.
The revision also includes regulations governing the new Series H, J,
and K bonds.
Additional copies of the Treasury Department Circular will be
furnished upon request.
Y o u rs very truly,
R . R. G I L B E R T
President

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

UNITED STATES TREASURY DEPARTMENT

REGULATIONS
GOVERNING

UNITED STATES

SAVINGS BONDS
Department Circular N o. 530

SEVENTH REVISION

May 21, 1952

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1952

TABLE OF CONTENTS
Subpart H—GENERAL PAYMENT AND RE­
DEMPTION PROVISIONS.— Continued.

Subpart A—APPLICABILITY.
Sec. 315.1—A pplicability of regulations.

Sec. 315.27— Interested person not to cer­
tifySec. 315.28— P resentation and surrender—
all series.
Sec. 315.29— O ptional procedure limited to
bonds of Series A to E , in­
clusive, in nam es of indi­
vidual owners or coowners
only.
Sec. 315.30— P artial redem ption.
Sec. 315.31— N onreceipt or loss of checks
issued in paym ent.

Subpart B—REGISTRATION.
Sec. 315.2— General.
Sec. 315.3— Restrictions.
Sec. 315.(4— Authorized form s of registra­
tion, Series E and H, and
general provisions relating
to their use.
Sec. 315.5— Authorized form s of registra­
tion, Series F , G, J and K .
Sec. 315.6— Unauthorized registration.
Sec. 315.7— Form s of registration on re­
issue.

Subpart I— GENERAL REISSUE AND DE­
NOMINATIONAL EXCHANGE.

Subpart C—LIMITATION ON HOLDINGS.

Sec. 315.32— General.
Sec. 315.33— R eq u ests for reissue.
Sec. 315.34—A gencies authorized to make
reissue
Sec. 315.35—-Effective date.
Sec. 315.36—-Description of bonds on re­
issue.
Sec. .315.37— D enom inational exchange.

Sec. 315.8-—-Amount which m ay be held.
Sec. 315.9— C om putation of am ount.
Sec. 315.10— D isposition of excess.

Subpart D—LIMITATION ON TRANSFER
AND JUDICIAL PROCEEDINGS.
Sec. 315.11— N o t transferable.
Sec. 315.12—-Pledge with the Secretary of
the T reasu ry or Federal R e­
serve B anks.
Sec. 315.13— Ju d icial proceedings (judg­
m ent creditors, trustees in
bankruptcy, receivers of in­
solvents’ estates and con­
flicting claim ants).
Sec. 315.14— E vidence necessary.
Sec. 315.15— N otice of pending proceed­
ings not accepted.

Subpart J—MINORS AND PERSONS UN­
DER OTHER LEGAL DISABILITY.
Sec. 315.38— P aym ent to legal guardians.
Sec. 315.39— P aym ent to minors.
Sec. 315.40— P aym ent to a parent or other
person on behalf of a minor.
Sec. 315.41— P aym en t to voluntary guard­
ian of person under dis­
ability.
Sec. 315.42— Reissue in the case of a minor.

Subpart E—SAFEKEEPING FACILITIES.

Subpart K— SINGLE NAME— ADDITION OF
COOWNER, ETC.

Sec. 315.16— Safekeeping of bonds.

Subpart F—LOST, STOLEN, MUTILATED,
DEFACED OR DESTROYED BONDS.

Sec. 315.43— P aym ent or reissue.
Sec. 315.44— Reissue for certain purposes.

Sec. 315.17— R elief in case of loss, etc.,
after receipt by owner.
Sec. 315.18— Relief in case of nonreceipt.

Subpart L—TWO NAMES— COOWNERSHIP
FORM.
Sec. 315.45— P aym ent or reissue.

Subpart G—INTEREST.

Subpart M—TWO NAMES— BENEFICIARY
FORM.

Sec. 315.19— General.
Sec. 315.20— A ppreciation bonds.
Sec. 315.21— C urrent income bonds.

Sec. 315.46— P aym ent or reissue.

Subpart N—DECEASED OWNERS.

Subpart II—GENERAL PAYMENT AND RE­
DEMPTION PROVISIONS.

Sec. 315.47— P aym ent or reissue on death
of owner.

Sec. 315.22— P aym en t at or after m aturity.
Sec. 315.23— Redem ption before m aturity.
Sec. 315.24— F orm and execution of re­
quests for paym ent.
Sec. 315.25— C ertifying officers.
Sec. 315.26— General instructions to certi­
fying officers.

Subpart O—FIDUCIARIES.
Sec. 315.48— Paym ent to fiduciaries.
Sec. 315.49— Reissue in the nam e of a su c­
ceeding fiduciary.
Sec. 315.50— Reissue or paym ent to person
entitled.
(H i)

REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS
TREASU RY D EPARTM EN T,

Department Circular N o. 530
Seventh Revision

O f f ic e

of

the

Secretary,

Washington, May 21, 1952.

Fiscal Service
Bureau of the Public Debt

T o O w n e r s of U n it e d S ta te s S a v in g s B o n d s , an d O th er s C o n c e r n e d :
P ursuant to Section 22 of the Second L ib erty Bond Act, as amended (49 S ta t. 21, as am ended;
31 U . S. C. 757c), D epartm ent Circular No. 530, Sixth Revision, dated F eb ru ary 13, 1945 (31 C F R
315), as am ended, is hereby further am ended and issued as a Seventh Revision to read as follows:

Subpart A— APPLICABILITY
Sec. 315.1. Applicability of regulations.— These regulations, published for the information
and guidance of all concerned, apply generally to all U nited States Savin gs B on ds of all series of
w hatever designation and bearing any issue dates whatever, except as otherwise specifically provided
herein. They become effective with respect to bonds of Series H on Ju n e 1, 1952.

Subpart B— REGISTRATION
Sec. 315.2. General.— U nited S ta te s Savin gs Bonds are issued only in registered form. The
nam e and post office (mailing) address of the owner, as well as the name of the coowner or designated
beneficiary, if any, and tlig date as of which the bond is issued will be inscribed thereon at the time
of issue by an authorized issuing agent. The form of registration used m ust express the actual
ownership of and interest in the bond and, except as otherwise specifically provided in these regula­
tions, will be considered as conclusive of such ownership and interest. The T reasu ry D epartm ent
will recognize no notices of adverse claim s to savings bonds and will enter no stoppages or caveats
ag ain st paym ent in accordance with the registration of the bonds. No designation of an attorney,
agent, or other representative to request or receive paym ent on behalf of the owner, nor any restric­
tion on the right of such owner to receive patm icnt of the bond, other than as provided in these
regulations, m ay be m ade in the registration or otherwise.
Sec. 315.3. Restrictions.— Only residents (whether individuals or others) of the United States
(which for the purposes of this section shall include the territories, insular possessions and the Canal
Zone), citizens of the United S tates tem porarily residing abroad and nonresident aliens employed in
the U nited States by the Federal Governm ent or an agency thereof m ay be nam ed as owners,
coowners or designated beneficiaries of savings bonds, whether on original issue or authorized reissue,
except that such persons m ay name as coowners or beneficiaries of their bonds citizens of the United
S ta te s perm anently residing abroad or nonresident aliens who are not citizens of enemy nations.
C itizens of the United States perm anently residing abroad and nonresident aliens who become
entitled to bonds under these regulations, by right of survivorship or otherwise, .will not have the
right to reissue but will have the right (1) to retain the bonds without change of registration, (2) to
receive interest on current income bonds, and (3) to redeem any bonds in accordance with their
term s.1
Sec. 315.4. Authorized forms of registration, Series E and H, and general provisions relating
to their use.

(a) F o r m s o f r e g is tr a tio n .— E xcept as provided in (4) hereof, bonds of Series E and H m ay
be registered only in the nam es of individuals (natural persons), whether ad u lts or minors, in their
own right in one of the following forms:
(1) O N E P E R S O N : In the nam e of one person, for example:
“ Jo h n A. Jo n e s.”
(2) TW O P E R S O N S — C O O W N E R SH IP F O R M : In the nam es of two (but not more
than two) persons in the alternative as coowners, for example:
“ Jo h n A. Jones OR M rs. E lla S. Jo n e s.”
No other form of registration establishing coownership is authorized.
1
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.
(D

IV

Subpart
P—PRIVATE ORGANIZATIONS
(CORPORATIONS,
ASSOCIATIONS,
PARTNERSHIPS, ETC.)

Subpart Q—STATES, PUBLIC CORPORA­
TIONS, AND PUBLIC BOARDS, COM­
MISSIONS AND OFFICERS.

Sec. 315.51— P aym ent to corporations or
unincorporated a s s o c i a ­
tions.
Sec. 315.52— P aym en t to partnerships.
Sec. 315.53— P aym en t to other organiza­
tions (churches, hospitals,
homes, schools, etc.).
Sec. 315.54— Reissue in name of trustee for
investm ent purposes.
Sec. 315.55— Reissue or p a 3 unent to suc­
cessors of corporations, un­
incorporated associations or
partnerships.
Sec. 315.56— Reissue or paym ent on dis­
solution.

Sec. 315.57— In nam es of States, public
corporations and public
hoards.
Sec. 315.58— In nam es of public officers.

Subpart R—FURTHER PROVISIONS.
Sec. 315.59—R egulation s prescribed.
Sec. 315.60— Preservation of rights.
Sec. 315.61— A dditional proof— bond of
indemnity.
Sec. 315.62— Correspondence, certificates,
notices and form s— pres­
entation and surrender.
Sec. 315.63— Supplem ents, am endm ents or
revisions.

REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS
TREASU RY DEPARTM ENT,

Departm ent Circular N o. 530
Seventh Revision

O f f ic e

of

the

S ecretary,

Washington, May 21, 1952.

Fiscal Service
Bureau of the Public Debt

T o O w n e r s of U n it e d S ta te s S a v in g s B o n d s , an d O th er s C o n c e r n e d :
P ursuant to Section 22 of the Second L ib erty Bond Act, as amended (49 S ta t. 21, as am ended;
31 U . S. C. 757c), D epartm ent Circular No. 530, Sixth Revision, dated F ebru ary 13, 1945 (31 C F R
315), as am ended, is hereby further am ended and issued as a Seventh Revision to read as follows:

Subpart A— APPLICABILITY
Sec. 315.1. Applicability of regulations.— These regulations, published for the information
and guidance of all concerned, apply generally to all U nited States Savin gs B on ds of all series of
w hatever designation and bearing any issue dates whatever, except as otherwise specifically provided
herein. T hey become effective with respect to bonds of Series H on Ju n e 1, 1952.

