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FEDERAL RESERVE BANK OF DALLAS F IS C A L . A G E N T O F T H E U N IT E D STATES Dallas, Texas, May 12, 1944 To AM Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve District: Treasury Department Circular No. 530, Fifth Revision, Regulations Governing United States Savings Bonds, has been further amended effec tive May 1, 1944, and a copy of the new amendment (Fifth Amendment) is enclosed for your files and future reference. Your particular attention is invited to paragraph (b) of Section 312.32, which reads in part as follows: “ Reissue during the lives of both coowners: If one of the coowners is unmarried at the time of issue of the bond and subsequently marries, the bond may be reissued upon the request of both coowners to substi tute the husband and wife as coowners.” In such cases, the request for reissue should be made on a form provided for that purpose by a Federal Reserve Bank or branch or by the Treasury Department, which are authorized to effect the reissue. No other reissue is permitted in any form during the lives of both coowners except as spe cifically provided in the regulations. Yours very truly, R. R. GILBERT President l^tylCTORY ' BUY UN ITE D STA TE S WAR IjONDS AND STAMPS This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS 1944 Fifth Amendment to Department Circular No. 530 F ifth Revision, dated June 1, 1942 Fiscal Service Bureau of the Public Debt TREASURY DEPARTMENT, Office of the Secretary, Washington, May 1, 191th. To Owners of U nited S tates Savings B onds, and Others Concerned : Section 315.32 of Department Circular No. 530, Fifth Revision, dated June 1, 1942, as amended by the Cumulative Amendment dated June 17, 1943, is hereby further amended to read as follows: “ S ec . 315.32. Payment or reissue.— A savings bond registered in the names of two persons as coowners in the form ‘John A. Jones OR Mrs. Mary C. Jones’ will be paid or reissued as follows: (a) Payment during the lives of both coowners.— During the lives of both coowners the bond will be paid to either coowner upon his separate request without requiring the signature of the other coowner; and upon payment to either coowner the other person shall cease to have any interest in the bond. The bond will also be paid to both coowners upon their joint request, in which case payment will be made by check drawn to the order of both coowners in the form ‘John A. Jones and Mrs. Mary C. Jones’, and the check must be endorsed by both payees. (b) Reissue during the lives of both coowners.— If one of the coowners is unmarried at the time of issue of the bond and subsequently marries, the bond may be reissued upon the request of both coowners to substitute the husband and wife as coowners. Such request should be on a form provided for that purpose by any Federal Reserve bank or branch or by the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois. No other reissue will be permitted in any form during the lives of both co owners except as specifically provided in these regulations. (c) Payment or reissue after the death o f one coowner.— If either coowner dies without having presented and surrendered the bond for payment to a Federal Reserve bank or the Treas ury Department, the surviving coowner will be recognized as the sole and absolute owner of the bond, and payment will be made only to him : Provided, however, That if a coowner dies after he has properly executed the request for payment and after the bond has actually been received by a Federal Reserve bank or the Treasury Department, payment of the bond, or check if one has been issued, will be made to his estate (see Subpart P hereof.) Upon proof of the death of one coowner and appropriate request by the surviving coowner (unless a nonresident alien, in which case see Section 315.3) the bond will be reissued in the name of such survivor alone, or in his name with another individual as coowner, or in his name payable on death to a designated beneficiary. (d) Payment or reissue on death of both coowners in common disaster.— If both coowners die in a common disaster under such conditions that it cannot be established, either by pre sumption of law or otherwise, which coowner died first, the bond will be considered as belonging to the estates of both coowners, and payment or reissue will be made accordingly. (e) Payment or reissue after the death of the surviving cooiuner.— If a surviving coowner who became solely entitled to the bond under the provisions of subsection (c) of this section dies without having submitted the bond for payment or reissue, the bond will be paid or reissued as though it were registered in the name of such last deceased coowner alone. In this case proof of the death of both coowners and of the order in which they died will be required.” D. W . B E L L , Acting Secretary of the Treasury. REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS 1944 Fifth Amendment to Department Circular No. 530 Fifth Revision, dated June 1, 1942 Fiscal Service Bureau of the Public Debt TREASURY DEPARTMENT, Office of the Secretary, Washington, May 1, 19H . To Owners of U nited S tates Savings B onds, and Others Concerned : Section 315.32 of Department Circular No. 530, Fifth Revision, dated June 1, 1942, as amended by the Cumulative Amendment dated June 17, 1943, is hereby further amended to read as follows: “ Sec . 315.32. Payment or reissue.— A savings bond registered in the names of two persons as coowners in the form ‘John A. Jones OR Mrs. Mary C. Jones’ will be paid or reissued as follows: (a) Payment during the lives of both coowners.— During the lives of both coowners the bond will be paid to either coowner upon his separate request without requiring the signature of the other coowner; and upon payment to either coowner the other person shall cease to have any interest in the bond. The bond will also be paid to both coowners upon their joint request, in which case payment will be made by check drawn to the order of both coowners in the form ‘John A. Jones and Mrs. Mary C. Jones’, and the check must be endorsed by both payees. (b) Reissue during the lives of both coowners.