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FEDERAL RESERVE BANK
O F N E W YORK
Fiscal Agent of the United States
r Circular No. 2 9 1 5 1
L March 13, 1945 J

REGULATIONS GOVERNING UNITED

STATES

SAVINGS

BONDS

Sixth Revision of Treasury Department Circular No. 530
To all Issuing Agents in the Second Federal Reserve
Qualified for Sale of Series E War Savings Bonds:

District

W e enclose a c o p y of T r e a s u r y Department

Circular N o . 530, Sixth Revision,

dated

F e b r u a r y 13, 1945, which contains the Regulations Governing United States Savings Bonds.
A l t h o u g h the Circular gives the appearance o f having been extensively revised, when comp a r e d with the F i f t h Revision, most of the changes are in the f o r m , rather than in the substance,
o f the regulations.

T h e subparts have been r e a r r a n g e d in what is believed to be a m o r e logical

sequence, and m a n y of the changes in the text either are clarifications of earlier provisions or
are d e c l a r a t o r y of what the regulations have p r e v i o u s l y been construed t o mean.

The principal

changes in the substance of the regulations are as f o l l o w s :
Section 315.3. The restrictions on ownership have been relaxed (1) to permit nonresident aliens
who are not citizens of enemy nations to be designated as eoowners or beneficiaries upon authorized
reissues of savings bonds, as well as upon original issues; (2) to permit American citizens permanently
residing abroad to be designated as eoowners or beneficiaries upon original issues or authorized reissues;
and (3) to restore the eligibility of citizens of the Commonwealth of the Philippine Islands to be named
as owners, eoowners, or beneficiaries of savings bonds, subject to the provisions of Executive Order No.
8389, as amended.
Section 315.9(d). The provisions concerning the computation of the amount of Series E bonds
issued during any one calendar year held by any one person at any one time for the purpose of determining whether the amount is in excess of $5,000 (maturity value), have been amended to exclude from
the computation certain Series E bonds purchased with the proceeds of matured Series A bonds.
Section 315.23 (b). "When notice is given of intention to redeem a bond of Series F or Series G and
the bond is not presented with the notice, the bond must be surrendered to the same agency to which
the notice is given not less than 20 days before the effective redemption date. The previous requirement of surrender not less than 15 days before the redemption date was not practicable.
Section 315.23(c).
The period within which notice of intention to redeem Series G bonds at par
before maturity upon the death of an owner or coowner or person whose death results in the termination of a trust or other fiduciary estate, has been increased from 4 to 6 months after such death. Provision has also been made for the extension of the period in certain cases. If notice is given in time to
be received in the ordinary course of mail within the 6 months' period, the bonds will be redeemed at
par notwithstanding a delay in the mail. The Treasury Department has advised us that it intends to
enforce these provisions strictly.
Section 315.47(c).
Provision has been made for the payment or reissue of limited amounts of
savings bonds belonging to small estates of decedents, in respect of which no legal representative has
been or is to be appointed.
A d d i t i o n a l copies o f the T r e a s u r y Department Circular and o f this circular will be furnished
u p o n request.




ALLAN

SPROUL,

President.

UNITED STATES TREASURY DEPARTMENT

REGULATIONS
GOVERNING

UNITED STATES

SAVINGS




BONDS

Department Circular No. 530
SIXTH

REVISION

February 13, 1945

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1945




TABLE OF CONTENTS
Subpart A—APPLICABILITY.
Sec. 315.1—Applicability of regulations.
Subpart
Sec.
Sec.
Sec.

B—REGISTRATION.
315.2—General.
315.3—Restrictions.
315.4—Authorized forms of registration, Series E , and general
provisions relating to their
use.
Sec. 315.5—Authorized forms of registration, Series F and G.
Sec. 315.6—Unauthorized registration.
Sec. 315.7—Forms of registration on reissue.

Subpart
Sec.
Sec.
Sec.

C—LIMITATION ON HOLDINGS.
315.8—Amount which m a y be held.
315.9—Calculation of amount.
315.10—Disposition of excess.

Subpart D—LIMITATION ON TRANSFER
AND JUDICIAL PROCEEDINGS.
Sec. 315.11—Not transferable.
Sec. 315.12—Pledge with the Secretary of
the Treasury or Federal
Reserve Banks.
Sec. 315.13—Judicial proceedings (judgment creditors, trustees in
bankruptcy, receivers of
insolvents' estates and conflicting claimants).
Sec. 315.14—Evidence necessary.
Sec. 315.15—Notice of pending proceedings not accepted.
Subpart E—SAFEKEEPING FACILITIES.
Sec. 315.16—Safekeeping of bonds.
Subpart F—LOST, STOLEN, MUTILATED,
DEFACED OR DESTROYED BONDS.
Sec. 315.17—Relief in case of loss, etc., b y
owner.
Sec. 315.18—Relief in case of nonreceipt.
Subpart G - INTEREST.
Sec. 315.19—General.
Sec. 315.20—Appreciation bonds.
Sec. 315.21—Current income bonds.
Subpart H—GENERAL PAYMENT AND REDEMPTION PROVISIONS.
Sec. 315.22—Payment at maturity.
Sec. 315.23—Redemption before maturity.
Sec. 315.24—Form and execution of requests for payment.
Sec. 315.25—Certifying officers.
Sec. 315.26—General instructions to certifying officers.




Subpart H — G E N E R A L P A Y M E N T AND RED E M P T I O N PROVISIONS—Continued.
Sec. 315.27—Interested person not to certify.
Sec. 315.28—Presentation and surrender—
all series.
Sec. 315.29—Optional procedure limited to
bonds of Series A to E , inclusive, in names of individual owners or coowners
only.
Sec. 315.30—Partial redemption.
Sec. 315.31—Nonreceipt or loss of checks
issued in payment.
Subpart I—GENERAL REISSUE AND DENOMINATIONAL EXCHANGE.
Sec. 315.32—General.
Sec. 315.33—Requests for reissue.
Sec. 315.34—Agencies authorized to m a k e
reissue.
Sec. 315.35—Effective date.
Sec. 315.36—Date of bonds on reissue.
Sec. 315.37—Denominational exchange.
Subpart
J—MINORS
AND
PERSONS
UNDER OTHER LEGAL DISABILITY.
Sec. 315.38—Payment to legal guardians.
Sec. 315.39—Payment to minors.
Sec. 315.40—Payment to a parent or other
person on behalf of a minor.
Sec. 315.41—Payment to voluntary guardian of person under disability.
Sec. 315.42—Reissue in the case of a
minor.
Subpart K — S I N G L E
NAME—ADDITION
OF C O O W N E R , ETC.
Sec. 315.43—Payment or reissue.
Sec. 315.44—Reissue for certain purposes.
Subpart L — T W O N A M E S — C O O W N E R S H I P
FORM.
Sec. 315.45—Payment or reissue.
Subpart M — T W O NAMES—BENEFICIARY
FORM.
Sec. 315.46—Payment or reissue.
Subpart N—DECEASED OWNERS.
Sec. 315.47—Payment or reissue on death
of owner.
Subpart O—FIDUCIARIES.
Sec. 315.48—Payment to fiduciaries.
Sec. 315.49—Reissue in the name of a
succeeding fiduciary.
Sec. 315.50—Reissue or payment to person
entitled.

Subpart
P—PRIVATE
ORGANIZATIONS
(CORPORATIONS,
ASSOCIATIONS,
PARTNERSHIPS, ETC.)
Sec. 315.51—Payment to corporations or
unincorporated
associations.
Sec. 315.52—Payment to partnerships.
Sec. 315.53—Payment to other organizations (churches, hospitals,
homes, schools, etc.).
Sec. 315.54—Reissue in name of trustee for
investment purposes.
Sec. 315.55—Reissue or payment to successors of corporations, unincorporated
associations
or partnerships.
Sec. 315.56—Reissue or payment on dissolution.




Subpart Q—STATES, PUBLIC CORPORATIONS, AND PUBLIC BOARDS, C O M MISSIONS AND OFFICERS.
Sec. 315.57—In names of States,
corporations and
boards.

public
public

Sec. 315.58—In names of public officers.
Subpart R—FURTHER PROVISIONS.
Sec. 315.59—Regulations prescribed.
Sec. 315.60—Preservation of rights.
Sec. 315.61—Additional p r o o f — b o n d of
indemnity.
Sec. 315.62—Correspondence, certificates,
notices and forms—presentation and surrender.
Sec. 315.63—Supplements, amendments or
revisions.

Regulations Governing United States Savings Bonds
Department Circular No. 530
Sixth Revision

TREASURY
DEPARTMENT,
OFFICE OF THE SECRETARY,

Fiscal Service
Bureau of the Public Debt
T o

Washington,

O W N E R S OF U N I T E D S T A T E S S A Y I N G S B O N D S , A N D O T H E R S

February

13,

194.5.

CONCERNED:

Department Circular N o . 530, Fifth Revision, dated June 1, 1942 (31 C. F. R . 315), as amended
and supplemented, is hereby further amended and issued as a Sixth 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 United States Savings Bonds of all series of whatever
designation and bearing any issue dates whatever, except as otherwise specifically provided herein.

Subpart B—REGISTRATION
Sec. 315.2. General.—United States Savings Bonds are issued only in registered form. T h e
name 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 which the bond is issued will be inscribed thereon at the time
of issue b y an authorized issuing agent. 1 T h e form of registration used must express the actual
ownership of and interest in the bond and, except as otherwise specifically provided in these regulations, will b e considered as conclusive of such ownership and interest. T h e Treasury Department
will recognize no notices of adverse claims to savings bonds and will enter no stoppages or caveats
against payment in accordance with the registration of the bonds. N o designation of an attorney,
agent, or other representative to request or receive payment on behalf of the owner, nor any restriction on the right of such owner to receive payment of the bond, other than as provided in these
regulations, m a y be made 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 Z o n e ) , and the Commonwealth of the Philippine Islands, 2 citizens of the United States
temporarily residing abroad and nonresident aliens employed in the United States b y the Federal
Government or an agency thereof m a y be named as owners, coowners or designated beneficiaries
of savings bonds originally issued on or after April 1, 1940, or of authorized reissues thereof, except
that such persons m a y name as coowners or beneficiaries of their bonds American citizens permanently
residing abroad or nonresident aliens who are not citizens of enemy nations. American citizens
permanently residing abroad and nonresident aliens who b e c o m e entitled to bonds under these
regulations, b y right of survivorship or otherwise upon the death of another, will h a v e the right
only to receive payment either at or before maturity. 3
use.