Subpart B— REGISTRATION
Sec. 315.2. General.— United S la te s Savin gs Bonds are issued only in registered form. The
nam e and post office (mailing) address of the owner, as well as the name of the coowner or designated
beneficiary, if any, and the. date as of Avliich the bond is issued will be inscribed thereon at the time
of issue by an authorized issuing agent. The form of registration used m ust express the actual
ownership of and interest in the bond and, except as otherwise specifically provided in these regula­
tions, will be considered as conclusive of such ownership and interest. The T reasu ry D epartm ent
will recognize no notices of adverse claim s to savings bonds and will enter no stoppages or caveats
again st paym ent in accordance with the registration of the bonds. No designation of an attorney,
agent, or other representative to request or receive paym ent on behalf of the owner, nor anv restric­
tion on the right of such owner to receive paym ent of the bond, other than as provided in these
regulations, m ay be m ade in the registration or otherwise.
Sec. 315.3. Restrictions.— Only residents (whether individuals or others) of the U nited States
(which for the purposes of this section shall include the territories, insular possessions and the Canal
Zone), citizens of the United States tem porarily residing abroad and nonresident aliens employed in
the United S tates by the Federal Governm ent or an agency thereof m ay be nam ed as owners,
eoowners or designated beneficiaries of savings bonds, whether on original issue or authorized reissue,
except that such persons m ay name as eoowners or beneficiaries of tlieir bonds citizens of the United
S ta te s perm anently residing abroad or nonresident aliens who are not citizens of enenry nations.
C itizens of the U nited States perm anently residing abroad and nonresident aliens who become
entitled to bonds under these regulations, by right of survivorship or otherwise, .will not have the
right to reissue but will have the right (1) to retain the bonds without change of registration, (2) to
receive interest on current income bonds, and (3) to redeem any bonds in accordance with their
term s.1
Sec. 315.4. Authorized forms of registration, Series E and H, and general provisions relating
to their use.

(a)
F o r m s o f r e g is tr a tio n .— E xcept as provided in (4) hereof, bonds of Series E and H m ay
be registered only in the nam es of individuals (natural persons), whether ad u lts or minors, in their
own right in one of the following form s:
(1) O N E P E R S O N : In the nam e of one person, for example:
“ Jo h n A. Jonos ^
(2) TW O P E R S O N S — C O O W N E R SH IP F O R M : In the nam es of two (but not more
than two) persons in the alternative as eoowners, for example:
“ Jo h n A. Jon es OR M rs. E lla S. Jo n e s.”
N o other form of registration establishing coownership is authorized.
1 Under the terms of Executive Order No. 8389, as amended, and the regulations issued thereunder, bonds mayr
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.
(1)

2
(3) TW O P E R S O N S —B E N E F I C I A R Y F O R M : 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. Jon es, payable on death to M iss M ary E . Jo n e s.”
“ P ayable on death to ” m ay be abbreviated as “ p. o. d .” The first person named is here­
inafter referred to as the owner or registered owner, and the second person named is
the beneficiary* or designated beneficiary.
(4) T R E A S U R E R O F T H E U N IT E D S T A T E S A S C O O W N ER O R B E N E F I C I A R Y :
In the name of the owner with the Treasurer of the United S ta te s as coowner or as beneficiary.
A bond so registered m ay not be reissued to eliminate or change the coowner or the beneficiary,
and upon the death of the owner will become the property of the U nited States.

(6) General provisions relating to form s o f registration.—
(1) N A M E S A N D T I T L E S .—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 nam es the initial of one m ay
be used, and if a person is habitually known or does business by initials only of his given nam es,
registration m ay be in such form. In the case of women, the nam e should be preceded by “ M iss”
or “ A irs.” and a m arried w om an’s own given name should be used, not that of her husban d,
for example, “ M rs. M ary A. Jo n e s,” not “ M rs. F ran k B . Jo n e s” . T he name m ay be preceded
by any applicable title such as “ D r.” , “ R e v .” , etc. The use of suffixes such as “ S r .” and “ J r . ”
is desirable whenever applicable. Suffixes such as “ M . D .” and “ D . D .” m ay also be used.
(2) M IN O R S .— A minor, whether or not under legal guardianship, m ay be nam ed as
owner, coowner, or beneficiary on bonds purchased by another person with such person’s own
funds. A minor max" name a coowner or beneficiary on bonds purchased by him from his
wages, earnings, or ot-lier money in his possession. B u t bonds purchased by* another person
with funds already belonging to a minor should be registered in the nam e of the minor alone,
followed by an appropriate reference if the minor is under legal guardianship, as, for exam ple,
“ Jo h n Sm ith, a minor under legal guardiansh ip” , or “ Joh n Sm ith, a minor under legal g u ard ian ­
ship of H enry C. Sm ith .”
(3) IN C O M P E T E N T S .-M 3 o n d s should not be registered in the name of an incom petent,
who is defined for this purpose as a person under disability for reasons other than m inority,
unless a legal representative of his estate lias been appointed. If a representative has been
appointed the bonds should be registered in the nam e of the incom petent followed by the ad d i­
tion of appropriate words, for example, “ F ran k Jones, an incom petent under legal guardiansh ip
(or con servatorship)” or “ F ran k Jones, an incom petent under legal guardianship (or conser­
vatorship) of H enry Sm ith .”
(4) T E R M S .— The terms “ gu ardian ” , “ legal guardian ” , or “ legal represen tative” , as used
in this Su bpart, refer to a guardian or representative of the estate appointed by a court or oth er­
wise legally qualified and to a custodian duly designated by the V eterans A dm inistration.
These term s do not refer to a voluntary or n atural guardian such as a parent, including a paren t
to whom custody of a child has been aw arded through divorce proceedings or a parent by ad o p ­
tion through court proceedings.

Sec. 315.5. Authorized forms of registration, Series F, G, J, and K.— B onds of Series F , G, J ,
and K m ay be registered in the sam e form s and su bject to the sam e conditions as set forth in Section
315.4, and in the nam es of fiduciaries, corporations, associations and partnerships, as owners (not
as coowners or beneficiaries), except as follows: (1) they7 m ay not be registered in the nam e of a
trustee under a statu te, regulation, agreem ent, or other instrum ent where the funds used represent
merely security for the perform ance of a duty or obligation, and (2) they m ay not be registered in.
the nam e of a commercial bank, except as a fiduciary, unless the bonds have been or should be
specifically offered for sale to such banks for their own account; a commercial bank is defined for
this purpose as one accepting dem and deposits.2 The following forms are authorized for such
registration:
(a) Executors, adm inistrators, guardians, etc. — In the nam e of one or more executors,
adm inistrators, guardians, conservators or other representatives of a single estate appointed by a
2
There have been occasional special offerings of bonds of Series F and G which, for limited periods, commercial
banks (having savings deposits or issuing certain time certificates of deposit) were eligible to purchase for their own
account. Examples of such special offerings are set forth in Treasury Department Circulars Nos. 729, 730, 740, 741,
755, 756 and in the Seventh Amendment to Department Circular No. 530, Sixth Revision. There is no present
authorization for commercial banks to purchase savings bonds for their own account.

3

court of com petent jurisdiction or otherwise legally qualified, all of whose nam es m ust be included
in the registration, followed by adequate identifying reference to the estate, for exam ple:
“ Joh n Sm ith, exeeutor of the will (or adm inistrator of the estate) of H enry J . Sm ith, de­
ceased” , or “ W illiam C. Jones, guardian (or conservator, etc.) of the estate of Ja m es
D . Brown, a minor (or an incom petent)” .
B o n d s belonging to a tru st which an executor is authorized to adm inister under the terms of the will,
although he is not nam ed as trustee, m ay be registered in accordance with the following example:
“ John Sm ith, executor of the will of H enry J . Sm ith, deceased, in tru st for M rs. Ja n e
Sm ith, with rem ainder over.”
I f a guardian or other legal representative holds a common fund for the account of two or more
estates or wards, bonds should be registered in the name of the representative for each such estate
or w ard separately, even though the representative was appointed in a single proceeding. A father
or mother, as such, or as n atural guardian, is not considered a fiduciaiy for purposes of registration.
( 6) T r u s t e e s .— In the name and title of the trustee, or trustees, of a single duly constituted
tru st estate (which will be considered as an entity) su b stan tially in accordance with the form s set
forth in subparagraph s (1) to (5) including, unless otherwise indicated therein, an adequate identi­
fying reference to the tru st instrum ent or other authority creating the trust. In each instance the
trustee, or all the trustees if there are more than one, should be designated by name and title except
as provided in su bparagraph s (3) to (5) and as follows: If the trustees are too numerous to be des­
ignated in the inscription by nam es and title, registration m ay be in the form, for example, “ Jo h n
Sm ith, H enry Jones, et al., trustees under the will of W illiam C. Brown, deceased” , or “ T ru stees
under the will of W illiam C. Brown, deceased” ; if the instrum ent creating the trust authorizes the
tru stees to act as a board, registration m ay be by title only, as, for example, “ T rustees of the L o tu s
C lub, W ashington, Indiana, under Article X of its constitution.” The following form s of registra­
tion are authorized under this subsection:
(1) T R U S T E E U N D E R W IL L , D E E D O F T R U S T , OR S IM IL A R I N S T R U M E N T .—
In the nam e of the trustee or trustees under a will, deed of trust, agreem ent, or sim ilar instru­
ment, for exam ple:
“ Joh n C. Brow n and the F irst N ation al B ank, trustees under the will of H enry C. Brown,
deceased” , or “ The Second N ation al B ank, trustee under an agreem ent with George E .
W hite, dated F eb ru ary 1, 1935.”
(2) T R U S T E E S O F P E N S IO N , R E T I R E M E N T , O R S IM IL A R F U N D .— In the nam es
and title, or title alone, of trustees of a pension or retirem ent fund or of an investm ent, insurance,
annuity, or sim ilar fund or trust, b u t in all such cases the fund will be regarded as an en tity re­
gardless of the number of beneficiaries or the m anner in which their respective interests are
established or determined. Segregation of individual shares as a m atter of bookkeeping or
as a result of individual agreem ents with beneficiaries or the express designation of individual
shares as separate tru sts will not operate to constitute separate tru sts under these regulations.
Such trusts will not be deemed to term inate, in whole or in part, upon the death of any person,
for the purpose of redem ption at par under the provisions of Section 315.23 (c).
(3) T R U S T E E S OR B O A R D O F T R U S T E E S O F L O D G E , C H U R C H , S O C IE T Y , OR
S IM IL A R O R G A N IZ A T IO N .— In the title of the trustees or the board of trustees who hold
in trust the legal title to the property of a lodge, church, society, or sim ilar organization, followed
preferably by reference to the appropriate provisions of its constitution or bylaw s, for exam ple:
“ T ru stees of Jam estow n L odge No. 1000, Benevolent and Protective Order of E lk s, under
Section 10 of its bylaw s” ; “ T rustees of the F irst B a p tist Church, Akron, Ohio, acting
as a board under Section 15 of its bylaw s” ; or “ B o ard of T ru stees of the L o tu s Club,
W ashington, In diana, under Article X of its constitution.”
(4) P U B L IC O F F IC E R S , C O R P O R A T IO N S OR B O D IE S A S T R U S T E E S .— In the
titles of public officers or the nam es of public corporations or public bodies acting as trustees
under express authority of law, for example:
“ Sinking F un d Com m ission, trustee of State H ighw ay C ertificates of Indebtedness Sink­
ing Fun d, under Section 5972, Code of South C arolina” ; or “ W arden, Illinois State
Penitentiary, Jo liet Branch, T rustee of In m ates’ Am usem ent Fund, under C hapter
23, Sections 34a and 34b, Illinois Revised Statu tes, 1941.”
(5) SC H O O L O F F I C E R S A S T R U S T E E S F O R B E N E F I T O F S T U D E N T B O D Y ,
E T C .— In the title of a principal or other officer of a public, private or parochial school, as
trustee for the benefit of the student bodjq or a class, group or activity thereof, for exam ple:
“ Principal, W estern H igh School, in tru st for C lass of 1945 L ib rary F u n d .”
A written agreem ent of trust will not be required if the am ount to be purchased does not
exceed $250 (m aturity value).