— If one of the coowners is unmarried at the time of issue of the bond and subsequently marries, the bond may be reissued upon the request of both coowners to substitute the husband and wife as coowners. Such request should be on a form provided for that purpose by any Federal Reserve bank or branch or by the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois. No other reissue will be permitted in any form during the lives of both co owners except as specifically provided in these regulations. (c) Payment or reissue after the death of one coowner.— If either coowner dies without having presented and surrendered the bond for payment to a Federal Reserve bank or the Treas ury Department, the surviving coowner will be recognized as the sole and absolute owner of the bond, and payment will be made only to him : Provided, however, That if a coowner dies after he has properly executed the request for payment and after the bond has actually been received by a Federal Reserve bank or the Treasury Department, payment of the bond, or check if one has been issued, will be made to his estate (see Subpart P hereof.) Upon proof of the death of one coowner and appropriate request by the surviving coowner (unless a nonresident alien, in which case see Section 315.3) the bond will be reissued in the name of such survivor alone, or in his name with another individual as coowner, or in his name payable on death to a designated beneficiary. (d) Payment or reissue on death of both coowners in common disaster.— If both coowners die in a common disaster under such conditions that it cannot be established, either by pre sumption of law or otherwise, which coowner died first, the bond will be considered as belonging to the estates of both coowners, and payment or reissue will be made accordingly. (e) Payment or reissue after the death of the surviving coowner.— If a surviving coowner who became solely entitled to the bond under the provisions of subsection (c) of this section dies without having submitted the bond for payment or reissue, the bond will be paid or reissued as though it were registered in the name of such last deceased coowner alone. In this case proof of the death of both coowners and of the order in which they died will be required.” D. W . B E L L , Acting Secretary of the Treasury. REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS 1944 Fifth Amendment to Department Circular No. 530 Fifth Revision, dated June 1,1942 Fiscal Service Bureau of the Public Debt TREASURY DEPARTMENT, Office of the Secretary, Washington, May 1, 19UU* To O wners of U nited S tates Savings B onds, and Others Concerned : Section 315.32 of Department Circular No. 530, Fifth Revision, dated June 1, 1942, as amended by the Cumulative Amendment dated June 17, 1943, is hereby further amended to read as follows: “ Sec . 315.32. Payment or reissue.— A savings bond registered in the names of two persons as coowners in the form ‘John A. Jones OR Mrs. Mary C. Jones’ will be paid or reissued as follows: (a) Payment during the lives of both coowners.— During the lives of both coowners the bond will be paid to either coowner upon his separate request without requiring the signature of the other coowner; and upon payment to either coowner the other person shall cease to have any interest in the bond. The bond will also be paid to both coowners upon their joint request, in which case payment will be made by check drawn to the order of both coowners in the form ‘John A. Jones and Mrs. Mary C. Jones’, and the check must be endorsed by both payees. (b) Reissue during the lives of both coowners.— If one of the coowners is unmarried at the time of issue of the bond and subsequently marries, the bond may be reissued upon the request of both coowners to substitute the husband and wife as coowners. Such request should be on a form provided for that purpose by any Federal Reserve bank or branch or by the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois. No other reissue will be permitted in any form during the lives of both co owners except as specifically provided in these regulations. (c) Payment or reissue after the death of one coowner.— If either coowner dies without having presented and surrendered the bond for payment to a Federal Reserve bank or the Treas ury Department, the surviving coowner will be recognized as the sole and absolute owner of the bond, and payment will be made only to him : Provided, however, That if a coowner dies after he has properly executed the request for payment and after the bond has actually been received by a Federal Reserve bank or the Treasury Department, payment of the bond, or check if one has been issued, will be made to his estate (see Subpart P hereof.) Upon proof of the death of one coowner and appropriate request by the surviving coowner (unless a nonresident alien, in which case see Section 315.3) the bond will be reissued ip the name of such survivor alone, or in his name with another individual as coowner, or in his name payable on death to a designated beneficiary. (d) Payment or reissue on death of both coowners in common disaster.— If both coowners die in a common disaster under such conditions that it cannot be established, either by pre sumption of law or otherwise, which coowner died first, the bond will be considered as belonging to the estates of both coowners, and payment or reissue will be made accordingly. (e) Payment or reissue after the death of the surviving cootvner.— If a surviving coowner who became solely entitled to the bond under the provisions of subsection (c) of this section dies without having submitted the bond for payment or reissue, the bond will be paid or reissued as though it were registered in the name of such last deceased coowner alone. In this case proof of the death of both coowners and of the order in which they died will be required.” D. W . B E L L , Acting Secretary of the Treasury.
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