Sec. 315.4. Authorized forms of registration, Series E, and general provisions relating to their

(a) Forms of registration.—Bonds
of Series E m a y b e registered only in the names of individuals (natural persons), whether adults or minors, in their own right in one of the following forms:
(1) O N E P E R S O N : In the name of one person, for example:
" J o h n A . Jones."
(2) T W O P E R S O N S — C O O W N E R S H I P F O R M : In the names of two (but not more
than two) persons in the alternative as coowners, for example:
" J o h n A . Jones O R M r s . Ella S. Jones."
N o other form of registration establishing coownership is authorized.
1 The date of maturity is also inscribed on savings bonds of Series A, B and D .
Subject to the terms "of Executive Order 8389, as amended, and the regulations issued thereunder. See footnote 3.
Under the terms of Executive Order No. 8389, as amended, and the regulations issued thereunder, bonds may
not be issued or paid to nationals (as defined in said Order) of blocked countries or to nationals of enemy countries,
whether or not residing in the United States, unless such nationals are generally or specially licensed under the terms
of the Order.
2
3




(1)

2
(3) T W 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:
" J o h n A . Jones, payable on death to Miss M a r y E. Jones."
" P a y a b l e on death t o " m a y be abbreviated as " p . o. d . " T h e first person named is hereinafter referred to as the owner or registered owner, and the second person named as the
beneficiary or designated beneficiary.
T R E A S U R E R O F T H E U N I T E D S T A T E S A S B E N E F I C I A R Y : If it is desired that a
bond revert to the United States upon the death of the owner, it may be registered in
the name of the owner with the Treasurer of the United States as beneficiary. A
bond so registered m a y not be reissued to eliminate the beneficiary. Section 315.46
(b) (2), with regard to reissue to eliminate a beneficiary with his written consent,
shall not apply thereto.
(b) General provisions

relating

to forms

of

registration.—

(1) N A M E S A N D T I T L E S . — T h e full name of the owner and that of the coowner or
beneficiary, if any, should b e used and should be the name b y which the person is ordinarily
known or that under which he does business; if there are two given names the initial of one
m a y be used, and if a person is habitually known or does business b y initials only of his given
names, registration m a y be in such form. In the case of women, the name should be preceded
b y " M i s s " or " M r s . " and a married woman's own given name should b e used, not that of her
husband, for example, " M r s . M a r y A . Jones," not " M r s . Frank B. Jones". T h e name m a y be
preceded b y any applicable title such as " D r . " , " R e v . " , etc. T h e use of suffixes such as " S r . "
and " J r . " is desirable whenever applicable. Suffixes such as " M . D . " and " D . D . " m a y also
be used.
(2) M I N O R S . — A minor, whether or not under legal guardianship, m a y be named as
owner, coowner, or beneficiary on bonds purchased b y another person with such person's own
funds. A minor m a y name a coowner or b e n e f i c i a l on bonds purchased b y him from his wages,
earnings, or other money in his possession. B u t bonds purchased b y another person with
funds already belonging to a minor should be registered in the name of the minor alone, followed
b y an appropriate reference if the minor is under legal guardianship, as, for example, " J o h n
Smith, a minor under legal guardianship", or " J o h n Smith, a minor under legal guardianship of
Henry C. S m i t h . "
(3) I N C O M P E T E N T S . — B o n d s should not be registered in the name of an incompetent,
w h o is defined for this purpose as a person under disability for reasons other than minority,
unless a legal representative of his estate has been appointed. If a representative has been
appointed the bonds m a y be registered in the name of the incompetent followed b y the addition
of appropriate words, for example, " F r a n k Jones, an incompetent under legal guardianship
(or conservatorship)" or " F r a n k Jones, an incompetent under legal guardianship (or conservatorship) of Henry S m i t h . "
(4) T E R M S . — T h e terms " g u a r d i a n " , "legal guardian", or "legal representative", as used
in this Subpart, refer to a guardian or representative of the estate appointed b y a court or otherwise legally qualified. These terms do not refer to a voluntary or natural guardian such as a
parent, including a parent to whom custody of a child has been awarded through divorce proceedings or a parent by adoption through court proceedings.
Sec. 315.5. Authorized forms of registration, Series F and G . — B o n d s of Series F or G may
be registered in the names of individuals (natural persons) in their own right as set forth in Section
315.4, subject to the same conditions as therein set forth, and in the names of fiduciaries, corporations,
associations and partnerships, as owners (not as eoowners or beneficiaries), except as follows: (1) they
m a y not be registered in the name of a trustee under a statute, regulation, agreement, or other instrument where the funds used represent merely security for the performance of a duty or obligation,
and (2) they m a y be registered in the names of commercial banks, which are defined for this purpose
as those accepting demand deposits, only to such extent and under such conditions as m a y have been
or m a y hereafter be provided specifically in official circulars governing the offering of other Treasury
securities. 4 T h e following forms are authorized for such registration:
* Examples of official circulars governing the offering of other Treasury securities and authorizing the registration
of savings bonds of Series F and G in the names of commercial banks under conditions therein specified, are Treasurv
Department Circulars Nos. 729, 730, 740, 741, 755, and 756. The offering circular for savings bonds of Series F and G
and this circular will not hereafter be amended to include any specific provisions for the registration of such bonds in
the names of commercial banks, but such provisions shall have the same force and effect as if specifically incorporated
in this and in the offering circular.




3
(а) Executors,
administrators,
guardians, etc.—In
the name of one or more executors,
administrators, guardians, conservators or other representatives of a single estate appointed by a
court of competent jurisdiction or otherwise legally qualified, all of whose names must be included
in the registration, followed b y adequate identifying reference to the estate, for example:
" J o h n Smith, executor of the will (or administrator of the estate) of Henry J. Smith,
deceased", or " W i l l i a m C. Jones, guardian (or conservator, etc.) of the estate of
James D . Brown, a minor (or an incompetent)".
B o n d s belonging to a trust which an executor is authorized to administer under the terms of the
will, although he is not named as trustee, m a y be registered in accordance with the following
example:
" J o h n Smith, executor of the will of Henry J. Smith, deceased, in trust for Mrs. Jane
Smith, with remainder o v e r . "
If a guardian or other legal representative holds a c o m m o n 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 ward separately, even though the representative was appointed in a single proceeding.
A
father or mother, as such, or as natural guardian, is not considered a fiduciary for purposes of
registration.
(б) Trustees.—In
the name and title of the trustee, or trustees, of a single duly constituted
trust estate (which will be considered as an entity) substantially in accordance with the forms set
forth in subparagraphs (1) to (5) including, unless otherwise indicated therein, an adequate identifying reference to the trust instrument 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 subparagraphs (3) to (5) and as follows: If the trustees are too numerous to be designated in the inscription b y names and title, registration m a y be in the form, for example, " J o h n
Smith, H e n r y Jones, et al, trustees under the will of William C. Brown, deceased", or "Trustees under
the will of William C. B i o w n , deceased"; if the instrument creating the trust authorizes the trustees
to act as a board, registration may b e b y title only, as, for example, "Trustees of the Lotus Club,
Washington, Indiana, under Article X of its constitution", or " B o a r d of Trustees of the Lotus Club,
Washington, Indiana, under Article X of its constitution." T h e following forms of registration are
authorized under this subsection:
(1) T R U S T E E U N D E R W I L L , D E E D O F T R U S T , O R S I M I L A R I N S T R U M E N T . —
In the name of the trustee or trustees under a will, deed of trust, agreement, or similar instrument, for example:
" J o h n C. Brown and the First National Bank, trustees under the will of Henry C. Brown,
deceased", or " T h e Second National Bank, trustee under an agreement with George
E . White, dated February 1, 1935."
(2) T R U S T E E S O F P E N S I O N , R E T I R E M E N T , O R S I M I L A R F U N D . — I n the
names and title, or title alone, of trustees of a pension or retirement fund or of an investment,
insurance, annuity, or similar fund or trust, but in all such cases the fund will be regarded as
an entity regardless of the number of beneficiaries or the manner in which their respective
interests are established or determined. Segregation of individual shares as a matter of b o o k keeping or as a result of individual agreements with beneficiaries or the express designation of
individual shares as separate trusts will not operate t o constitute separate trusts under these
regulations. Such trusts will not be deemed to terminate, in whole or in part, upon the death
of any person, for the purpose of redemption at par under the provisions of Section 315.23 (c).
(3) T R U S T E E S O R B O A R D O F T R U S T E E S O F L O D G E ,
S I M I L A R O R G A N I Z A T I O N . — I n the title of the trustees or the
in trust the legal title to the property of a lodge, church, society,
lowed preferably by reference to the appropriate provisions of its
example:

CHURCH, SOCIETY, OR
board of trustees who hold
or similar organization, folconstitution or bylaws, for

"Trustees of Jamestown Lodge N o . 1000, Benevolent and Protective Order of Elks, under
Section 10 of its b y l a w s " ; "Trustees of the First Baptist Church, Akron, Ohio, acting
as a board under Section 15 of its b y l a w s " ; or " B o a r d of Trustees of the Lotus Club,
Washington, Indiana, under Article X of its constitution."