4
(c) Private organizations (corporations, associations, partnerships, etc.). — In the nam e
of any private organization (for commercial banks see Section 315.5), using in each case the full
legal nam e of the organization w ithout mention of any officer or m em ber by name or title, but
m aking reference, if desired, to a particular book account or fund (not a tru st), as follows:
(1) A C O R P O R A T IO N .— A business, fraternal, religious or other private corporation,
followed, preferably, by the words “ a corporation” (unless the fact of incorporation is shown in
the nam e), for exam ple:
“ Sm ith M an u factu rin g C om pany, a corporation” ; or “ Jo n es and Brown, In c.”
(2) A N U N IN C O R P O R A T E D A S S O C IA T IO N .— An unincorporated lodge, society or
sim ilar self-governing association, followed, preferably, b y the words “ an unincorporated asso­
ciation ” , for example, “ T he L o tu s Club, an unincorporated association .” The term “ an unin­
corporated association ” should not be used to describe a tru st fund, a partnership or a business
conducted under a trade name.
(3) A P A R T N E R S H IP .— A partnership, considered as an entity, followed b v the words
“ a partnersh ip” , for exam ple:
“ Sm ith and Brow n, a partnersh ip” , or “ Acme N ovelty C om pany, a partnersh ip.”
(4) O T H E R O R G A N IZ A T IO N S .— A church, hospital, home, school, or sim ilar in stitu ­
tion, regardless of the m anner in which it is organized or governed or title to its property is
held, for example:
“ Shriners’ H osp ital for C rippled Children, St. Louis, M issouri” , “ St. M a ry ’s R om an
C atholic Church, A lbany, New Y o rk ” , or “ Rodeph Shalom Su n d ay School, Philadel­
phia, P en n sylvan ia.”
(d) States and public corporations. — In the full legal name or title of the owner or custodian
of public funds, other than tru st funds, as follows:
(1) A ny sovereignty, as a S tate, or any public corporation, as a county, city, town or school
district, for example:
“ S tate of M ain e” , or “ Tow n of Rye, New Y o rk .”
(2) A ny board, com m ission or other public body duly constituted by law, for exam ple:
“ M ary lan d State H ighw ay Com m ission.”
(3) A ny public officer designated b y title only, for exam ple:
“ T reasurer, C ity of C h icago.”
The registration m ay include reference, if desired, to a particular book account or fund (not a tru st).
Sec. 315.6. Unauthorized registration.— Savin gs bonds inscribed in a form not su b stan tially
in agreem ent with those authorized b y this Su b p art will not be considered as validly issued and
will be accepted only for a refund of tiie purchase price, except in those cases in which reissue can
be m ade under the provisions of these regulations.
Sec. 315.7. Forms of registration on reissue.— B onds reissued under the provisions of these
regulations m ay be issued in any form of registration perm itted b y the regulations in effect on the
date of original issue, with respect to bonds of th at series.

Subpart C— LIMITATION ON HOLDINGS
Sec. 315.8. Amount which may be held.— The am ounts of savings bonds of Series E , F , G, H , J
and K issued during any one calendar year th at m ay be held by an y one person at any one time
are limited as follows:
(a) Series E . — $5,000 (m aturity value) for each calendar year up to and including the calendar
year 1947, $10,000 (m aturity value) for the calendar years 1948 to 1951, inclusive, and $20,000 for
the calendar year 1952 and each calendar year thereafter.
( b ) Series F and G . — $50,000 (issue price) for the calendar year 1941, and $100,000 (issue
price) for each calendar year thereafter, of either series or of the combined aggregate of both, except
that institutional investors of certain designated classes which were specifically authorized in official
circulars to purchase Series F and Series G bonds in excess of $100,000 (issue price), m ay hold the
bonds purchased pursuant to such authorizations in addition to the am ounts which they are other­
wise authorized to hold.3
(c) Series H.— $20,000 (m aturity value) for each calendar year.
3
There have been special offerings on the occasion of which institutional investors have been permitted to pur­
chase bonds of Series F and G in excess of the regular annual limitation (see the Seventh Amendment to Department
Circular No. 530, Sixth Revision) and also special offerings (see footnote 2, page 2) in which commercial banks
(that is, banks accepting demand deposits) have been permitted to purchase limited amounts of such bonds for their
own account, although ordinarily they are not eligible to do so.

5

( d) S eries J a n d K . — $200,000 (issue price) for each calendar year, of either series or of the
com bined aggregate of both.

Sec. 315.9. Computation of amounts— In com puting the am ount of savin gs bonds of any one
series issued during any one calendar year held b y any one person a t any one time for the purpose
of determ ining whether the am ount is in excess of the authorized lim it as set forth in the next pre­
ceding section, the following rules shall go vern :
(« ) The term “ person” shall mean any legal entity, including but not lim ited to an individual,
a partnership, a corporation (public or private), an unincorporated association or a tru st estate,
and the holdings of each person, individually and in a fiduciary capacity, shall be com puted separately.
(h ) In the case of bonds of Series E and H, the com putation shall be based upon m aturity
values. In the case of bonds of Series P, G, J and K , the com putation shall be based upon issue prices.
(c)
E xcept as provided in subsection (d), there m ust be taken into account: (1) all bonds
originally issued to and registered in the nam e of th at person alone; and (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 nam e of th at person as coowner or to designate him as coowner instead
of as beneficiary, except th at the am ount of bonds of Series E and H held in coownership form m ay
be applied to the holdings of either of the coowners, b u t will not be applied to both, or the am ount
m ay be apportioned between them.
{d ) There need not be taken into account: (1) bonds of which th at person is merely the desig­
n ated beneficiary; (2) bonds in which his interest is only th at of a beneficiary under a tru st; (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 tru st or
the happening of any other event; (4) with respect to bonds of Series E , those purchased with the
proceeds of m atured bonds of Series A, Series C-1938, Series D -1939, Series D -1940 and Series
D -1 9 4 1 , where such m atured bonds were presented b y an individual (n atural person in his own
right) owner or coowner for th at purpose and the Series E bonds are registered in his name in any
form of registration authorized for th at series; (5) with respect to bonds of Series G, those issued in
exchange for m atured bonds of Series E under the provisions of T reasu ry D epartm en t Circular No.
885, as am ended; (6) with respect to bonds of Series K , those issued in exchange for m atured .bonds
of Series E under the provisions of T reasu ry D epartm ent C ircular No. 906; or (7) an am ount of
bonds of Series E or Series II equal to an y excess holdings which would otherwise be created by the
reissue of bonds of th at series registered in the nam e of that person to eliminate the nam e of another
person as coowner under the provisions of Section 315.45 (b) (1).
(e ) N othing herein contained shall be construed to invalidate any holdings within or, except
as provided in subsection (c) above, to validate any holdings in excess of the authorized lim its, as
com puted under the regulations in force a t the time such holdings were acquired.
Sec. 315.10. Disposition of excess.— If any person at any time acquires savin gs bonds issued
during any one calendar year in excess of the prescribed am ount, the excess m ust be im m ediately
surrendered for refund of the purchase price, less (in the case of current income bonds) any interest
which m ay have been paid thereon, or for such other adju stm en t as m ay be possible.

Subpart D— LIMITATION ON TRANSFER AND JUDICIAL PROCEEDINGS
Sec. 315.11. Not transferable.— Savin gs bonds are not transferable and are payable only to the
owners nam ed thereon, except in case of the disability or death of the owner, authorized reissue, or
as otherwise specifically provided in this Su b part, but in any event only in accordance with the pro­
visions of these regulations. A savin gs bond m ay not be hypothecated or pledged as collateral for
a loan or used as security for the perform ance of an obligation, except as provided in Section 315.12.
Sec. 315.12. Pledge with the Secretary of the Treasury or Federal Reserve Banks.— A savings
bond m ay be pledged by the registered owner in lieu of surety under the provisions of D epartm ent
C ircular N o. 154, as amended, if the bond approving officer is the Secretary of the T reasu ry, in
which case an irrevocable power of attorney shall be executed authorizing the Secretary of the
T re asu ry to request paym ent. A savings bond m ay also be deposited as security with a Federal
R eserve B an k under the Provisions of D epartm en t Circular N o. 657 b y an institution certified under
th at circular as an issuing agent for savings bonds of Series E .
Sec. 315.13. Judicial proceedings (judgment creditors, trustees in bankruptcy, receivers of in­
solvents’ estates and conflicting claimants).— A claim against an owner or coowner of a savin gs bond
and conflicting claim s as to ownership of or interest in such bond as between coowners or the
207871°— 52-

6
registered owner and a designated beneficiary, will be recognized when established b y valid ju dicial
proceedings and paym ent or reissue will be m ade, upon presentation and surrender of the bond,
except as follows:
(1) N o such proceedings will be recognized if they would give effect to an attem pted
volun tary transfer inter vivos of the bond or would defeat or im pair the rights of survivorship
conferred by these regulations upon a surviving coowner or beneficiary.
(2) A judgm ent creditor, a trustee in bankru ptcy or a receiver of an in solven t’s estate
will have the right to paym ent (but not to reissue) and a judgm ent creditor will be lim ited
to paym ent at the redem ption value current thirty day s after the term ination of the ju dicial
proceedings or current at the time the bond is received, whichever is sm aller.
(3) If a debtor, or bankrupt, or insolvent, is not the sole owner of the bond, paym ent will
be m ade only to the extent of his interest therein, which m u st be determ ined by the court
or otherwise validly established.
A divorce decree ratifying or confirming a property agreem ent between husband and wife or other­
wise settlin g their respective interests in savin gs bonds, will be recognized and will not be regarded
as a proceeding giving effect to an attem pted volun tary transfer for the purpose of this section.

Sec. 315.14. Evidence necessary.— T o establish the validity of judicial proceedings there m u st
be subm itted a certified copy of a final judgm ent or decree of court and of any necessary supplem en­
tary proceedings. I f the judgm ent or decree of court was rendered more than six m onths prior
to presentation of the bond there m ust also be subm itted a certificate from the clerk of the court,
under the court’s seal and dated within six m onths of the presentation of the bond, showing th at
the ju dgm en t or decree is in full force and effect. A trustee in b an k ru ptcy should subm it proof
of his au th ority in the form of a certificate from the referee showing th at he is the duly elected and
qualified trustee, together with a certificate from the clerk of the U nited S tates D istrict C ourt
of the particular district, under seal, showing the incum bency of the referee and authenticating his
signature.
Sec. 315.15. Notice of pending proceedings not accepted.— N either the T reasu ry D epartm en t
nor any agency for the issue, reissue, or redem ption of savin gs bonds will accept notices of adverse
claim s or of pending judicial proceedings or undertake to protect the interests of litigan ts who do not
have possession of the bonds.

Subpart E— SAFEKEEPING FACILITIES
Sec. 315.16. Safekeeping of bonds.— A savin gs bond will be held in safekeeping, w ithout charge,
b y the Secretary of the T reasu ry if the holder so desires. In such connection the Secretary will
utilize the facilities of the Federal Reserve B an k s, as fiscal agents of the U nited S ta te s,4 and those
of the T reasurer of the U nited States. A pplication form s for safekeeping m ay be secured from
postm asters, Federal R eserve B an k s or the T reasu ry D epartm ent.

Subpart F— LOST, STOLEN, MUTILATED, DEFACED OR DESTROYED BONDS
Sec. 315.17. Relief in case of loss, etc., after receipt by owner.— Under the provisions of Sec.
8, 50 S ta t. 481, as am ended (31 U . S. C. 738a), relief either by the issue of a sub stitute bond or by
paym ent m ay be given in case of the loss, theft, destruction, m utilation or defacem ent of a savin gs
bond after receipt by the owner or liis representative. In any such case im m ediate notice of the
facts, together with a complete description of the bond (including series, year of issue, serial number,
and nam e and address of the registered owner) should be given to the B u reau of the Public D ebt,
D ivision of L oan s and Currency, 536 South C lark Street, Chicago 5, Illinois. T h at division will
thereupon furnish an appropriate form and full instructions for presenting the evidence necessary
to secure relief under the law. If such bond is subsequently recovered, im m ediate notice of such
recovery should be given to the D ivision of L oan s and Currency (at the address above) in order
th at delay m ay be avoided upon a later presentation of the bond for paym ent or authorized reissue.
Sec. 315.18. Relief in case of nonreceipt.— If a savings bond, on original issue or on reissue, is not
received from the issuing agent or agency by the registered owner or other person to whom the
bond was to be delivered, the issuing agent or agency should be notified as prom ptly as possible
and given all the inform ation available in regard to the transaction. A ppropriate instructions and
form s, if necessary, will then be furnished the owner reporting nonreceipt.
4
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

Subpart G— INTEREST
Sec. 315.19. G eneral.— U nited S tates Savin gs Bonds are issued in two form s: (1) appreciation
bonds, issued on a discount b asis and redeem able before m atu rity at increasing fixed redem ption
v alu es; and (2) current income bonds, issued a t par, bearing interest payable sem iannually 3 and
redeem able before m atu rity a t p ar or at fixed redem ption values less than par, as hereinafter pro­
vided. B onds of Series E , F and J are appreciation bonds, and those of Series G, H and K are
current income bonds.
Sec. 315.20. Appreciation bonds.— All savings bonds issued on a discount basis increase in
redem ption value at the end of the first year or h a lf-jra r Gfrom issue date and a t the end of each
successive half-year period thereafter until their m aturity, when the full face am ount becomes p ay ­
able. B onds of Series E will continue to increase in redem ption value after m atu rity for ten years
in accordance with the provisions of D epartm ent Circular .No. 653, Third Revision, and T ables of
R edem ption Values appended thereto. The increment in value on appreciation bonds is payable
only on redem ption of the bonds, whether before, at, or after m aturity.
Sec. 315.21. Current income bonds.— The interest on current income bonds is pa}7ablc semi­
an nually,5 beginning six months from issue date. E x cep t for redem ption at par as provided in
6
Section 315.23 (c) of Su b p art H, full advan tage of interest at the rates specified on bonds of Series
G or K m ay be secured only if the bonds are held to m atu rity; if they are redeemed before m atu rity
at current redem ption values the difference between the face or full m atu rity value and the current
redem ption value then payable in accordance with the table printed on each bond will represent an
adju stm en t of interest for the rate appropriate for the shorter term, as set forth in the tables ap­
pended to the circulars announcing the issue of such bonds. In terest paym ents on bonds of Series H
will be based on a grad uated scale of am ounts (as shown in the table at the end of T reasu ry D e­
partm ent Circular N o. 905), and if the bonds are redeemed before m atu rity the investm ent yield
for the period the bonds are held will be at a lesser rate than if held until m aturity.
(a) M ethod of interest paym ents. — In terest due on a current income bond will be paid on
each interest paym ent date by check drawn to the order of the person or persons in whose name the
bond is inscribed, in the sam e form as their nam es appear in the inscription on the bond, except that
in the case of a bond registered in the form “ A, payable on death to B ” , the check will be drawn
to the order of A alone until the B u reau of the Public D ebt, D ivision of L o an s and Currency, 536
Sou th C lark Street, Chicago 5, Illinois, receives notice of A ’s death, from which date the paym ent
of interest will be suspended until such time as the bond is presented for paym ent or reissue. In ­
terest so withheld will be paid to the person found to be entitled to the bond. Checks issued in
paym ent of interest on a bond registered in the nam es of coowners will be drawn to the order of “ A
or B ” and will be m ailed to the address of record of the payee first nam ed unless otherwise specifically
directed or until the B ureau of the Public D ebt, D ivision of L oan s and Currency, 536 South C lark
Street, Chicago 5, Illinois, receives notice of his death. Upon receipt of notice of the death of the
coowner to whom interest is being mailed the interest will be mailed to the other coowner, if living,
or, if not, will be held su b ject to the claim of the representatives of or persons entitled to the estate
of the la st surviving coowner.
(b) Change o f address.— An owner or coowner of current income bonds should prom ptly
notify the Bureau of the Public D ebt, D ivision of L oan s and Currency, 536 South C lark Street,
Chicago 5, Illinois, of any change in the address for delivery of interest checks. The notice should
refer to all bonds for which it is desired th at the address be changed and should describe each bond
by date, serial num ber, series (including year of issue) and inscription appearing on the face of the
bond.
(c) Reissue during interest period. — If a current income bond is reissued for any reason
between interest paym ent dates, interest for the entire period will be paid on the next interest p ay ­
m ent date, bv check drawn to the order of the person in whose name the bond is reissued. Ordi­
narily, if a bond is received for reissue less than one month prior to an interest paym ent date, reissue
cannot be effected until after such interest paym ent date.
(d) Term ination o f interest. — In terest on current income bonds will cease at m aturity, or,
in case of redem ption before m aturity, a t the end of the interest period next preceding the date of
redem ption, except that, if the date of redem ption falls on an interest paym ent date, interest will
cease on th at date. F o r example, if a bond on which interest is payable on Ja n u a ry 1 and Ju ly 1
5 The final interest on bonds of Series H covers a period of 2 months, from 9 years to maturity.
6 Series E bonds issued on or before April 30, 1952, and Series F bonds, the sale of which terminated April 30, 1952,
increase in redemption value at the end of the first year from issue date; Series E bonds issued on and after May 1,
1952, and Series J bonds, the sale of which began on May 1, 1952, increase in redemption value at the end of the
first half-year from issue date.

8

is redeem ed on Septem ber 1, interest will cease on Ju ly 1 and no adju stm en t will be ftiade on account
of interest for tlie period Ju ly 1 to Septem ber 1. In case of authorized reissue in another form of
registration, the interest on the original bond will cease on the la st day of the interest period next
preceding the date of reissue and interest on the new bond will begin on the following day. T he
sam e rules apply in case of partial redem ption or partial reissue with respect to the am ount redeem ed
or reissued.
(e)
Endorsem ent o f checks. — Interest checks m ust be endorsed by the payee, either per­
sonally or by an attorney in fact, in accordance with the requirem ents of the T reasurer of the
U nited States. A form for the appointm ent of such attorney m ay be obtained from the T reasurer
of the U nited S ta te s or from any Federal Reserve B an k . In case of the death of the payee the
check m ay be endorsed by the legal representative, if any, of his estate. If no legal representative
lias been or is to be appointed, and if the am ount due from the U nited S ta te s does not exceed $500,
the T reasurer of the U nited States, W ashington 25, D . C., or a F ederal R eserve B an k , will, upon
request, furnish special instructions.
(/) N onreceipt or loss of ch eck. — If an interest check is not received or is lost after receipt,
the B u reau of the Public D eb t, D ivision of L oan s and Currency, 536 South C lark Street, Chicago 5,
Illinois, should be notified of the facts and should be given inform ation concerning the am ount,
number, and inscription of the bonds, as well as a description of the check, if possible, in case of loss
after the check is received. Upon receipt of this inform ation appropriate instructions will be given.

Subpart H— GENERAL PAYMENT AND REDEMPTION PROVISIONS
Sec. 315.22. Payment at or after maturity.— Owners of bonds of Series E have the option of
receiving the full face or m atu rity value thereof at m atu rity or of retaining such bonds after m atu rity
for a further period of not more than 10 years and earning interest upon the m atu rity values thereof,
at rates specified in D epartm en t Circular N o. 653, Third R evision, and the T ables of R edem ption
Values appended thereto. Such interest will accrue at the end of each half-year period following
m aturity, until the end of the 10-year period. A bond of any series other than Series E will be paid
or redeem ed at or after m atu rity at its full face or m aturity value only, pursuant to its term s. In
any case paym ent will be m ade only following presentation and surrender of the bond for th at p u r­
pose. The request for paym ent m ust be duly signed and certified as provided herein, unless (1) the
bond is presented by an individual owner or coowner to an incorporated bank or trust com pany or
other paying agent, as provided (for bonds of Series A to E only) in Section 315.29, or (2) the bond
is accepted by any such pajfing agent for paym ent, or for presentation to a F ederal Reserve B a n k for
paym ent, w ithout the owner’s signature to the request for paym ent, as provided (for bonds of any
series) in T reasu ry D epartm ent C ircular No. 888.
Sec. 315.23. Redemption before maturity.— P ursuant to its term s, a savin gs bond m ay not be
called for redem ption by the Secretary of the T reasu ry prior to m aturity, but m ay be redeemed in
whole or in p art at the option of the owner, prior to m aturity, under the term s and conditions set
forth in the offering circular of each series and in accordance with the provisions of these regulations
following presentation and surrender as provided in this subpart.
(а) Series E.— A bond of Series E will be redeemed at any time after two m onths from the
issue date without advance notice, at the appropriate redem ption value as shown in the table
printed on the bonds.
(б) Series F , G , H, J and K .— A bond of Series H will be redeemed A T P A R , and a bond of
Series F , G, J or K will be redeemed at the appropriate redem ption value as shown in the table
printed on the bond, in either case after six m onths from the issue date and on one m onth’s notice
in writing to (1) a Federal R eserve B an k or Branch, (2) the Bureau of the Public D ebt, D ivision
of L oan s and Currency, 536 South C lark Street, Chicago 5, Illinois, or (3) the T reasu ry D epartm ent,
W ashington 25, D . C. Such notice m ay be given separately or by presenting and surrendering the
bond with a duly executed request for paym ent thereof. Paym ent will be m ade as of the first day
of the first m onth following by at least one full calendar m onth the date of receipt of notice. F or
exam ple, if the notice is received on Ju n e 1, paym ent will be m ade as of Ju ly 1, but if notice is re­
ceived between Ju n e 2 and Ju ly 1, inclusive, paym ent will be m ade as of A ugust 1. If notice is given
separately, the bond m ust be presented and surrendered with a duly executed request for paym ent
to the sam e agency to which notice is given not less than 20 day s before the date on which paym ent
is to be m ade. F or exam ple, if the notice is received on Ju n e 15, the bond should be received not
later than Ju ly 12. (See Section 315.21 for provisions as to interest in case current income bonds
are redeem ed prior to m atu rity .)
(c) Series G and K : R edem ption at par. — Bonds of Series G and K (but not of Series F
or J ) will be redeemed a t p ar before m aturity, after six m onths from the issue date, at the option