4
(4) P U B L I C O F F I C E R S , C O R P O R A T I O N S , O R B O D I E S A S T R U S T E E S . — I n the
titles of public officers or the names of public corporations or public bodies acting as trustee
under express authority of law, for example:
"Sinking Fund Commission, trustee of State Highway Certificates of Indebtedness
Sinking Fund, under Section 5972, C o d e of South C a r o l i n a " ; or " W a r d e n , Illinois
State Penitentiary, Joliet Branch, Trustee of Inmates' Amusement Fund, under
Chapter 23, Sections 34a and 34b, Illinois Revised Statutes, 1941."
(5) S C 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 . — I n the title of a principal or other officer of a public, private or parochial school, as
trustee for the benefit of the student b o d y , or a class, group or activity thereof, for example:
"Principal, Western High School, in trust for Class of 1945 Library F u n d . "
A written agreement of trust will not be required if the amount to be purchased does not
exceed $250 (maturity value).
( c ) Private organizations (corporations, associations, partnerships,
etc.).—In the name
of any private organization (for commercial banks see Section 315.5), using in each case the full legal
name of the organization without mention of any officer or member b y name or title, but making
reference, if desired, to a particular b o o k account or fund (not a trust), as follows:
(1) A C O R P O R A T I O N . — A business, fraternal, religious or other private corporation,
followed, preferably, b y the words " a corporation" (unless the fact of incorporation is shown in
the name), for example:
" S m i t h Manufacturing C o m p a n y , a c o r p o r a t i o n " ; or "Jones and Brown, I n c . "
(2) A N U N I N C O R P O R A T E D A S S O C I A T I O N . — A n unincorporated lodge, society
or similar self-governing association, followed, preferably, by the words " a n unincorporated
association", for example, " T h e Lotus Club, an unincorporated association," T h e term " a n
unincorporated association" should not be used to describe a trust fund, a partnership or a
business conducted under a trade name.
(3) A P A R T N E R S H I P . — A partnership, considered as an entity, followed by the words
" a partnership", for example:
"Smith and Brown, a partnership", or " A c m e N o v e l t y C o m p a n y , a partnership."
(4) O T H E R O R G A N I Z A T I O N S . — A church, hospital, home, school, or similar institution, regardless of the manner in which it is organized or governed or title to its property is
held, for example:
"Shriners' Hospital for Crippled Children, St. Louis, Missouri", " S t . M a r y ' s R o m a n
Catholic Church, Albany, N e w Y o r k " , or " R o d e p h Shalom Sunday School, Philadelphia, Pennsylvania."
(d) States and public corporations.—In
the full legal name or title of the owner or custodian
of public funds, other than trust funds, as follows:
(1) A n y sovereignty, as a State, or any public corporation, as a county, city, town
school district, for example:

or

" S t a t e of M a i n e " , or " T o w n of R y e , N e w Y o r k . "
(2) A n y board, commission or other public b o d y duly constituted b y law, for example:
" M a r y l a n d State Highway Commission."
(3) A n y public officer designated b y title only, for example:
"Treasurer, City of C h i c a g o . "
Registration m a y include reference to a particular bookkeeping account, if desired.
Sec. 315.6. Unauthorized registration.—Savings bonds inscribed in a form not substantially
in agreement with those authorized b y this Subpart will not be considered as validly issued and
will b e accepted only for a refund of the purchase price, except in those cases in which reissue
can be made under the provisions of these regulations.
Sec. 315.7. Forms of registration on reissue.—Bonds reissued under the provisions of these
regulations m a y b e issued in any form of registration permitted b y the regulations in effect on the
date of original issue, with respect to bonds of that series.




5

Subpart C—LIMITATION ON HOLDINGS
Sec. 315.8. Amount which may be held.—As provided b y section 22 of the Second Liberty
B o n d A c t , as added February 4, 1935 (U. S. C. 1940 Ed., title 31, section 757c), and b y regulations prescribed by the Secretary of the Treasury pursuant to the authority of that section, as
amended b y the Public D e b t A c t of 1941, 55 Stat. 7, the amounts of savings bonds of the several
series issued during any one calendar year that m a y b e held b y any one person at any one time
are limited as follows:
(a) Series A, B, C and D.—$10,000 (maturity value) of each series for each calendar year.
(b) Series E.—$5,000 (maturity value) for each calendar year.
(c) 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, in the case of commercial banks authorized to acquire such bonds in accordance with Section
315.5, the limitation shall be such as m a y have been or m a y hereafter b e provided specifically in
official circulars governing the offering of other Treasury securities, but in no event in excess of
$100,000 (issue price) for any calendar year.
Sec. 315.9. Calculation of amount.—In computing the amount of savings bonds of any one
series issued during any one calendar year held b y any one person at any one time for the purpose of
determining whether the amount is in excess of the authorized limit as set forth in the next preceding
section, the following rules shall govern:
(а) T h e term " p e r s o n " shall mean any legal entity, including but not limited to an individual,
a partnership, a corporation (public or private), an unincorporated association or a trust estate, and
the holdings of each person, individually and in a fiduciary capacity, shall b e computed separately.
( б ) In the case of bonds of Series A , B , C, D and E , the computation shall be based upon m a turity values. I n the case of bonds of Series F and G , the computation shall b e based upon issue
prices.
(c) E x c e p t as provided in subsection (d), there must b e taken into account: (1) all bonds
originally issued to and registered in the name of that person alone; (2) all bonds originally issued
to and registered in the name of that person as coowner or reissued, at the request of the original
owner, to add the name of that person as coowner or to designate him as coowner instead of as
beneficiary under the provisions of this circular, except that the amount of bonds of Series E held
in coownership form m a y be applied to the holdings of either of the eoowners, but will not be applied
to both, or the amount m a y be apportioned between them; and (3) all bonds acquired b y him
before M a r c h 1, 1941, upon the death of another or the happening of any other event.
(rf) There need not be taken into account: (1) bonds of which that person is merely the designated beneficiary; (2) those in which his interest is only that of a beneficiary under a trust; or (3)
those to which he is entitled as surviving designated beneficiary upon the death of the registered
owner, as an heir or legatee of the deceased registered owner, or b y virtue of the termination of a
trust or the happening of any other event, unless he became entitled to any such bonds in his own
right before M a r c h 1, 1941; or (4) with respect to bonds of Series E , those purchased with the p r o ceeds of matured bonds of Series A , where the Series A bonds were presented b y an individual
(natural person in his own right) owner or coowner for that purpose and the Series E b o n d s are
registered in his name in any form of registration authorized for that series.
(e) Nothing 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 limits, as
c o m p u t e d under the regulations in force at the time such holdings were acquired.
Sec. 315.10. Disposition of excess.—If any person at any time acquires savings bonds issued
during any one calendar year in excess of the prescribed amount, the excess must b e immediately
surrendered for refund of the purchase price, less (in the case of Series G bonds) any interest which
m a y h a v e been paid thereon, or for such other adjustment as m a y b e possible.

Subpart D—LIMITATION ON TRANSFER AND JUDICIAL PROCEEDINGS
Sec. 315.11. Not transferable.—Savings bonds are not transferable and are payable only to
the owners named thereon, except in case of the disability or death of the owner, authorized reissue,
or as otherwise specifically provided in this Subpart, but in any event only in accordance with the
provisions of these regulations. A savings bond m a y not b e hypothecated or pledged as collateral
for a loan or used as security for the performance of an obligation, except as provided in Section
315.12.
631727°—45

2




6
Sec. 315.12. Pledge with the Secretary of the Treasury or Federal Reserve Banks.—A savings
bond may be pledged b y the registered owner in lieu of surety under the provisions of Department
Circular N o . 154, amended, if the bond approving officer is the Secretary of the Treasury, in which
case an irrevocable power of attorney shall be executed authorizing the Secretary, of the Treasury
to request payment. A savings bond m a y also be deposited as security with a Federal Reserve
B a n k under the provisions of Department Circular N o . 657 b y an institution certified under that
circular as an issuing agent for savings bonds of Series E .
Sec. 315.13. Judicial proceedings (judgment creditors, trustees in bankruptcy, receivers of
insolvents' estates and conflicting claimants).—A claim against an owner or coowner of a savings
bond and conflicting claims as to ownership of or interest in such bond as between coowners or the
registered owner and a designated beneficiary, will be recognized when established b y valid judicial
proceedings and payment or reissue will b e made, upon presentation and surrender of the bond,
except as follows:
(1) N o such proceedings will b e recognized if they would give effect to an attempted
voluntary transfer inter vivos of the b o n d or would defeat or impair the rights of survivorship
conferred b y these regulations upon a surviving coowner or beneficiary.
(2) A judgment creditor, a trustee in bankruptcy or a receiver of an insolvent's estate
will have the right to payment (but not to reissue) and a judgment creditor will b e limited to
p a y m e n t at the redemption value current thirty days after the termination of the judicial
proceedings or current at the time the bond is received, whichever is smaller.
(3) If a debtor, or bankrupt, or insolvent, is not the sole owner of the bond, payment will b e
made only to the extent of his interest therein, which must b e determined b y the court or otherwise validly established.
A divorce decree ratifying or confirming a property agreement between husband and wife or
otherwise settling their respective interests in savings bonds, will b e recognized and will not be regarded as a proceeding giving effect to an attempted voluntary transfer for the purpose of this section.
Sec. 315.14. Evidence necessary.—To establish the validity of judicial proceedings there must
b e submitted a certified c o p y of the judgment or decree of court and of any necessary supplementary
proceedings, as well as a certificate f r o m the clerk of the court, under the court's seal, showing that the
judgment or decree is in full force and effect. A trustee in bankruptcy should submit proof of his
authority in the f o r m of a certificate f r o m the referee showing that he is the duly elected and qualified
trustee, together with a certificate f r o m the clerk of the United States District Court of the particular
district, under seal, showing the incumbency of the referee and authenticating his signature.
Sec. 315.15. Notice of pending proceedings not accepted.—Neither the Treasury Department
nor any agency for the issue, reissue, or redemption of savings bonds will accept notices of adverse
claims or of pending judicial proceedings or undertake t o protect the interests of litigants who do
not have possession of the bonds.

Subpart E—SAFEKEEPING FACILITIES
Sec. 315.16. Safekeeping of bonds.—A savings bond will be held in safekeeping, without
charge, b y the Secretary of the Treasury if the holder so desires. I n such connection the Secretary will utilize the facilities of the Federal Reserve Banks, as fiscal agents of the United States, 5
and those of the Treasurer of the United States. Application forms for safekeeping m a y be
secured f r o m postmasters, Federal Reserve Banks or the Treasury Department.