9

of the owners, on the first day of the first m onth following b y at least one full calendar m onth the
date of receipt of notice of intention to redeem, given as provided in subsection (b) hereof, under
the following lim itations and conditions:
(1) Bonds of Series G and K m ay be so redeemed (i) upon the death of an owner or co­
owner, if a n atu ral person, or (ii) in the case of bonds held by a trustee or other fiduciary, upon
the term ination of the tru st or other fiduciary estate by reason of the death of any person,
except th at if the trust or other fiduciary estate is term inated only in part, redem ption at par
will be m ade to the extent of not more than the pro ra ta portion of the trust or fiduciary estate
so term inated. T he notice of intention to redeem m ust specify that redem ption at par is desired.
If desired rnd so stated in the request for paym ent or separate notice of intention to redeem,
paym ent m ay be postponed to the second interest paym ent date allow in g the date of death ;
otherwise, paym ent will be m ade in regular course. A death ce. tlcate or other com petent
proof of death m u st accom pany the bonds or the notice. In no case of redem ption at par under
the provisions of this paragraph will the owner he entitled to interest beyond the second inter­
est paym ent date following the date of death.
(2) Bonds of Series G and Series K issued in exchange for m atured bonds of Series E under
the provisions of D epartm ent Circular No. 885, as amended, and D epartm ent Circular No.
906, respectively, m ay be so redeemed at par at any time.
(d) Withdrawal o f request for redem ption. — An owner who has presented and surrendered
a savin gs bond to the T reasu ry D epartm ent or a Federal Reserve B an k for paym ent with an appro­
priate request for paym ent m ay withdraw such request if notice of intent to withdraw is given to
and received by. the sam e agency to which the bond was presented, prior to the issuance of the check
in paym ent. U nder these sam e conditions an executor or adm inistrator m ay withdraw a request
for redem ption executed by the owner and presented and surrendered to the T reasury D epartm ent
or a Federal Reserve B an k prior to the owner’s death, except where the presentation and surrender
of the bond has cut off the rights of survivorship under the provisions of Su b p art L or Su b part M .
T he term “ presented and surrendered” as used in this subsection m eans the actual receipt of the
bond by the T reasu ry D epartm ent or a Federal Reserve B an k during the lifetim e of the owner.

Sec. 315.24. Form and execution of requests for payment.— R equ ests for paym ent of savings
bonds, unless otherwise authorized in a particular case, m ust be executed on the form appearing
on the back of the bond to be surrendered. Unless otherwise specifically requested, paym ent,
p u rsu an t to a duly executed request, will be made on the earliest d ay consistent with these regu­
lations.
(а) Date o f request. — Ordinarily, requests executed more than six m onths before the date
of receipt of a bond for paym ent will not be accepted.
(б) Identification and signature o f ow ner. — The registered owner in whose name the bond
is inscribed, or such other person as m ay be entitled to paym ent under the provisions of these regu­
lations, m ust appear before one of the officers authorized to certify requests for paym ent (sec Section
315.25), establish his identity and in the presence of such officer sign the request for paym ent in
ink, adding in the space provided the address to which the check issued in paym ent is to be mailed.
A signature m ade b y m ark (X ) m ust be witnessed by at least one person in addition to the certifying
officer and m ust be attested by endorsem ent in the blank space, su b stan tially as follows: “ W itness
to the above signature by m ark ” , followed by the signature and address of the witness. If the
nam e of the registered owner or other person entitled to paym ent, as it appears in the registration
or in evidence on file a t the B u reau of the Public D ebt, D ivision of L o an s and Currency, lias been
changed by m arriage or in any other legal manner, the signature to the request for paym ent should
show both nam es and the m anner in which the change was m ade, for example, “ M iss A lary T. Jones,
now by m arriage Airs. A lary T . Sm ith ” , or “ Ju n g Sm elt, now by court order Joh n Sm ith .” In
case of a change of nam e other than by m arriage the request should be supported by satisfactory
proof of such change, unless already on file. No request signed in behalf of the owner or person
entitled to paym ent by an agent or a person acting under a power of attorney will be recognized by
the T reasu ry D epartm ent except as provided in Section 315.12.
(c)
Certification of request. — A fter the request for paym ent 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 paym ent, and the bond should then be presented and surrendered as provided in
Section 315.28.
Sec. 315.25. Certifying officers.— The following officers are authorized to certify requests for
pay m en t:
(a) At United States post offices. — Any postm aster, acting postm aster 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 U nited States post office, classified branch or station. A
p o st office official or clerk other than a postm aster, acting postm aster or inspector in charge, should

10

certify in the name of the postm aster or acting postm aster, followed b y his own signature and
official title, for example, “ Joh n D oe, postm aster, by Iticliard Roe, postal cashier.” Signatures of
th esc officers should be authenticated by a legible im print of the post office dating stam p.
(6) At banks, trust com panies and branches. — Any officer of any bank or trust com pany
incorporated in the U nited S tates or its territories (including Puerto R ico), or dom estic or foreign
branch of such bank or trust com pany, including those doing business in the territories or possessions
of the U nited S tates under Federal charter or organized under Federal law, Federal R eserve B an k s,
Federal L an d B an k s, and Federal H om e L oan B a n k s; and any employee of any such bank or tru st
com pany expressly authorized by the corporation for th at purpose, who should sign over the title
“ D esignated E m ployee” . Certifications by an y of these officers or designated employ ?es should be
authenticated by either a Ugible im pression of the corporate seal of the bank or tru st com pany or,
in the case of banks or tru e: com panies and their branches which are authorized and duly qualified
issuing agents for bonds of Series E , by a legible im print of the issuing agen t’s dating stam p. F ederal
R eserve A gents and A ssistan t F ederal Reserve Agents, located at the several Federal R eserve
B an k s, are also authorized to certify requests for p ay m e n t
(c) Issuing agents n ot banks or trust com panies. —A ny officer of a corporation not a
bank or tru st com pany, and of any other organization, which is a duly qualified issuing agent for
bonds of Series E . All certifications b y such officers m ust be authenticated by a legible im print of
the issuing agen t’s dating stam p.
(d) Com m issioned officers and warrant officers o f the armed forces. — Com m issioned
officers and w arrant officers of the armed forces of the United S tates (including the Army, N a v y ,
Air Force, M arine Corps and C o ast G uard), but only for m embers (and the families of members)
of such forces and civilian em ployees at P o sts or B ases or Statio n s (such certifying officer should
indicate his rank and state th at tiie person signing the request is one of the class whose requests he
is authorized to certify).
(e) United States officials.— Ju d ges, clerks and deputy clerks of U nited States courts, in­
cluding U nited S tates district courts for the territories, possessions and C an al Zone; U nited S ta te s
C om m issioners; United S ta te s attorneys; United S tates collectors of custom s and their dep uties;
U nited S ta te s collectors of internal revenue and their deputies (or D irectors of Internal R evenue
and internal revenue a g e n ts); the officer in charge of any home, hospital or other facility of the
V eteran s’ A dm inistration, but only for patien ts and m embers of such facilities; certain officers of
Federal penal institutions designated for that purpose by the Secretary of the T reasu ry and certain
officers of the U nited S tates Public H ealth Service H ospitals at Lexington, K entucky, and at F o r t
W orth, T exas, and of U nited S tate s M arine H osp itals at F o rt Stan ton, New M exico, and C arville.
Louisiana, designated for th at purpose by the Secretary of the T reasu ry (in each case, however, on ly
for inm ates or em ployees of the institution involved).
(f) Officers authorized in particular localities. — Certain officers in the T reasury D e p a rt­
m ent; the G overnors and T reasurers of H aw aii, Puerto Rico and A lask a; the Governor and C om m is­
sioner of Finance of the Virgin Islan d s; the Governor and D irector of Finance of G uam ; the G overnor
and D irector of A dm inistrative Services of American S am o a; the Governor, pay m aster or actin g
pay m aster, and collector or acting collector of the P an am a C an al; and postm asters and ac tin g
postm asters in the B u reau of P o sts of the C an al Zone.
(g) In foreign countries. — In a foreign country requests for paym ent m ay be signed in the
presence of and be certified b y any United States diplom atic or consular representative, or m an ager
or other officer of a foreign branch of a bank or tru st com pany incorporated in the United S ta te s,
whose signature is authenticated b y an impression of the corporate seal or is certified to the T rc asu rv
D epartm ent. If such an officer is not available, requests for paym ent m ay be signed in the presence
of and be certified by a notary or other officer authorized to adm inister oaths, but his official ch ar­
acter and jurisdiction should be certified by a United S tates diplom atic or consular officer under
seal of his office.
(h) Special provisions. — In the event none of the officers authorized to certify requests for
paym ent of savings bonds is readily accessible, the Com m issioner of the Public D ebt, the D e p u ty
Com m issioner of the Public D eb t in Charge of the Chicago Office, or a Federal R eserve B an k , is
authorized to m ake 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 paym ent and will be held fully responsible
therefor. In all cases a certifying officer m ust affix to the certification his official signature, title,
address and seal, or datin g stam p, and the date of execution. Officers of V eterans’ A dm in istration
Facilities, Public H ealth Service H ospitals, Alarine H ospitals, and F ederal penal institutions, sh ou ld
use the seal of the particular institution or service, where such seal is available. If a certifyin g
officer, other than a post office official, officer of a bank or tru st com pany, or officer of an issu in g
agent, does not possess an official, seal, th at fa ct should be m ade known and attested.

11

Sec. 315.27. Interested person not to certify.— N o person authorized to certify requests for p ay ­
m ent m ay certify a request for pajm ient 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.— E xcep t for cases coming within the
provisions of Section 315.29, after the request for paym ent has been duly signed by the owner and
certified as above provided, the bond should be presented and surrendered to (1) a F ederal Reserve
B a n k or Branch, (2) the B u reau of the Public D ebt, D ivision of L oan s and Currency, 536 South
C lark Street, Chicago 5, Illinois, or (3) the T reasu ry D epartm ent, W ashington 25, D . C. U sually
pajm ien t will be expedited by surrender to a Federal R eserve B an k . In all cases presentation will
be a t the expense and risk of the owner, and, for his protection, the bond should be forwarded by
registered m ail if not presented in person. P aym ent will be m ade by check drawn to the order of
the registered owner or other person entitled and m ailed to him a t the address given in his request
for paym ent.
Sec. 315.29. Optional procedure limited to bonds of Series A to E, inclusive, in names of individ­
ual 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, m ay present such
bond (unless m arked “ D U P L I C A T E ” ) to any incorporated bank or tru st com pany or any other
organization qualified as a paying agent under the provisions of D epartm ent Circular No. 750.
If such bond is in order for paym ent b}r the pay in g agent, the owner or coowner, upon establishing
his identity to the satisfaction of the paying agent and upon signing the request for paym ent and
adding his home or business address, m ay receive im m ediate paym ent at the appropriate redem ption
value, as provided in Sections 315.22 and 315.23. E ven though the request for paym ent has been
signed, or signed and certified prior to the presentation of the bond, nevertheless the pay in g agent
is required to establish to its satisfaction the identity of the owner or coowner requesting paym ent
and such paying agent m ay require the owner or coowner to sign again the request for paym ent.
N o charge will be m ade to the owner. T his m ethod of presentation is authorized notw ithstanding
the provisions of any T reasu ry D epartm ent circulars offering the bonds for sale and notw ithstanding
any instructions which m ay be printed on the bond and is optional with individual owners. Bonds
of Series A, B , C, D or E requiring docum entary evidence to support,redem ption, or presented for
p artial redem ption, and bonds of Series F , G, H, J and Iv, are not eligible for paym ent at these
pay in g agencies.
Sec. 315.30. Partial redemption.— x\ savin gs bond of any series in a denomination greater than
S25 (m aturity value) m ay be redeemed in p art a t current redem ption value b u t only in am ounts
corresponding to authorized denom inations of not less than $25 (m aturity value), upon presentation
and surrender of the bond to (1) a Federal R eserve B a n k or Bran ch (2) the B u reau of the Public
D eb t, D ivision of L oan s and Currency, 536 South C lark Street, Chicago 5, Illinois, or (3) the T reasu ry
D epartm ent, W ashington 25, D . C ., all in accordance with this Su bpart. P artial redem ption m ay
not be effected at incorporated banks or tru st companies. In an y case in which p artial redem ption
is authorized, before the request for paym ent is signed there should be added to the first sentence of
the requ est the words “ to the extent of $ ______ (m aturity value), and reissue of the rem ainder.”
U pon partial redem ption of a savin gs bond the rem ainder will be reissued as of the original date as
provided in Su b p art I. F or paym ent of interest on current income bonds in case of partial redem p­
tion, see Su b p art G.
Sec. 315.31. Nonreceipt or loss of checks issued in payment.— In case a check in paym ent of a
bond surrendered for redem ption is not received within a reasonable time, or in case such check is
lost after receipt, notice should be given to the sam e agency to which the bond was surrendered for
paym ent, accom panied b y a description of the.bon d by series, denomination, serial num ber and
registration. T he 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. I t should be borne in mind, in connection with bonds of Series F , G, H , J
and Iv, that paym ent is m ade only on the first d ay of a calendar month and only at least one full
calendar month following actual receipt of the notice of intention to redeem, and a check cann ot be
expected until that time.

Subpart I— GENERAL REISSUE AND DENOMINATIONAL EXCHANGE
Sec. 315.32. General.— Reissue of a savin gs bond will be restricted to a form of registration
perm itted by the regulations in effect on the date of original issue of the bond and will be m ade
only upon surrender of the bond and only in accordance with the provisions of those regulations.
R eissue of a savin gs bond will be m ade 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 m ade by the issuing agent.

12

( b ) T o show a change in the name of an owner, coownei* or designated beneficiary, upon h is
request, supported by satisfacto ry proof of the change of nam e if for any reason other than m arriage.
(c) T o exchange bonds of Series E originally issued on or after M ay 1, 1952, on uncurrent
bond stock for bonds of th at series on current stock, as soon as the latter is available, upon the req u est
of the owner or either coowner. Such exchange is not necessary, however, because all paying agen ts
will redeem A L L bonds of Series E bearing issue dates on and after M ay 1, 1952, in accordance w ith,
the new schedule of redem ption values, as set forth in T able A a t the end of T reasu ry D ep artm en t
C ircular N o. 653, Third Revision.
(id ) A s otherwise specifically provided in these regulations.

Sec. 315.33. Requests for reissue.— R equ ests for reissue should be m ade on ap p ro priate
form s, which m ay be obtained from any Federal Reserve B an k or B ran ch or the B u reau of the P u b lic
D ebt, D ivision of L oan s and Currency, 536 South C lark Street, Chicago 5, Illinois, and should b e
signed b y the persons authorized under these regulations to m ake such requests. If the request is
by reason of a change of name, the signature should show both nam es and the m anner in which the
change took place, as, for example, “ M iss A lary T . Jones, now by m arriage M rs. A lary T . S m ith .”
A request for reissue under Section 315.32 (a), (b) and (d) m ust be signed in the presence of and be
certified by an officer authorized under Su b p art H to certify requests for paym ent.
Sec. 315.34. Agencies authorized to make reissue.— R eissues under Section 315.32 (b), (c) an d
(d) m ay be m ade only at (1) a Federal Reserve B an k or Branch, (2) the B u reau of the Public D e b t,
D ivision of L oan s and Currency, 536 South C lark Street, Chicago 5, Illinois, or (3) the T re asu ry
D epartm ent, W ashington 25, D . C.
Sec. 315.35. Effective date.— In any case of authorized reissue the T reasu ry D epartm en t will
treat the receipt by a F ederal R eserve B an k or the T reasu ry D epartm en t of a bond and ap p ro p riate
request for reissue thereof, as determ ining the date upon which reissue is effective.
Sec. 315.36. Description of bonds on reissue.— The new bonds will be of the sam e series, will
bear the sam e issue date, and will have the sam e rights and privileges as the bonds surrendered.7
Sec. 315.37. Denominational exchange.— Exchange as between authorized denom inations will
not be perm itted except in cases of partial redem ption or authorized reissue and then only in au th o r­
ized denom inations of not less than $25 (maturity7 value).
,

Subpart J— MINORS AND PERSONS UNDER OTHER LEGAL DISABILITY
Sec. 315.38. Payment to legal guardians.— If the form of registration of a savings bond in dicates
th at the owner is a minor or lias been judicially declared to be incom petent to m anage his e state
and th at a guardian or sim ilar representative has been appointed for the estate of such minor or
incom petent by a court having jurisdiction or is otherwise legally qualified, paym ent will be m ade on ly
to such guardian or sim ilar legal representative. In such case the request for paym ent ap p earin g
on the back of the bond should be signed by the guardian or other legal representative as such, for
example, “ Jo h n A Jones, guardian (committee) of the estate of H enry AY. Sm ith, a minor (an incom ­
p eten t).” Unless the form of registration gives the nam e of the representative, there m ust be su b ­
m itted in support of the request a certificate or a certified copy of the letters of appointm ent from
the court m aking the appointm ent under the seal of the court. E x cep t in the case of corporate
fiduciaries, such certificate or certification should state th at the appointm ent is in full force and should
be dated not more than six m onths prior to the date of presentation of the bond for paym ent. See
Su b p art O for paym ent provisions applicable to bonds registered in the nam es of guardians and sim i­
lar fiduciaries. Where the form of registration does not indicate th at the owner is a minor for w hose
estate a guardian has been appointed, a notice th at such guardian has been appointed will not be
accepted by the T reasu ry D epartm ent for the purpose of preventing paym ent to the minor or to a
parent or other person on behalf of the minor as provided in the two following sections. H ow ever,
if a legal guardian presents for paym ent a bond so registered accom panied by proof of his ap p o in t­
ment, paym ent will be made to such guardian.
Sec. 315.39. Payment to minors.— Unless the form of registration of a savings bond in dicates
th at the owner is a minor for whose estate a guardian or sim ilar legal representative has been a p ­
pointed or is otherwise duly qualified, paym ent will be m ade direct to such minor presenting the bond
for paym ent if, at the time paym ent is requested, lie is of sufficient com petency and understanding
to sign his nam e to the request and to comprehend the nature of such act. In general, the fact th at
the request for paym ent has been signed by a minor and didy certified in accordance with S u b p art
H will be accepted as sufficient proof of such com petency and understanding.
7 Reissues of bonds of Series E sold before May 1, 1952, will continue to be made from bond stocks carrying the
same tables of redemption values and other details appearing on the original bonds.

13
Sec. 315.40. Payment to a parent or other person on behalf of a minor.—I f the owner of a savings
bond is a minor and the form of registration does not indicate that a guardian or sim ilar legal repre­
sen tative 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 com petency and understanding to execute the request
for paym ent, paym ent will be m ade 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 m ust surrender the bond with the request for paym ent properly executed, and furnish
a certificate, which m ay be typed on the back of the bond, showing his right to act for the minor. If
a paren t signs the request, the certificate and signature thereto should be in su b stan tially the fol­
lowing form :
“ I certify th at I am the mother (or father) of Jo h n C. Jon es and the person with whom he
resides.
H e i s ____years of age and is not of sufficient com petency and understanding to sign
this request.
M rs. M ary Jo n es on behalf of Jo h n C. Jo n e s.”
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 su b stan tially the following
form :
“ I certify that Jo h n C. Jo n es does not reside with either parent and that I furnish his chief
support. H e i s ____years of age and is not of sufficient com petency and understanding to sign
this request.
M rs. Alice Brown, grandm other, on behalf of Jo h n C. Jo n e s.”
The T reasu ry D epartm ent m ay in any particular case require further proof that the minor is not of
sufficient com petency and understanding to execute the request for paym ent 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
ad u lt owner of a bond has been judicially declared incompetent or such incom petency is otherwise
satisfacto rily 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, paym ent will be m ade to a member of
his fam ily or other person acting as volun tary guardian, upon presentation of satisfacto ry proof
that the proceeds of the bond are required for the purchase of necessaries for the incom petent or
for his wife or minor children or other persons dependent upon him for support. A pplication for
such paym ent should be m ade only on appropriate forms, which may be obtained from the B ureau
of the Public D eb t, D ivision of L o an s and Currency, 536 South C lark Street, Chicago 5, Illinois,
or an y Federal R eserve B ank. The request for paym ent should not be executed, nor the bond
presented, until the application has been approved and instructions have been given b y the T reasury
D epartm ent.
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, m ay be reissued upon an authorized reissue transaction under the
following conditions:
(1)
, R eissue will be restricted to a form of registration which preserves the existing owner­
ship or interest of the minor, except th at a minor of sufficient com petency and understanding to
sign his nam e 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 nam e alone or to which
he is entitled in his own right.
(2) R eissue will be su bject to the term s and conditions prescribed by Sections 315.38,
315.39, and 315.40 of this Su b part, governing a request for paym ent of such bond.

Subpart K— SINGLE NAME— ADDITION OF COOWNER, ETC.
Sec. 315.43. Payment or reissue.— A savin gs bond registered in the nam e 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
requ est for paym ent. 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 S u b p art N .)
Sec. 315.44. Reissue for certain purposes.—A savin gs bond registered in the nam e of one
person in his own right, or to which one person is shown to be entitled in his own right under these
regulations, m ay 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 .— R eissue in the name of the owner with th at of another n atural
person as coowner. Bonds reissued in accordance with this subsection upon request of the original
owner will be considered for the purposes of com putation of holdings under Su b p art C of these reg­

14

ulations as originally issued in both nam es, and no reissue will be effective which results in any one
person holding bonds in excess of the established lim it for the series to which the bonds belong.
R eq u ests for reissue under this subsection should be m ade on F orm P D 1787.
(6) Addition o f a beneficiary. — Reissue in the nam e of the owner with th at of another n atu ral
person as designated beneficiary. R equ ests for reissue under the provisions of this subsection
should be m ade on Form P D 1787.
(c) A trustee o f a living tru st. —R eissu e'in the nam e of a trustee of a living tru st created
b y the owner for his benefit, in whole or in part, during his lifetime, whether or not containing an
absolu te power of revocation in the gran tor; b u t such reissue will be allowed only in the case of
bonds of those series which m ay be originally issued in the nam e of a trustee. R equests for reissue
under this subsection should be m ade on Form P D 1851.