Subpart F—LOST, STOLEN, MUTILATED, DEFACED OR DESTROYED BONDS
Sec. 315.17. Relief in case of loss, etc., by owner.—Under the provisions of Sec. 8, 50 Stat.
481, as amended (U. S. C . 1940 E d . , title 31, sec. 738a), relief either b y the issue of a substitute
b o n d or b y p a y m e n t m a y be given in case of the loss, theft, destruction, mutilation or defacement
of a savings bond after receipt b y the owner or his representative. In any such case immediate
notice of the facts, together with a complete description of the bond (including series, year of issue, serial number, and name and address of the registered owner) should be given to the Treasury
Department, Division of Loans and Currency, Merchandise M a r t , Chicago 54, Illinois.
That
division will thereupon furnish an appropriate form and full instructions for presenting the evidence necessary to secure relief under the law and the regulations as contained in Department
5 Safekeeping facilities may be offered at some Branches of Federal Reserve Banks, and in such connection an
inquiry may be addressed to the Branch.




7
Circular N o . 300, as amended. If such bond is subsequently recovered, immediate notice of such
recovery should b e given to the Division of Loans and Currency (at the address above) in order
that delay m a y b e avoided upon a later presentation of the bond for payment or authorized reissue.
Sec. 315.18. Relief in case of nonreceipt.—If a savings bond, on original issue or on reissue,
is not received f r o m the issuing agent or agency b y the registered owner or other person to w h o m
the b o n d was to be delivered, the issuing agent or agency should be notified as promptly as possible
and given all the information available in regard to the transaction. Appropriate instructions and
forms, if necessary, will then be furnished the owner reporting nonreceipt.

Subpart G—INTEREST
Sec. 315.19. General.—United States Savings Bonds are issued in two forms: (1) appreciation
bonds, issued o n a discount basis and redeemable before maturity at increasing fixed redemption
values; and (2) current income bonds, bearing interest payable semiannually and redeemable before
maturity at fixed redemption values less than the face amount of the bond. A t present Series G
constitutes the only issue of current income savings bonds.
Sec. 315.20. Appreciation bonds.—No interest as such is paid on savings bonds issued on a
discount basis. Such bonds increase in redemption value at the end of the first year from issue
date and at the end of each successive half-year period thereafter until their maturity, when the
full a m o u n t becomes payable. T h e increment in value represents interest and is payable only on
redemption of the bonds, whether at or before maturity.
Sec. 315.21. Current income bonds.—Each such bond bears interest at a specified rate c o m puted on the face amount of the bond and payable semiannually, beginning six months f r o m issue
date. E x c e p t for redemption at par as provided in Section 315.23 (c) of Subpart H , full advantage
of interest at the rate specified m a y b e secured only if the bonds are held to maturity; if bonds are
redeemed before maturity at current redemption values the difference between the face or full m a t u rity value and the current redemption value then payable in accordance with the table printed on
each bond will represent an adjustment of interest for the rate appropriate for the shorter term,
as set forth in the tables attached to the circular announcing the issue of such bonds.
(a) Method of interest payments.—Interest
due on a current income bond will be paid on
each interest p a y m e n t date b y check drawn to the order of the person or persons in whose name the
bond is inscribed, in the same form as their names appear in the inscription on the b o n d , 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 Treasury Department, Division of Loans and Currency, M e r c h a n dise M a r t , Chicago 54, Illinois, receives notice of A ' s death, from which date the payment of interest
will b e suspended until such time as the bond is presented for payment or reissue. Interest so withheld will b e paid to the person found to b e entitled to the bond. Checks issued in payment of interest on a bond registered in the names of coowners will be drawn to the order of " A or B " and
will b e mailed to the address of record of the payee first named unless otherwise specifically directed
or until the Treasury Department, Division of Loans and Currency, Merchandise M a r t , Chicago
54, Illinois, receives notice of his death. U p o n rcceipt of notice of the death of the coowner to w h o m
interest is being mailed the interest will b e mailed to the other coowner, if living, or, if not, will b e
held pending the receipt of evidence on the estate of the last surviving coowner.
(b) Change of address.—An
owner or coowner of current income bonds should promptly
n o t i f y the Treasury Department, Division of Loans and Currency, Merchandise M a r t , Chicago 54,
Illinois, of any change in the address for delivery of interest checks. T h e notice should refer to
all bonds for which it is desired that the address be changed and should describe each bond b y date,
serial number, series (including years 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 p a y m e n t dates, interest for the entire period will be paid, on the next interest p a y ment date, b y check drawn to the order of the person in whose name the bond is reissued. Ordinarily, if a bond is received for reissue less than one month prior to an interest payment date, reissue cannot be effected until after such interest payment date.
\ (d) Termination
of interest.—In
case of redemption prior to maturity, interest on current
income bonds will cease on the last day of the interest period next preceding the date of redemption.
F o r example, if a bond on which interest is payable on January 1 and July 1 is redeemed on September 1, 1945, interest will cease on July 1, 1945, and no adjustment will be made on account of
the failure to receive interest for the period from July 1 to September 1, 1945. In case of authorized
reissue in another form of registration, the interest on the original bond will cease on the last day
of the interest period next preceding the date of reissue and interest on the new bond will begin




8
o n the following day. T h e same rules shall apply in case of partial redemption or partial reissue
with respect to the amount redeemed or reissued.
(e) Consolidation
of accounts.—Whenever
possible the accounts for all current income
bonds of a single series on which interest is payable on the same dates, held by any one person, will
be consolidated, and a single check will b e issued on each interest payment date for interest on all
such bonds. F o r example, if one person is the sole registered owner of bonds bearing issue dates of
January 1 and July 1, and all the bonds are registered in exactly the same name with the same address, the interest payable on the first interest payment date following the date of the last purchase
will be computed on the aggregate amount of both purchases.
(/) Endorsement
of checks.—Interest
checks must be endorsed b y the payee, either personally or b y an attorney in fact, in accordance with the requirements of the Treasurer of the United
States. A form for the appointment of such attorney may be obtained from the Treasurer of the
United States or f r o m any Federal Reserve Bank. In case of the death of the payee the check m a y
be endorsed b y the legal representative, if any, of his estate. If no legal representative has been or
is to b e appointed, and if the amount due from the United States does not exceed $500, the Treasurer
of the United States, Washington 25, D . C., or a Federal Reserve Bank, will, upon request, furnish
special instructions.
(g) Nonreceipt or loss of check.—If an interest check is not received or is lost after receipt,
the Treasury Department, Division of Loans and Currency, Merchandise M a r t , Chicago 54, Illinois,
should be notified of the facts and should be given information concerning the amount, 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. U p o n receipt of this information appropriate instructions will be given.

Subpart H—GENERAL PAYMENT AND REDEMPTION PROVISIONS
Sec. 315.22. Payment at maturity.—Pursuant to its terms, a saving bond of any series will be
paid at or after maturity at its full face or maturity value, but only following presentation and
surrender of the bond for that purpose. Unless presented b y an individual owner or coowner
to an incorporated bank or trust c o m p a n y or other paying agent, as provided (for bonds of Series A
to E only) in Section 315.29, the request for payment must be duly signed and certified as provided
herein.
Sec. 315.23. Redemption before maturity.—Pursuant to its terms, a savings bond may not
be called for redemption b y the Secretary of the Treasury prior to maturity, but m a y be redeemed
in whole or in part at the option of the owner, prior to maturity, under the terms and conditions
set forth in the offering circular of each series and in accordance with the provisions of these regulations following presentation and surrender as provided in this Subpart.
(а) Series A, B, C, D and E.—A bond of Series A , B , C , D or E will be redeemed in whole or
in part at any time after 60 days f r o m the issue date without advance notice, at the appropriate
redemption value as shown in the table printed on the bonds.
(б) Series F and G.—A bond of Series F or G will be redeemed in whole or in part, on one
month's notice in writing, on the first day of any month not less than six months f r o m the issue date,
at the appropriate redemption value as shown in the table printed on the bond. T h e owner's
option t o redeem m a y be shown b y a signed request for payment or b y express written notice, and
p a y m e n t will b e made as of the first day of the first month following b y at least one full calendar
m o n t h the date of receipt of notice by the Treasury Department, Division of Loans and Currency,
Merchandise M a r t , Chicago 54, Illinois, or a Federal Reserve Bank. F o r example, if the request or
notice is received on June 15, the effective redemption date will be August 1. If express notice is
given, the bond must be surrendered to the same agency to which the notice is given not less than
20 days before the effective redemption date. (See Section 315.21 for provisions as to interest in
case current income bonds are redeemed prior to maturity.)
(c) Series G—Redemption
at par before maturity.—A
bond of Series G (but not of Series
F ) will be redeemed at par before maturity in whole or in part, in amounts corresponding with
authorized denominations, not less than six months f r o m the issue date, (1) upon the death of an
owner or coowner, if a natural person, or (2) upon the termination of a trust or other fiduciary
estate b y reason of the death of any person, if held by the trustee or other fiduciary, except that if
the trust or fiduciary estate is terminated only in part, redemption at par will be made to the extent
of not more than the pro rata portion of the trust or fiduciary estate so terminated.
Redemption
will be made only following actual receipt of written notice of intention to redeem at par.
Such
notice must be given in time to be received in the ordinary course of mail b y the Treasury D e p a r t ment, Division of Loans and Currency, Merchandise M a r t , Chicago 54, Illinois, or a Federal Reserve
Bank within six months after the date of death of the owner or coowner or person whose death
results in the termination of the trust or other fiduciary estate, unless the period within which




9
notice must be received is extended in accordance with the provisions of this subsection.
Proof
of the date of death must be furnished and the bond must be surrendered to the same agency to
which notice of intention to redeem at par is given, but they need not accompany such notice.
Ordinarily, payment will be made as of the first day of the first month following b y at least one full
calendar month the date of receipt of notice, but payment m a y be postponed, u p o n request of the
person presenting the bond, to the second interest payment date following the date of death, except
as follows: if the period within which notice must be received is extended beyond such interest
payment date, in accordance with the provisions of this subsection, and notice received thereafter
is accepted, the effective redemption date may, upon request, be postponed t o the next interest
payment date following the date of receipt of notice. T h e period within which notice must be
received m a y be extended in any particular case upon presentation of satisfactory proof that notice
could not seasonably be given b y reason of litigation or delay in the appointment of a legal representative of the estate or in the receipt of notice of death.
Sec. 315.24. Form and execution of requests for payment.—Requests for payment of savings
bonds, unless otherwise authorized in a particular case, must be executed on the form appearing on
the back of the bond to be surrendered. Unless otherwise specifically requested, payment, pursuant
to a duly executed request, will be made on the earliest day consistent with these regulations.
(a) Date of request.—Ordinarily,
requests executed more than six months before the date of
receipt of a bond for payment will not be accepted.
(b) Identification
and signature of owner.—The
registered owner in whose name the bond
is inscribed, or such other person as m a y be entitled to payment under the provisions of these regulations, must appear before one of the officers authorized to certify requests for p a y m e n t (see Section
315.25), establish his identity and in the presence of such officer sign the request for payment in ink,
adding in the space provided the address to which the check issued in payment is to be mailed.
A signature made b y mark ( X ) must be witnessed b y at least one person in addition to the certifying
officer and must be attested b y endorsement in the blank space, substantially as follows: " W i t n e s s
to the a b o v e signature b y m a r k " , followed b y the signature and address of the witness. If the name
of the registered owner or other person entitled to payment, as it appears in the registration or in
evidence on file at the Treasury Department, Division of Loans and Currency, has been changed b y
marriage or in any other legal manner, the signature to the request for payment should show both
names and the manner in which the change was made, for example, " M i s s M a r y T . Jones, now b y
marriage Mrs. M a r y T . Smith", or " J u n g Smelt, now b y court order John Smith." I n case of a
change of name other than b y marriage the request should be supported b y satisfactory proof of
such change, unless already on file. N o request signed in behalf of the owner or person entitled to
payment b y an agent or a person acting under a power of attorney will b e recognized b y the Treasury
D e p a r t m e n t except as provided in Section 315.12.
(c) Certification of request.—After
the request for payment has been signed b y the owner
the certifying officer should complete and sign the certificate appearing at the end of the f o r m for
request for payment, 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
payment:
(а) At United States post offices.—Any
postmaster, acting postmaster or inspector in charge,
or other post office official or clerk heretofore or hereafter designated for the purpose. One or more
of these officials will be found at every United States post office, classified branch or station. A post
office official or clerk other than a postmaster, acting postmaster or inspector in charge, should
certify in the name of the postmaster or acting postmaster, followed b y his own signature and
official title, for example, "John D o e , postmaster, b y Richard R o e , postal cashier."
Signatures of
these officers should be authenticated b y a legible imprint of the post office dating stamp.
(б) At banks, trust companies and branches.—Any
officer of any bank or trust company
incorporated in the United States or its organized territories, or domestic or foreign branch of such
bank or trust company, including those doing business in the organized territories or insular possessions of the United States and the Commonwealth of the Philippines under Federal charter or
organized under Federal law, Federal Reserve Banks, Federal Land Banks, and Federal H o m e Loan
Banks; any employee of any such bank or trust c o m p a n y expressly authorized b y the corporation
for that purpose, who should sign over the title "Designated E m p l o y e e " ; and Federal Reserve
Agents and Assistant Federal Reserve Agents, located at the several Federal Reserve Banks. Certifications b y any of these officers or designated employees should be authenticated b y either a
legible impression of the corporate seal of the bank or trust c o m p a n y or, in the case of banks or
trust companies and their branches which are authorized and duly qualified issuing agents for bonds
of Series E , b y a legible imprint of the issuing agent's dating stamp.




10
(c) Issuing agents not banks or trust companies.—Any
officer of a corporation not a bank
or trust c o m p a n y , and of any other organization, which is a duly qualified issuing agent for bonds
of Series E . All certifications b y such officers must be authenticated b y a legible imprint of the
issuing agent's dating stamp.
(a) Commissioned
officers and warrant officers of armed forces.—Commissioned
officers
and warrant officers of the United States A r m y , N a v y , Marine Corps and Coast Guard, but only for
members (and the families of members) of their respective services and civilian employees at Posts
or Bases or Stations (such certifying officer should indicate his rank and state that the person signing
the request is one of the class whose requests he is authorized to certify).
(e) United States officials.—Judges,
clerks and deputy clerks of United States courts, including United States courts for the organized territories, insular possessions and the Canal Z o n e ;
United States Commissioners; United States attorneys; United States collectors of customs and
their deputies; United States collectors of internal revenue and their deputies; the officer in charge
of any home, hospital or other facility of the Veterans' Administration, but only for patients and
members of such facilities; certain officers of Federal penal institutions designated for that purpose
b y the Secretary of the Treasury and certain officers of the United States Public Health Service
Hospitals at Lexington, K e n t u c k y , and at Fort Worth, Texas, and of United States Marine Hospitals
at Fort Stanton, N e w M e x i c o , and Carville, Louisiana, designated for that purpose b y the Secretary
of the Treasury (in each case, however, only for inmates or employees of the institution involved).
(f) Officers authorized in particular localities.—Certain
officers in the Treasury Departm e n t ; the Governors and Treasurers of Hawaii, Puerto R i c o and Alaska; the Governor and C o m missioner of Finance of the Virgin Islands; the Governors and Administrative Naval and Marine
officers of G u a m and American Samoa; the Governor, paymaster or acting paymaster, and collector
or acting collector of the Panama Canal; postmasters and acting postmasters in the Bureau of
Posts of the Canal Z o n e ; the United States High Commissioner to the Commonwealth of the Philippines, his Executive Assistant, and the Chief Clerk in his office, the Treasurer of the Commonwealth
and the city treasurers of Manila and Baguio, and judges and clerks of courts of record of the C o m monwealth whose signatures and official positions are certified b y the Secretary of Justice.
(g) In foreign countries.—In
a foreign country requests for payment m a y b e signed in the
presence of and be certified b y any United States diplomatic or consular representative, or manager
or other officer of a foreign branch of a bank or trust company incorporated in the United States,
whose signature is attested b y an impression of the corporate seal or is certified to the Treasury
Department. If such an officer is not available, requests for payment m a y b e signed in the presence
of and be certified b y a notary or other officer authorized to administer oaths, but his official character
and jurisdiction should be certified b y a United States diplomatic or consular officer under seal of
his office.
(h) Special provisions.—In
the event none of the officers authorized t o certify requests for
payment of savings bonds is readily accessible, the Commissioner of the Public D e b t , the D e p u t y
Commissioner of the Public D e b t in Charge of the Chicago Office, or a Federal Reserve Bank, is
authorized to make special provision for any particular case.
Sec. 315.26. General instructions to certifying officers.—Certifying officers should require
positive identification of the person signing a request for payment and will be held fully responsible
therefor. In all cases a certifying officer must affix to the certification his official signature, title,
address and seal, or dating stamp, and the date of execution. Officers of Veterans' Facilities, Public
Health Service Hospitals, Marine Hospitals, and Federal penal institutions, should use the seal of
the particular institution or service, where such seal is available. If a certifying officer, other than
a post office official, officer of a bank or trust company, or officer of an issuing agent, does not possess
an official seal, that fact should be made known and attested.
Sec. 315.27. Interested person not to certify.—No person authorized to certify requests for
p a y m e n t m a y certify a request for payment of a bond of which he is the owner, or in which he has
an interest, either in his own right or in any representative capacity.
Sec. 315.28. Presentation and surrender—all series.—Except for cases coming within the
provisions of Section 315.29, after the request for payment has been duly signed b y the owner and
certified as a b o v e provided, the bond should be presented and surrendered, if a bond of Series F or G
to a Federal Reserve Bank or to the Treasury Department, Division of Loans and Currency, M e r chandise M a r t , Chicago 54, Illinois, or, if a bond of any other series, to a Federal Reserve B a n k or to
the Treasurer of the United States, Washington 25, D . C . Usually payment will be expedited b y
surrender t o a Federal Reserve Bank. In all cases presentation will be at the expense and risk of
the owner, and, for his protection, the bond should be forwarded b y registered mail if not presented
in person. Payment will be made b y check drawn to the order of the registered owner or other
person entitled and mailed to him at the address given in his request for payment.



11
Sec. 315.29. Optional procedure limited to bonds of Series A to E, inclusive, in names of
individual owners or coowners only.—An individual (natural person) whose name is inscribed on
the face of a bond of Series A , B, C , D or E , either as owner or coowner in his own right, m a y present such bond (unless marked " D U P L I C A T E " ) to any incorporated bank or trust c o m p a n y or
any other organization qualified as a paying agent under the provisions of Department Circular
N o . 750 or any amendment thereto. If such bond is in order for payment b y the paying agent," the
owner or coowner, upon establishing his identity to the satisfaction of the paying agent and upon signing the request for payment and adding his h o m e or business address, m a y receive immediate payment
at the current redemption value, if the bond is presented prior to maturity, or at full maturity value
if presented at or after maturity. E v e n though the request for payment has been signed, or signed
and certified prior to the presentation of the bond, nevertheless the paying agent is required to
establish to its satisfaction the identity of the owner or coowner requesting payment and such paying
agent m a y require the owner or coowner to sign again the request for payment.
N o charge will be
made to the owner. This method of presentation is authorized notwithstanding the provisions of
Treasury Department Circulars Nos. 529, 554, 571, 596 and 653, all as supplemented, amended, or
revised, and notwithstanding any instructions which m a y be printed on the b o n d and is optional
with individual owners.
Bonds of Series A , B , C, D or E requiring documentary evidence to support redemption, or presented for partial redemption, and bonds of Series F and G , are not eligible
for p a y m e n t at these paying agencies.
Sec. 315.30. Partial redemption.—A savings bond of any series in a denomination greater
than $25 (maturity value) m a y be redeemed in part at current redemption value but only in amounts
corresponding to authorized denominations of not less than $25 (maturity value), upon presentation
and surrender of the bond to a Federal Reserve Bank or to the Treasurer of the United States, or
to the Treasury Department, Division of Loans and Currency, Merchandise M a r t , Chicago 54,
Illinois, all in accordance with this Subpart. Partial redemption m a y not b e effected at incorporated
banks or trust companies. I n any case in which partial redemption is authorized, before the request
f o r p a y m e n t is signed there should b e added to the first sentence of the request the words " t o the
extent of $
(maturity value), and reissue of the remainder." U p o n partial redemption of the
savings bond the remainder will be reissued as of the original date as provided in Subpart I. F o r
p a y m e n t of interest on bonds of Series G in case of partial redemption, see Subpart G .
Sec. 315.31. Nonreceipt or loss of checks issued in payment.—In case a check in payment of
a bond surrendered for redemption is not received within a reasonable time, or in case such check is
lost after receipt, notice should b e given to the same agency to which the bond was surrendered for
payment, accompanied b y a description of the bond by series, denomination, serial number and
registration. T h e notice should state whether or not the check was received and should give the
date upon which the bond was forwarded. Instructions will b e given as to the necessary procedure
to secure a duplicate. I t should b e borne in mind, in connection with bonds of Series F and G ,
that p a y m e n t is made only on the first day of a calendar month and only after at least one full calendar month following actual receipt of the notice of intention to redeem, and a check cannot be
expected until that time.