Subpart L— TWO NAMES— COOWNERSHIP FORM
Sec. 315.45. Payment or reissue.— A savin gs bond registered in the nam es of two persons a s
coowners in the form, for example, “ Joh n A. Jo n es or Airs. A lary C. Jo n e s,” will be paid or reissu ed
as follows:
(a) Paym ent during the lives of both coow ners. — D uring the lives of both coowners th e
bond will be paid to either coowner upon his separate request w ithout requiring the signature of th e
other coowner; and upon paym ent to either coowner the other person shall cease to have an y in ter­
est in the bond. T he bond will also be paid to both coowners upon their joint request, in w hich
case paym ent will be m ade by check drawn to the order of both coowners in the form “ Jo h n A. Jo n e s
and Airs. M ary C. Jo n e s,” and the check m ust be endorsed by both payees.
( b) Reissue during th e lives of both coow ners. — E xcept as otherwise specifically provided
by these regulations, a bond held in coownership m ay be reissued during the lives of both coow ners
only upon the request of both and under the following specific circum stances:
(1) in the nam e of cither coowner, alone, or with a new coowner or with a beneficiary:
(i) if the coowner whose nam e is to rem ain on the bond is related to the coowner
whose nam e is to be elim inated as coowner either as husband or wife, parent or child,
brother or sister, gran dparen t or grandchild, uncle or aunt, or nephew or niece; the term
“ child” includes a child legally adopted as well as a stepchild; the term s “ brother” an d
“ sister” include brothers and sisters of the half blood as well as those of the whole blood,
stepbrothers and stepsisters, and brothers and sisters through adoption, Provided , however\
T h at the T reasu ry reserves the right to reject any application for reissue hereunder, id
whole or in p art, upon a determ ination th at the transaction would tend to evade or d e fe at
the purposes of the lim itation on holdings or the restriction again st the transferability of
savings bonds;
(ii) if one of the coowners is m arried after the issue of the bond; and
(iii) if the coowners are divorced or legally separated from each other, or their m arriage
is annulled, after the issue of the bond.
&
Ret pies ts for reissue of any of the above three classes should be m ade on the curren t
revision of Form P D 1938 and should be signed b y both coowners. Such requests will n o t
be approved unless the coowner whose nam e is to be elim inated from the bond is of l'n]}
age and legally com petent. A minor coowner m ay execute the form if (in the opinion
of the certifying officer) he is of sufficient com petency and understanding to com prehend
the nature of the transaction and reissue of all the bonds is to be m ade in the name of such
minor alone or, if he so requests, with another coowner or a beneficiary.
(2) If the bond is of Series F , G, J or K , it m ay 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
lifetim e whether or not containing an absolute power of revocation in the grantors. R eq u ests
for reissue under this provision should be m ade on Form P D 1851 and will not be approved
unless both coowners are of full age and legally competent.
(c) Paym ent or reissue after the death o f one coow ner. — If either coowner dies w ith out
having presented and surrendered the bond for paym ent or authorized reissue, the survivin g co ­
owner will be recognized as the sole and absolute owner of the bond and paym ent or reissue will be
m ade only to such survivor, as though the bond were registered in his nam e alone. If the su rv iv o r
requests reissue, he m ust present proof of the death of the other coowner. If a coowner dies a fte r
he has presented and surrendered the bond for paym ent, paym ent of the bond or check, if one h a s
been issued, will be m ade to his estate (see Su b p art N ). If either coowner dies after the bond h a s
been presented and surrendered for authorized reissue, the bond will be treated as though su ch
reissue had been m ade before the death of such coowner (see Section 315.35).

15
( d ) Paym ent or reissue on death o f both coowners in com m on disaster. — If both coowners die in a common disaster under such conditions that it cannot be established, either by pre­
sum ption of law or otherwise, which coowner died first, the bond will be considered as belonging
to the estates of both coowners, and paym ent or reissue will be m ade accordingly (see Su b p art N ).
(e) Paym ent or reissue after th e death of th e surviving coow ner. — I f a surviving coowner
who becomes solely entitled to the bond under the provisions of subsection (c) of this section, dies
w ithout having presented and surrendered the bond for paym ent or authorized reissue, the bond
will be considered as belonging to his estate and will be paid or reissued accordingly (see Su b p art 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 Su b p art m eans the actual receipt of a
bond, for paym ent, by a Federal R eserve B an k or the T reasu ry D epartm ent, or an incorporated
bank or trust com pany or any other agency duly qualified to m ake pajTnent of the bond, or, for
reissue, by a F ederal Reserve B a n k or the T reasu ry D epartm ent, with an appropriate request for
the particular transaction.

Subpart M — TWO NAMES— BENEFICIARY FORM
Sec. 315.46. Payment or reissue.— A savings bond registered in the nam e of one person payable
on death to another, for example, “ H enry W. Ash, payable on death to Joh n C. B la c k ,” will be paid
or reissued as follows:
(а ) Paym ent to the registered owner. — The bond will be paid to the registered owner
during his lifetim e upon his properly executed request as though no beneficiary had been nam ed
in the registration.
(б) Reissue during th e lifetim e of th e registered owner as follows:

(1) The bond will be reissued, on the duly certified request of the registered owner, to nam e
the beneficiary designated on the bond as coowner. B on ds so reissued upon the request of
the original owner will be considered for the purposes of com putation of holdings under Su b p art
C of these regulations as originally issued in both nam es and no reissue will be effective which
results in any one person holding bonds in excess of the established lim it 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 elim inate such bene­
ficiary,8 or to sub stitute another person as beneficiary, or to name another person as coowner.
U nder this provision the bond m ay 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 lifetim e, whether or not
containing an absolute power of revocation in the grantor, if it is a bond of a series which m ay
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 m ay be reissued as though it were registered
in his nam e alone.
R eq u ests for reissue under this subsection should be m ade on Form P D 1787, except th at Form
P D 1851 should be used for reissue to a trustee of a living tru st under the provisions of su b par­
agraph (2).
(c) Paym ent or reissue after th e death o f th e registered owner. — If the registered owner
dies without having presented and surrendered the bond for paym ent 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 paym ent or reissue will be m ade only to
such survivor, as though the bond were registered in his nam e alone. If the registered owner dies
after he has presented and surrendered the bond for paym ent, paym ent of the bond, or check, if
one lias been issued, will be m ade to his estate (sec Subpart H ). 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 m ade before the death of the registered owner (see Sec. 315.35).
(d) Paym ent or reissue after th e death of 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 paym ent or reissue, the bond will be
considered as belonging to his estate and will be paid or reissued accordingly (see Su b p art 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.
Consent cannot be given for tlie elimination of the Treasurer of the United States as beneficiary.

16
The term “ presented and surrendered” as used in this Su b p art m eans the actual receipt of a
bond, for paym ent, b y a Federal Reserve B an k or the T reasu ry D epartm ent, or an incorporated
bank or tru st com pany or any other agency duly qualified to m ake paym ent of the bond, or, for
reissue, b y a Federal R eserve B a n k or the T reasu ry D epartm ent, with an appropriate request for
the particular transaction.

Subpart N— DECEASED OWNERS
Sec. 315.47. Pi yment or reissue on death of owner.— Upon the death of the owner of a savin gs
bond who w as not survived by a coowner or designated beneficiary and.who had not during liis life­
T
time presented and surrendered the bond to a Federal Reserve B an k or the T reasu ry D epartm en t
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 Su b ­
p art will not be m ade to a creditor. In any case, reissue will be restricted to a form of registration
perm itted by the regulations in effect on the date of original issue of the bond, but the person entitled
to the bond m ay hold it w ithout change of registration and will have the right to paym ent before
or a t m atu rity. T he provisions of this section shall also apply to savin gs bonds registered in the
nam es of executors or adm inistrators, except th at proof of their appointm ent and qualification
m ay not be required. E stab lish ed form s for use in such cases and for requests for paym ent or
reissue m ay be obtained from any Federal R eserve B an k or from the B u reau of the Public D eb t,
D ivision of L oan s and Currency, 536 South C lark Street, Chicago 5, Illinois, and should be used in
every instance.
(a) I n c o u r s e o f a d m i n i s t r a t i o n . — If the estate of the decedent is being adm inistered in a
court of com petent jurisdiction, the bond will bo paid to the duly qualified representative of the
estate or will be reissued in the nam es of the persons entitled to share in the estate, upon requ est of
the duly appointed and qualified representative o f the estate and com pliance vfith the followingconditions:
(1) Where there are two or more legal representatives, all m ust unite in the request for
paym ent or reissue, unless by express statu te or decree of court, or by testam en tary provision,
some one or more of them m ay properly execute the request.
(2) The request for paym ent or reissue should be signed in the form, for exam ple: “ Jo h n
A. Jon es, adm inistrator of the estate (or executor of the will) of H enry W. Jones, deceased,”
and m ust be supported by proof of the represen tative’s authority in the form of a court certifi­
cate or a certified copy of the representative’s letters of appointm ent issued by the court h avin g
jurisdiction. The certificate, or th a certification to the letters, m ust be under seal of the court,
and, except in the case of a corporate representative, m ust contain a statem en t th at the ap p o in t­
m ent is in full force and should be dated within six months of the date of presentation of the
bond, unless the certificate or letters show th at the appointm ent was m ade within one y ear
im m ediately prior to such presentation.
(3) In case of reissue the personal representative should certify th at the persons n am ed
are entitled to share in the estate to the extent specified for each and have consented to such
reissue. A request for reissue by a legal representative should be m ade on F orm P D 1455.
If a person in vdiose nam e reissue is requested desires to nam e a coowner or beneficiary, sucli
person should execute an additional request for th at purpose, using F orm P D 1787.
(b) A f t e r s e t t l e m e n t t h r o u g h c o u r t p r o c e e d i n g s . — If the estate of the decedent has been
settled in a court of com petent jurisdiction, the bond will be paid to or reissued in the nam e of the
person entitled thereto as determ ined by the court. The request for paym ent or reissue should be
m ade by the person shown to be entitled and supported by duly certified copies of the represen tative’s
final account and the decree of distribution or other pertinent court records, supplem ented, if there
are twm or more persons having an apparent interest in the bonds, by an agreem ent executed b y
them.
(c) W i t h o u t a d m i n i s t r a t i o n . — When it appears that no legal representative of the decedent’s
estate has been or is to be appointed the bond wifi be paid to or reissued in the name of the person or
persons entitled pursuant to an agreem ent and request by all persons entitled to share in the dece­
den t’s estate; the agreem ent and request should be made on form s prescribed by the T reasu ry D e ­
partm ent, wdiich should be duly executed in accordance with the instructions thereon. A sh ort
form for settlem ent w ithout adm inistration (Form P D 1946) is prescribed for cases in which the
am ount of savings bonds belonging to the decedent’s estate is not in excess of $500 (m aturity v a lu e ).
A longer form (Form P D 1946-A) is prescribed for other cases of settlem ent w ithout adm inistration.
A pplication for the appropriate form to be used hereunder m ay be m ade to any Federal R eserv e
B a n k or to the B u reau of the Public D ebt, D ivision of L oan s and Currency, 536 South C lark Street,