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




12
reissue must b e signed in the presence of and b e certified b y an officer authorized under Subpart H
t o certify requests for payment.
Sec. 315.34. Agencies authorized to make reissue.—Reissues under Sec. 315.32 (b) and (c)
m a y b e made only at a Federal Reserve B a n k or the Treasury Department, Division of Loans and
Currency, Merchandise M a r t , Chicago 54, Illinois.
Sec. 315.35. Effective date.—In any case of authorized reissue the Treasury Department will
treat the receipt b y a Federal Reserve B a n k or the Treasury Department of a b o n d and appropriate
request for reissue thereof, as determining the date upon which reissue is effective.
Sec. 315.36. Date of bonds on reissue.—The new bonds will be of the same series, will bear
the same issue date, and will have the same rights and privileges as the bonds surrendered.
Sec. 315.37. Denominational exchange.—Exchange as between authorized denominations
will not b e permitted except in cases of partial redemption or authorized reissue and then only in
authorized denominations of not less than $25 (maturity value).

Subpart J—MINORS AND PERSONS UNDER OTHER LEGAL DISABILITY
Sec. 315.38. Payment to legal guardians.—If the form of registration of a savings bond indicates that the owner is a minor or has been judicially declared to b e incompetent to manage his
estate and that a guardian or similar representative has been appointed for the estate of such minor
or incompetent b y a court having jurisdiction or is otherwise legally qualified, payment will b e made
only to such guardian or similar legal representative. In such case the request for payment appearing on the b a c k of the bond should b e signed b y the guardian or other legal representative as such,
for example, " J o h n A . Jones, guardian (committee) of the estate of H e n r y W . Smith, a minor (an
i n c o m p e t e n t ) . " Unless the form of registration gives the name of the representative, there must b e
submitted in support of the request a certificate or a certified c o p y of the letters of appointment
f r o m the court making the appointment under the seal of the court. E x c e p t in the case of corporate
fiduciaries, such certificate or certification should state that the appointment is in full force and
should b e dated not more than six months prior to the date of presentation of the bond for payment.
See Subpart O for p a y m e n t provisions applicable to bonds registered in the names of guardians and
similar fiduciaries. W h e r e the form of registration does not indicate that the owner is a minor for
whose estate a guardian has been appointed, a notice that such guardian has been appointed will
not be accepted b y the Treasury Department for the purpose of preventing payment to the minor or
to a parent or other person on behalf of the minor as provided in the two following sections.
However, if a legal guardian presents for p a y m e n t a bond so registered accompanied b y proof of his
appointment, p a y m e n t will be made to such guardian.
Sec. 315.39. Payment to minors.—Unless the f o r m of registration of a savings bond indicates
that the owner is a minor for whose estate a guardian or similar legal representative has been appointed or is otherwise duly qualified, payment will b e made direct to such minor presenting the bond
for p a y m e n t if, at the time payment is requested, he is of sufficient c o m p e t e n c y and understanding
to sign his name to the request and to comprehend the nature of such act. In general, the fact that
the request for p a y m e n t has been signed b y a minor and duly certified in accordance with Subpart H
will b e accepted as sufficient proof of such competency and understanding.
Sec. 315.40. Payment to a parent or other person on behalf of a minor.—If the owner of a
savings bond is a minor and the form of registration does not indicate that a guardian or similar legal
representative of the estate of such minor has been appointed b y a court or is otherwise legally
qualified, and if such minor owner is not of sufficient competency and understanding to execute the
request for payment, payment will b e made to either parent of the minor with w h o m he resides, or
if the minor does not reside with either parent, then to the person who furnishes his chief support.
Such parent or other person must surrender the bond with the request for payment properly executed,
and furnish a certificate, which m a y b e typed on the b a c k of the bond, showing his right to act for
the minor. If a parent signs the request, the certificate and signature thereto should b e in substantially the following form:
" I certify that I am the mother (or father) of John C . Jones and the person with w h o m he
resides. H e is
years of age and is not of sufficient competency and understanding to sign
this request. M r s . M a r y Jones on behalf of John C. Jones."




13
If a person other than a parent signs the request, the certificate and signature thereto, including a
reference to the person's relationship, if any, to the minor, should be in substantially the following
form:
" I certify that John C. Jones does not reside with either parent and that I furnish his chief
support. H e is
years, of age and is not of sufficient competency and understanding to sign
this request.
Mrs. Alice Brown, grandmother, on behalf of John C. Jones."
T h e Treasury Department may in any particular case require further proof that the minor is not
of sufficient competency and understanding to execute the request for payment and of the right
of the person executing the request to act on behalf of the minor.
Sec. 315.41. Payment to voluntary guardian of person under disability.—In any case where
the adult owner of a bond has been judicially declared incompetent or such incompetency is otherwise
satisfactorily established, and no duly qualified legal representative of his estate is acting, and the
entire gross value of his personal estate does not exceed $500, payment will be made to a member of his
family or other person acting as voluntary guardian, upon presentation of satisfactory proof that the
proceeds of the bond are necessary for the purchase of necessaries for the incompetent or for his wife or
minor children or other persons dependent upon him for support. Application for such payment
should b e made only on appropriate forms, which m a y b e obtained from the Treasury Department,
Divisions of Loans and Currency, Merchandise M a r t , Chicago 54, Illinois, or any Federal Reserve
Bank. T h e request for p a y m e n t should not be executed, nor the bond presented, until the application has been approved and instructions have been given b y the Treasury Department.
Sec. 315.42. Reissue in the case of a minor.—A savings bond of which a minor is the owner,
or in which he has an interest, m a y b e reissued upon an authorized reissue transaction under the
following conditions:
(1) Reissue will b e restricted to a form of registration which preserves the existing ownership
or interest of the minor, except that a minor of sufficient competency and understanding to sign
his name to the request and to comprehend the nature of such act, shall have the right to request
reissue to add a coowner or beneficiary to a bond registered in his name alone or to which he is
entitled in his own right.
(2) Reissue will b e subject to the terms and conditions prescribed b y Sections 315.38, 315.39
and 315.40 of this Subpart, governing a request for payment of such bond.

Subpart K—SINGLE NAME—ADDITION OF COOWNER, ETC.
Sec. 315.43. Payment or reissue.—A savings bond registered in the name of one person in
his own right without a coowner or beneficiary, or to which one person is entitled in his own right
under these regulations, will be paid to such person during his lifetime upon a duly executed request
f o r payment. U p o n the death of the owner, such bond, if not previously redeemed, will b e considered
as belonging to his estate and will be paid or reissued accordingly. (See Subpart N.)
Sec. 315.44. Reissue for certain purposes.—A savings bond registered in the name of one
person in his own right, or to which one person is shown to be entitled in his own right under these
regulations, m a y be reissued, upon appropriate request, for the following purposes:
(а) Addition of a coowner.—Reissue
in the name of the owner with that of another natural
person as coowner. Bonds reissued in accordance with this subsection upon request of the original
owner will be considered for the purposes of computation of holdings under Subpart C of these
regulations as originally issued in b o t h names, and no reissue will b e effective which results in any
one person holding bonds in excess of the established limit for the series to which the bonds belong.
Requests for reissue under this subsection should be made on F o r m P D 1787.
(б) Addition of a beneficiary.—Reissue
in the name of the owner with that of another natural
person as designated beneficiary- Requests for reissue under the provisions of this subsection should
be made on F o r m P D 1787.
(c) A trustee of a living trust.—Reissue
in the name of a trustee of a living trust created b y
the owner for his benefit, in whole or in part, during his lifetime, whether or not containing an absolute power of revocation in the grantor; but such reissue will be allowed only in the case of bonds of
those series which m a y be originally issued in the name of a trustee. Requests for reissue under this
subsection should be made on F o r m P D 1851.




14

Subpart L—TWO NAMES—COOWNERSHIP FORM
Sec. 315.45. Payment or reissue.—A savings bond registered in the names of two persons as
coowners in the form, for example, " J o h n A . Jones or Mrs. M a r y 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 b o n d . T h e bond will also be paid to both coowners upon their joint request, in which case
payment will be made b y check drawn to the order of both coowners in the form " J o h n A . Jones and
Mrs. M a r y C. J o n e s " , and the check must, be endorsed by both payees.
(b) Reissue during the lives of both coowners.—During
the lives of both coowners the
bond m a y be reissued upon the request of both, as follows:
(1) If one of the coowners is married after the issue of the bond, the bond m a y be reissued to
eliminate the name of the other coowner and to name the former's wife or husband as coowner
or beneficiary. Requests for reissue under this provision should b e made on F o r m P D 1938.
(2) If the coowners are divorced f r o m each, other after the issue of the bond, the bond
m a y be reissued in the name of either coowner, alone or with a new coowner or a beneficiary.
T h e request must be supported b y a c o p y of the divorce decree, certified b y the clerk of the
court under its seal. Application for the appropriate form to be used hereunder m a y be m a d e
to a Federal Reserve B a n k or to the Treasury Department, Division of Loans and Currency,
Merchandise Mart, Chicago 54, Illinois.
(3) If the bond is of a series which m a y be originally issued in the name of a trustee, i t
m a y be reissued in the name of a trustee of a living trust created b y b o t h coowners for the
benefit of both, in whole or in part, during their lifetime, whether or not containing an absolute
power of revocation in the grantors. Requests for reissue under this provision should b e made
on F o r m P D 1851.
N o other reissue will be permitted in any form during the lives of both coowners except as specifically provided in these regulations.
(c) Payment or reissue after the death of one coowner.—If
either coowner dies without
the b o n d having been presented and surrendered for payment or authorized reissue, the surviving
coowner will be recognized as the sole and absolute owner of the bond and payment or reissue, as
though the bond were registered in his name alone, will be made only to such survivor. If the
survivor requests reissue, he must present proof of the death of the other coowner. If a coowner
dies after he has presented and surrendered the bond for payment, payment of the bond or check,
if one has been issued, will b e made to his estate (see Subpart N ) . If either coowner dies after the
bond has been presented and surrendered for authorized reissue, the bond will b e treated as though
such reissue had been made before the death of such coowner (see Section 315.35).
(d) Payment or reissue on death of both coowners in common
disaster.—If
both coowners die in a c o m m o n disaster under such conditions that it cannot be established, either b y presumption of law or otherwise, which coowner died first, the bond will be considered as belonging to
the estates of b o t h coowners, and payment or reissue will be made accordingly (see Subpart N ) .
(e) Payment
or reissue after the death of the surviving coowner.—If
a surviving c o owner w h o becomes solely entitled to the bond under the provisions of subsection (c) of this section,
dies without having presented and surrendered the bond for payment or authorized reissue, the bond
will b e considered as belonging to his estate and will b e paid or reissued accordingly (see Subpart N ) .
I n this case, proof of the death of both coowners and of the order in which they died will b e required.
T h e term "presented and surrendered" as used in this Subpart means the actual receipt of a
b o n d , for payment, b y a Federal Reserve Bank or the Treasury Department, or an incorporated
bank or trust company or any other agency duly qualified to make payment of the bond, or, for
reissue, b y a Federal Reserve Bank or the Treasury Department, with an appropriate request for the
particular transaction.

Subpart M — T W O NAMES—BENEFICIARY FORM
Sec. 315.46. Payment or reissue.—A savings bond registered in the name of one person p a y able on death to another, for example, " H e n r y W . Ash, payable on death to John C. B l a c k " , will
be paid or reissued as follows:
(a) Payment to the registered owner.—The
bond will be paid to the registered owner during
his lifetime upon his properly executed request as though no beneficiary had been named in the
registration.




15
(6) Reissue

during the lifetime

of the registered

owner as

follows:

(1) T h e bond will be reissued, on the duly certified request of the registered owner, to
name the beneficiary designated on the bond as coowner. B o n d s so reissued upon the request
of the original owner will b e considered for the purposes of computation of holdings under
Subpart C of these regulations as originally issued in both names and no reissue will be effective
which results in any one person holding bonds in excess of the established limit for the series
to which the bonds belong.
(2) T h e bond will also b e reissued upon the duly certified request of the registered owner,
together with the duly certified consent of the designated beneficiary, to eliminate such beneficiary 6 or to substitute another person as beneficiary, or to name another person as coowner.
Under this provision the bond m a y also be reissued in the name of a trustee of a living trust
created b y the owner for his benefit, in whole or in part, during his lifetime, whether or not
containing an absolute power of revocation in the grantor, if it is a bond of a series which
m a y b e 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 a y b e reissued as though it were registered in his name alone.
Requests for reissue under this subsection should b e made on F o r m P D 1787, except that F o r m
P D 1849 should b e used for reissue to a trustee of a living trust under the provisions of
subparagraph 2.
(c) Payment or reissue after the death of the registered owner.—If the registered owner
dieg without having presented and surrendered the bond for payment or authorized reissue and
is survived b y the beneficiary, upon proof of such death and survivorship, the beneficiary will b e
recognized as the sole and absolute owner of the bond, and payment or reissue, as though the b o n d
were registered in his name alone, will b e made only to such survivor. If the registered owner dies
after he has presented and surrendered the bond for payment, payment of the bond, or check, if
one has been issued, will be made to his estate (see Subpart N ) . If the registered owner dies after
the bond has been presented and surrendered for an authorized reissue, the bond will be treated
as though such reissue had been made before the death of the registered owner (see Sec. 315.35).
(d) Payment
or reissue after the death of the surviving beneficiary.—If
a surviving
beneficiary w h o becomes entitled to the bond under the provisions of subsection (c) of this section,
dies without having presented and surrendered the bond for payment or reissue, the bond will be
considered as belonging to his estate and will be paid or reissued accordingly (see Subpart N ) .
I n 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.
T h e term "presented and surrendered" as used in this Subpart means the actual receipt of a
b o n d , for payment, b y a Federal Reserve Bank or the Treasury Department, or an incorporated
bank or trust company or any other agency duly qualified to make payment of the b o n d , or, for
reissue, b y a Federal Reserve Bank or the Treasury Department, with an appropriate request for
the particular transaction.

Subpart N—DECEASED OWNERS
Sec. 315.47. Payment or reissue on death of owner.—Upon the death of the owner of a savings bond who was not survived b y a coowner or designated beneficiary and who had not during his
lifetime presented and surrendered the bond to a Federal Reserve Bank or the Treasury Department
for an authorized reissue, the bond will be considered as belonging t o his estate and will be paid or
reissued accordingly, as hereinafter provided, except that reissue under the provisions of this Subpart
will not b e made to a creditor. In any case, reissue will b e restricted to a form of registration permitted b y the regulations in effect on the date of original issue of the bond, but the person entitled
to the bond m a y hold it without change of registration and will have the right to payment before or
at maturity. T h e provisions of this section shall also apply to savings bonds registered in the names
of executors or administrators, except that proof of their appointment and qualification m a y not be
required. Established forms for use in such cases and for requests for payment or reissue m a y be
obtained f r o m any Federal Reserve Bank or f r o m the Treasury Department, Division of Loans and
Currency, Merchandise Mart, Chicago 54, Illinois, and should be used in every instance.
(a) In course of administration.—If
the estate of the decedent is being administered in a
court of competent jurisdiction, the bond will b e paid to the duly qualified representative of the
estate or will be reissued in the names of the persons entitled to share in the estate, upon request
6 A bond registered in the name of the owner payable on death to the Treasurer of the United States may not
be reissued to eliminate the beneficiary.




16
of the duly appointed and qualified representative of the estate and compliance with the following
conditions:
(1) Where there are two or more legal representatives, all must unite in the request for
p a y m e n t or reissue, unless b y express statute or decree of court, or b y testamentary provision,
some one or more of them m a y properly execute the request.
(2) T h e request for payment or reissue should be signed in the form, for example: " J o h n
A . Jones, administrator of the estate (or executor of the will) of Henry W . Jones, deceased'',
and must be supported b y proof of the representative's authority in the f o r m of a court certificate or a certified c o p y of the representative's letters of appointment issued b y the court having
jurisdiction. T h e certificate, or the certification to the letters, must b e under seal of the court,
and, except in the case of a corporate representative, must contain a statement that the appointment is in full force and should be dated within six months of the date of presentation of the b o n d .
(3) In case of reissue the personal representative should certify that the persons named are
entitled to share in the estate to the extent specified for each and have consented to such reissue. A request for reissue b y an individual legal representative should be made on F o r m
P D 1455 and a request b y a corporate representative should be made on F o r m P D 1498. If a
person in whose name reissue is requested desires to name a coowner or beneficiary, such person
should execute an additional request for that purpose, using F o r m P D 1787.
(4) If a sole representative is himself the person entitled and desires reissue in his o w n
name, the request for reissue must be supported b y an order of court showing that he is entitled
t o the b o n d in his o w n right.
(b) After settlement
through court proceedings.—If
the estate of the decedent has been
settled in a court of competent jurisdiction, the bond will b e paid to or reissued in the name of the
person entitled thereto as determined b y the court. T h e request for payment or reissue should be
made b y the person shown to be entitled and supported b y duly certified copies of the representative's
final account and the decree of distribution or other pertinent court records, supplemented, if there
are t w o or more persons having an apparent interest in the bonds, b y an agreement executed b y
them. If it is established to the satisfaction of the Secretary of the Treasury that the representative
is n o t required b y law or rules of court to render an accounting, reissue m a y be made in his name,
upon his request as representative, supported b y proof of compliance with all legal requirements
and of all the facts necessary to establish his right to the bond.
(c) Without administration.—If
no legal representative of the decedent's estate has been
or is to b e appointed and the amount of savings bonds belonging to the estate does not exceed $250
(maturity value), or if it is established to the satisfaction of the Secretary of the Treasury that the
gross value of the personal estate of the decedent does not exceed $500 or that administration of the
estate is not required in the State of the decedent's last domicile, the bond will b e paid to or reissued
in the name of the persons entitled, pursuant to an agreement and request b y all persons entitled to
share in the estate, executed on the form prescribed b y the Treasury Department and supported b y
the evidence called for b y such form. Application for the appropriate form to b e used hereunder
may b e made t o any Federal Reserve Bank or to the Treasury Department, Division of Loans and
Currency, Merchandise M a r t , Chicago 54, Illinois. T h e appiicant should state whether or not the
amount of bonds belonging to the decedent's estate is in excess of $250 (maturity value). N o p a y ment or reissue will b e permitted without administration if any of the persons entitled are minors or
incompetents, except to them or in their names, in whole or to the extent of their interests in the
decedent's entire personal estate, whichever is less, unless such interests are otherwise protected to
the satisfaction of the Secretary of the Treasury.