17

Chicago 5, Illinois. The applicant should state whether or not the am ount of savin gs bonds belong­
ing to the decedent’s estate is in excess of $500 (m aturity value). If any of the persons are minors
or incom petents, paym ent or reissue of the bond will not be perm itted w ithout adm inistration,
except to them or in their nam es, unless their 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 paym ent before m atu rity m ust be signed by all acting fiduciaries unless,
b y express statu te or decree of court or b y the term s of the instrum ent under which the fiduciaries
are acting, some one or more of them m ay property execute the request. A request for paym ent
a t m aturity signed b y any one or more acting fiduciaries will be accepted, b u t paym ent will be made
to all. If the bond is registered in the nam es of fiduciaries of the estate who are still acting, no further
evidence of authority will be required. In other cases the request for paym ent m ust be supported
b y evidence as specified below:
(a) Fiduciaries— by title only. —I f the bond is registered in the titles without the nam es of
the fiduciaries, satisfacto ry proof of their incum bency m u st be furnished, except in the case of public
officers.
( b) Succeeding fiduciaries.— If the fiduciaries in whose nam es the bonds were registered
have been succeeded by other fiduciaries, satisfacto ry proof of successorship m ust be furnished.
(c) Boards, com m ittees, etc. — If the fiduciaries consist of a board, com m ittee, commission
or public body, or are otherwise empowered to act as a unit, a request for paym ent before m atu rity
m ust be signed in the name of the board or other body b y an authorized officer or agent thereof or
by all m em bers of the board or other body. A request executed by an officer or agent m ust be
supported by a duly certified copy of a resolution of the board or other body authorizing such action
or b y a duty certified copy of the tru st instrum ent or excerpt therefrom showing the au th ority for
such action, except th at in the case of a public board or commission a request signed in its name by
an authorized officer thereof and duty certified will ordinarily be accepted w ithout further proof of
his authority. A request signed by all m em bers of a private board or com m ittee m ust be supported
by a duly executed certificate of incumbency.
(d) Corporate fiduciaries.— If a public or private corporation or a political body, such as a
S ta te or county, is acting as a fiduciary, a request for paym ent m ust be signed in the nam e of the
corporation or other body, in the fiduciary capacity in which it is acting, b y an authorized officer
thereof. A request for paym ent so signed and duly certified will ordinarily be accepted without
further proof of the officer’s authority.
(e) Registration n ot disclosing trust. — 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,
satisfacto ry proof of ownership m ust be furnished.
Sec. 315.49. Reissue in the name of a succeeding fiduciary.— If a fiduciary in whose name a
savin gs 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 satisfacto ry proof of
successorship.
Sec. 315.50. Reissue or payment to person entitled.—
( a) D istribution o f trust estate in kind. —A savings bond to which a b e n e fic ia l of a tru st
estate has become law fully entitled in his own right or in a fiduciary capacity, in whole or in part,
under the terms of the trust instrum ent, 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 the form in which the bond is registered
does not show th at it belongs to a tru st estate, the request for reissue m ust be supported bj^ sa tis­
factory proof of ownership.
( b) A fter term ination o f trust estate.— If the person who would be lawfully entitled to a
sav in gs bond upon the term ination of a tru st does not desire to have such distribution to him in
kind, as provided in the next preceding subsection, the trustee or trustees should redeem the bond
in accordance with the provisions of Section 315.48 before the estate is term inated. If, however,
the estate is term inated without such paym ent 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 satisfacto ry
proof of ownership, supplem ented, if there are two or more persons having any apparent interest
in the bond, b y an agreement executed by all such persons.

18

(c) U p o n t e r m in a t i o n o f g u a r d ia n sh ip e s t a t e .— A savings bond registered in the nam e of
a guardian or sim ilar legal representative of the estate of a minor or incom petent, if the estate is
term inated during the w ard’s lifetime, will be reissued in the name of the former ward upon the
represen tative’s request and certification th at the former ward is entitled and has agreed to reissue
in his nam e, or will be paid to or reissued in the name of the former ward upon his own req u est,
supported in either case by satisfacto ry proof th at his disability has been removed. Certification b y
the representative th at a former minor has attained his m ajority, or th at the legal disability of a
fem ale w ard has been rem oved b y m arriage, if the S tate law so provides, will ordinarily be accepted
as sufficient, but if the disability is rem oved by court order a duly certified copy of the order will be
necessary. Upon the death of the ward a bond registered in the name of his guardian or sim ilar
representative will be reissued in accordance with the provisions of Su b p art N as though it were
registered in the nam e of the ward alone.

Subpart P— PRIVATE

ORGANIZATIONS (CORPORATIONS,
PARTNERSHIPS, ETC.)

ASSOCIATIONS,

Sec. 315.51. Payment to corporations or unincorporated associations.— A savings bond reg is­
tered in the nam e of a private corporation or an unincorporated association will be paid to such
corporation or unincorporated association upon request for paym ent on its behalf b y a duly au th o r­
ized officer thereof. The signature to the request should be in the form, for example, “ T he Jo n e s
C oal C om pany, a corporation, b y W illiam A. Sm ith, president” , or “ T he L otu s C lub, an unincor­
porated association, by Jo h n Jon es, treasurer.” A request for paym ent so signed and duly certified
will ordinarily be accepted w ithout further proof of the officer’s authority.
Sec. 315.52. Payment to partnerships.— A savings bond registered in the name of a partn ersh ip
will be paid upon a request for paym ent signed b y a general partner. T he signature to the req u est
should be in the form “ Sm ith and Jones, a partnership, b y Jo h n Jones, a general partn er.” A
request for paym ent so signed and duly certified will ordinarily be accepted as sufficient proof th a t
the person signing the request is duly authorized.
Sec. 315.53. Payment to other organizations (churches, hospitals, homes, schools, etc.).—
savings bond registered in the nam e of a church, hospital, home, school, or sim ilar institution w ith out
reference in the registration to the m anner in which it is organized, governed, or title to its pro p erty
is held, will be paid upon a request for paym ent signed on behalf of such institution by ail a u th o r­
ized representative. F or the purpose of this section, a request for paym ent signed by a p asto r of
a church, superintendent of a hospital, president of a college, or b y any official generally recognized
as having authority to conduct the financial affairs of the particular institution, will ordinarily be
accepted without further proof of his authority. T he signature to the request should be in the form ,
for exam ple, “ Shriners’ H osp ital for Crippled Children, S t. Louis, M issouri, by W illiam A. S m ith ,
superintendent” , o r “ S t. A lary ’s R om an Catholic Church, A lbany, New Y ork, by Joh n Jones, p a s to r .”

Sec. 315.54. Reissue in name of trustee for investment purposes.— A savings bond held b y a
church, hospital, home, school, or sim ilar institution, whether or not incorporated, m ay be reissu ed
upon appropriate request in the nam e of a bank or tru st com pany as trustee under an agreem ent
with such organization, under which the bank or tru st com pany holds the funds of the organization ,
in whole or in part, in tru st, for the purpose of investing and reinvesting the principal and p ay in g
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 unin corporated
association or a partnership which has been succeeded by another corporation, u nincorporated
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 w ithout su bstan tial change, will be paid to, or reissued in
the nam e of, the succeeding organization upon appropriate request on its behalf and sa tisfa c to ry
proof of lawful succcssorship.

Sec. 315.56. Reissue or payment on dissolution.—
(a) C o r p o r a tio n s .— A savings bond registered in the nam e of
in process of dissolution will be paid to the authorized representative
executed request for paym ent supported by satisfacto ry evidence of
U pon the term ination of dissolution proceedings such bonds m ay be

a private corporation which is
of the corporation upon a d u ly
the represen tative’s au th o rity .
reissued in the nam es of th o se

19

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 cor­
poration and upon proof of com pliance with all statu to ry provisions governing the volun tary dis­
solution of such corporation, and that the persons in whose nam es 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 m ust
consist of certified copies of orders of the court.
(b) P a r tn e r s h ip s .— A savings bond registered in the nam e of a partnership which has been
dissolved by death or w ithdrawal of a partner, or in any other manner, will be paid to or reissued
in the nam es of the persons entitled thereto as the result of such dissolution to the extent of their
respective interests, upon their request supported by satisfacto ry evidence of their title, including
proof th at the debts of the partnership have been paid or properly provided for.

Subpart Q— STATES, PUBLIC CORPORATIONS, AND PUBLIC BOARDS,
COMMISSIONS AND OFFICERS
Sec. 315.57. In names of States, public corporations and public boards.— A savin gs bond
registered in the nam e of a S tate or of a county, city, town, village or other public corporation or in
the nam e of a public board or commission, will be paid upon a request signed in the nam e of such
State, corporation, board or commission b y a duly authorized officer thereof. A request for paym ent
so signed and duly certified will ordinarily be accepted w ithout further proof of the officer’s authority.
Sec. 315.58. In names of public officers.— A savings bond registered in the title, without the
nam e, of an officer of & State or public corporation, such as a county, city, town or village, will be
,
paid upon request for paym ent signed b y the designated officer. The fact that the request for
paym ent is signed and duly certified will ordinarily be accepted as sufficient proof th at the person
signing is the incum bent of the designated office.

Subpart R— FURTHER PROVISIONS
Sec. 315.59. Regulations prescribed.— These regulations are prescribed by the Secretary of the
T reasu ry as governing U nited S ta te s Savin gs B on d s issued under the authority of Section 22 of the
Second L ib erty B on d A ct, as amended, and pursuant to the various D epartm ent C irculars 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. T he provisions of T reasu ry D epartm ent C ircular N o. 300, as amended, have no
application to savin gs bonds.
Sec. 315.60. Preservation of rights.— N othing contained in these regulations shall be construed
to lim it or restrict any existing rights which holders of savin gs bonds heretofore issued m ay 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 T reasu ry , in an y case
arising under these regulations, m ay require such additional proof as he m ay consider necessary
or advisable in the prem ises; and m ay require a bond of indem nity with satisfacto ry sureties, or an
agreem ent of indem nity, in any case where he m ay consider such a bond or agreem ent necessary
for the protection of the interests of the U nited States.
Sec. 315.62. Correspondence, certificates, notices and forms—presentation and surrender.—
T he Chicago Office of the B u reau of the Public D eb t of the T reasu ry D epartm ent (536 South C lark
Street, Chicago 5, Illinois) is charged with all m atters relating to U nited S ta te s Savin gs Bonds
after their original issue, and within th at office transactions under these regulations are largely
conducted by the D ivision of L oan s and Currency, at the sam e address. In the sam e connection
the Federal R eserve B an k s, as F iscal A gents of the U nited States, and their Branches, are utilized.
Correspondence in regard to any transactions with respect to U nited S ta te s Savin gs B o n d s within
the scope of these regulations, certificates of court and other certificates required hereunder, notices
of intention to redeem and the like (which m u st be in writing), and any other appropriate form s or
docum ents, should be addressed accordingly (and, where necessary, the bonds should be presented
and surrendered therew ith), except th at any specific instructions given elsewhere in this circular

20

for addressing particular transactions should be observed, and in any such instances the term “ Federal
Reserve Bank7 shall include any branch of a Federal Reserve Bank. Notices or documents not so
’
submitted, or on tile 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 Bureau of the Public Debt, 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.
JOHN W. SNYDER,
Secretary of the Treasury.

U.

s.

GO VERNM ENT PR IN T IN G OFI I C E : 1 9 6 2

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