Subpart O—FIDUCIARIES
Sec. 315.48. Payment to fiduciaries.—A savings bond registered in the name of a fiduciary,
or otherwise belonging to a fiduciary estate, will b e paid to the fiduciaries of such estate upon their
request. A request for payment before maturity must be signed b y all acting fiduciaries unless, b y
express statute or decree of court or b y the terms of the instrument under which the fiduciaries are
acting, some one or more of them m a y properly execute the request. A request for p a y m e n t at
maturity signed b y any one or more acting fiduciaries will b e accepted, b u t payment will be made
to all. If the bond is registered in the names of fiduciaries of the estate w h o are still acting, no
further evidence of authority will be required. I n other cases the request for payment must be
supported b y evidence as specified below:




17
(а) Fiduciaries—By
title only.—If
the bond is registered in the titles without the names of
the fiduciaries, satisfactory proof of their incumbency must be furnished, except in the case of public
officers.
(б) Succeeding
fiduciaries.—If
the fiduciaries in whose names the bonds were registered
have been succeeded b y other fiduciaries, satisfactory proof of successorship must be furnished.
(c) Boards, committees,
etc.—If the fiduciaries consist of a board, committee, commission
or public b o d y , or are otherwise empowered to act as a unit, a request for payment before maturity
must be signed in the name of the board or other b o d y b y an authorized officer or agent thereof
or b y all members of the board or other b o d y . A request executed b y an officer or agent must be
supported b y a duly certified c o p y of a resolution of the board or other b o d y authorizing such action
or b y a duly certified c o p y of the trust instrument or excerpt therefrom showing the authority for
such action, except that in the case of a public board or commission a request signed in its name b y
an authorized officer thereof and duly certified will ordinarily be accepted without further proof of
his authority. A request signed b y all members of a private board or committee must b e supported
b y a duly executed certificate of incumbency.
(d) Corporate fiduciaries.—If
a public or private corporation or a political b o d y , such as a
State or county, is acting as a fiduciary, a request for payment must b e signed in the name of the
corporation or other b o d y , in the fiduciary capacity in which it is acting, b y an authorized officer
thereof. A request for p a y m e n t so signed and duly certified will ordinarily be accepted without
further proof of the officer's authority.
(e) Registration
not 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, satisfactory proof of ownership must b e furnished.
Sec. 315.49. Reissue in the name of a succeeding fiduciary.—If a fiduciary in whose name a
savings b o n d is registered has been succeeded as such fiduciary b y another, the bond will be reissued
in the name of the succeeding fiduciary upon appropriate request and satisfactory proof of successorship.
Sec. 315.50. Reissue or payment to person entitled.—
(а) Distribution
of trust estate in kind.—A savings bond to which a beneficiary of a trust
estate has b e c o m e lawfully entitled in. his own right or in a fiduciary capacity, in whole or in part,
under the terms of the trust instrument, will be reissued in his name to the extent of his interest as a
distribution in kind upon the request of the trustee or trustees and their certification that such
person is entitled and has agreed to reissue in his name. If a sole trustee is the person so entitled
in his o w n right, his request for reissue in his name must b e supported b y an order of court or other
satisfactory proof that he is so entitled. If the form in which the bond is registered does not show
that it belongs to a trust estate, the request for reissue must b e supported b y satisfactory proof of
ownership.
the person w h o would be lawfully entitled to a
(б) After termination
of trust estate.—If
savings bond upon the termination of a trust does not desire to have such distribution to him in kind,
as provided in the next preceding subsection, the trustee or trustees should redeem the bond in
accordance with the provisions of Section 315.48 before the estate is terminated. . If, however,
the estate is terminated without such payment or reissue having been made, the bond will thereafter
be paid to or reissued in the name of the person lawfully entitled upon his request and satisfactory
proof of ownership, supplemented, if there are two or more persons having any apparent interest
in the bond, b y an agreement executed b y all such persons.
(c) Upon termination
of guardianship estate.—A
savings bond registered in the name of
a guardian or similar legal representative of the estate of a minor or incompetent, if the estate is
terminated during the ward's lifetime, will be reissued in the name of the former ward upon the
representative's request and certification that the former ward is entitled and has agreed to reissue
in his name, or will be paid to or reissued in the name of the former ward upon his own request,
supported in either case b y satisfactory proof that his disability has been removed.
Certification
b y the representative that a former minor has attained his majority, or that the legal disability of a
female ward has been removed b y marriage, if the State law so provides, will ordinarily be accepted
as sufficient, but if the disability is removed by court order a duly certified c o p y of the order will be
necessary. U p o n the death of the ward a bond registered in the name of his guardian or similar
representative will be reissued in accordance with the provisions of Subpart N as though it were
registered in the name of the ward alone.




18

Subpart P—PRIVATE

ORGANIZATIONS (CORPORATIONS,
PARTNERSHIPS, ETC.)

ASSOCIATIONS,

Sec. 315.51. Payment to corporations or unincorporated associations.—A savings bond registered in the name of a private corporation or an unincorporated association will be paid to such
corporation or unincorporated association upon request for payment on its behalf b y a duly authorized officer thereof. T h e signature to the request should be in the form, for example, " T h e Jones
Coal C o m p a n y , a corporation, b y William A . Smith, president", or " T h e Lotus Club, an unincorporated association, b y John Jones, treasurer." A request for payment so signed and duly certified
will ordinarily be accepted without further proof of the officer's authority.
Sec. 315.52. Payment to partnerships.—A savings bond registered in the name of a partnership will be paid upon a request for payment signed by a general partner. T h e signature to the
request should be in the form "Smith and Jones, a partnership, b y John Jones, a general partner."
A request for payment so signed and duly certified will ordinarily be accepted as sufficient proof
that the person signing the request is duly authorized.
Sec. 315.53. Payment to other organizations (churches, hospitals, homes, schools, etc.).—A
savings bond registered in the name of a church, hospital, home, school, or similar institution without reference in the registration to the manner in which it is organized, governed, or title to its
property is held, will be paid upon a request for payment signed on behalf of such institution b y ail
authorized representative. For the purpose of this section, a request for payment signed b y a pastor
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 h e signature to the request should be in the
form, for example, "Shriners' Hospital for Crippled Children, St. Louis, Missouri, b y William A .
Smith, superintendent", or "St. M a r y ' s R o m a n Catholic Church, Albany, N e w Y o r k , b y J o h n
Jones, pastor."
Sec. 315.54. Reissue in name of trustee for investment purposes.—A savings bond held b y a
church, hospital) home, school, or similar institution, whether or not incorporated, may b e reissued
upon appropriate request in the name of a bank or trust company as trustee under an agreement
with such organization, under which the bank or trust company holds the funds of the organization,
in whole or in part, in trust, for the purpose of investing and reinvesting the principal and paying
the income to the corporation or association.
Sec. 315.55. Reissue or payment to successors of corporations, unincorporated associations
or partnerships.—A savings bond registered in the name of a private corporation, an unincorporated
association or a partnership which has been succeeded b y another corporation, unincorporated
association or partnership b y operation of law or otherwise, as the result of merger, consolidation,
reincorporation, conversion, reorganization, or in any manner whereby the business or activities of
the original organization are continued without substantial change, will be paid to, or reissued in
the name of, the succeeding organization upon appropriate request on its behalf and satisfactory
proof of lawful successorship.
Sec. 315.56. Reissue or payment on dissolution.—
(a) Corporations.—A
savings bond registered in the name of a private corporation which is
in process of dissolution will be paid to the authorized representative of the corporation upon a duly
executed request for payment supported b y satisfactory evidence of the representative's authority.
U p o n the termination of dissolution proceedings such bonds may b e reissued in the names of those
persons, other than the creditors, entitled to the assets of the corporation, to the extent of their
respective interests, upon the duly executed request of the authorized representative of the corporation and upon proof of compliance with all statutory provisions governing the voluntary dissolution
of such corporation, and that the persons in whose names reissue is requested are entitled and have
agreed t o such reissue. If the dissolution proceedings are had under the direction of a court, proof
of the authority of the representative and of the persons entitled to distribution must consist of
certified copies of orders of the court.
(b) Partnerships.—A
savings bond registered in the name of a partnership which has been
dissolved b y death or withdrawal of a partner, or in any other manner, will be paid to or reissued
in the names of the persons entitled thereto as the result of such dissolution to the extent of their
respective interests, upon their request supported b y satisfactory evidence of their title, including
proof that the debts of the partnership have been paid or properly provided for.




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

Subpart R—FURTHER PROVISIONS
Sec. 315.59. Regulations prescribed.—These regulations are prescribed by the Secretary of
the Treasury as governing United States Savings Bonds issued under the authority of Section 22
of the Second Liberty Bond Act, as amended, and pursuant to the various Department Circulars
offering such bonds for sale. The provisions of these regulations wTith respect to bonds registered
in the names of certain classes of individuals, fiduciaries and organizations are equally applicable
to bonds to which such individuals, fiduciaries and organizations are otherwise shown to be entitled
under these regulations. The provisions of Treasury Department Circular N o . 300, as amended,
have no application to savings bonds except as to cases arising under Subpart F of this circular.
Sec. 315.60. Preservation of rights.—Nothing contained in these regulations shall be construed
to limit or restrict any existing rights which holders of savings bonds heretofore issued may have
acquired under the circulars offering such bonds for sale, or under the regulations in force at the
time of purchase.
Sec. 315.61. Additional proof—bond of indemnity.—The Secretary of the Treasury, in any
case arising under these regulations, may require such additional proof as he may consider necessary
or advisable in the premises; and may require a bond of indemnity with satisfactory sureties, or an
agreement of idemnity, in any case where he may consider such a bond or agreement necessary
for the protection of the interests of the United States.
Sec. 315.62. Correspondence, certificates, notices and forms—presentation and surrender.—
T h e Chicago Office of the Bureau of the Public D e b t of the Treasury Department (Merchandise
Mart, Chicago 54, Illinois) is charged with all matters relating to United States Savings Bonds
after their original issue, and within that office transactions under these regulations are largely conducted by the Division of Loans and Currency, at the same address. In the same connection the
Federal Reserve Banks, as Fiscal Agents of the United States, and their Branches, are utilized.
Correspondence in regard to any transactions with respect to United States Savings Bonds within
the scope of these regulations, certificates of court and other certificates required hereunder, notices
of intention to redeem and the like (which must be in writing), and any other appropriate forms
or documents, should be addressed accordingly (and, where necessary, the bonds should be presented
and surrendered therewith), except that any specific instructions given elsewhere in this circular
for addressing particular transactions should be observed, and in any such instances the term
"Federal Reserve B a n k " shall include any branch of that bank. Notices or documents not so submitted, or on file in the Treasury Department elsewhere than with the Bureau of the Public D e b t
will not be recognized. Appropriate forms for use in connection with transactions may be obtained
from any Federal Reserve Bank or Branch, or from the Treasury Department, Division of Loans
and Currency, at the Chicago address.
Sec. 315.63. Supplements, amendments or revisions.—The Secretary of the Treasury m a y at
any time, or from time to time, prescribe additional, supplemental, amendatory or revised rules
and regulations governing United States Savings Bonds.
Henry Morgenthau, Jr.
Secretary of the Treasury.
(Filed with the Division of the Federal Register Feb. 15, 1945)




U. S. GOVERNMENT PRINTING OFFICE: 1 9 4 5

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