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FED ERAL RESERVE BANK
OF NEW YORK
Fiscal A gen t of the United States

r Circular N o. 3 8 7 5 1
July 2, 1952
J

L

REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS

Seventh Revision of Treasury Department Circular No. 530

To All Issuing Agents in the Second Federal Reserve District
Qualified for Sale o f United States Savings Bonds, Series E :

We transmit herewith a copy of Treasury Department Circular
No. 530, Seventh Revision, dated May 21, 1952, which contains regula­
tions governing United States Savings Bonds.
This revision incorporates the ten amendments made to the Sixth
Revision and also includes new matter found in Sec. 315.4 (a) (4), which
provides that the Treasurer of the United States may be designated as
coowner or beneficiary of a United States Savings Bond. The revision
also includes regulations governing the new Series H, J, and K bonds.
Additional copies of the Treasury Department Circular will be
furnished upon request.




A

llan

S proul,

President.

UNITED STATES TREASURY DEPARTMENT

REGULATIONS
GOVERNING

UNITED STATES

SAVINGS BONDS




Department Circular No. 530
SEVENTH REVISION

May 21, 1952

U N ITE D STATES
G OV ERN M EN T PR IN TIN G OFFICE
WASHINGTON : 1952




TABLE OF CO N TE N TS
Subpart A— APPLICABILITY.
Sec. 315.1— Applicability of regulations.

Subpart B— R E G IST R A TIO N .
Sec. 315.2— General.
Sec. 315.3— Restrictions.
Sec. 315j4— Authorized forms of registra­
tion, Series E and H, and
general provisions relating
to their use.
Sec. 315.5— Authorized forms of registra­
tion, Series F , G , J and K .
Sec. 315.6— Unauthorized registration.
Sec. 315.7— Forms of registration on re­
issue.

Subpart C— LIM IT A T IO N

ON

H O LD IN G S.

Sec. 315.8— Amount which may be held.
Sec. 315.9— Computation of amount.
Sec. 315.10— Disposition of excess.

Subpart D— LIM ITA T IO N ON TRAN SFER
AND JUDICIAL PR O C E E D IN G S.
Sec. 315.11— N ot transferable.
Sec. 315.12— Pledge with the Secretary of
the Treasury or Federal Jieserve Banks.
Sec. 315.13— Judicial proceedings (judg­
ment creditors, trustees in
bankruptcy, receivers of in­
solvents’ estates and con­
flicting claimants).
Sec. 315.14— Evidence necessary.
Sec. 315.15— Notice of pending proceed­
ings not accepted.

Subpart E— SAFEKEEPING FACILITIES.
Sec. 315.16— Safekeeping of bonds.

Subpart H— GENERAL PA Y M E N T AN D RED E M P T IO N PRO VISIO N S.— Continued.
Sec. 315.27— Interested person not to cer­
tify.
Sec. 315.28— Presentation and surrender—
all series.
Sec. 315.29— Optional procedure limited to
bonds of Series A to E , in­
clusive, in names of indi­
vidual owners or coowners
only.
Sec. 315.30— Partial redemption.
Sec. 315.31— Nonreceipt or loss of checks
issued in payment.

Subpart I— GENERAL REISSUE A N D
N O M IN A TIO N A L EXCHANGE.

DE­

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

Subpart J— M IN O R S AND PE R SO N S UN­
DER O T H E R 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 guard­
ian of person under dis­
ability.
Sec. 315.42— Reissue in the case of a minor.

Subpart K— SINGLE N A M E— A D D ITIO N OF
C O O W N E R , ETC.

Subpart F— LO ST, STOLEN , M U TILATED ,
DEFACED O R D E STR O Y E D BON DS.

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

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

Subpart L— T W O N AM ES— C O O W N E R S H IP
FORM .

Subpart G — IN TEREST.
Sec. 315.19— General.
Sec. 315.20— Appreciation bonds.
Sec. 315.21— Current income bonds.

Subpart H— GENERAL P A Y M E N T AND RE ­
D E M P T IO N PR O V ISIO N S.
Sec. 315.22— Payment at or after maturity.
Sec. 315.23— Redemption before maturity.
Sec. 315.24— Form and execution of re­
quests for payment.
Sec. 315.25— Certifying officers.
Sec. 315.26— General instructions to certi­
fying officers.



Sec. 315.45— Payment or reissue.

Subpart M — T W O N AM ES— BENEFICIARY
FO R M .
Sec. 315.46— Payment or reissue.

Subpart N— DECEASED O W N E R S.
Sec. 315.47— Payment or reissue
of owner.

on death

Subpart O— FIDUCIARIES.
Sec. 315.48— Payment to fiduciaries.
Sec. 315.49— Reissue in the name of a suc­
ceeding fiduciary.
Sec. 315.50— Reissue or payment to person
entitled.

IV

Subpart
P— PRIVATE
O R G A N IZA T IO N S
(C O R P O R A T IO N S ,
A S S O C IA T IO N S ,
PA R T N E R SH IP S , ETC.)

Subpart Q— STA TE S, PUBLIC C O R P O R A ­
TIO N S, AN D PUBLIC B O A R D S, C O M ­
M IS SIO N S AN D OFFICERS.

Sec. 315.51— Payment to corporations or
unincorporated a s s o c i a ­
tions.
Sec. 315.52— Payment to partnerships.
Sec. 315.53— Payment to other organiza­
tions (churches, hospitals,
homes, schools, etc.).
Sec. 315.54— Reissue in name of trustee for
investment purposes.
Sec. 315.55— Reissue or payment to suc­
cessors of corporations, un­
incorporated associations or
partnerships.
Sec. 315.56— Reissue or payment on dis­
solution.

Sec. 315.57— In names of States, public
corporations and public
boards.
Sec. 315.58— In names of public officers.




Subpart R — F U R TH E R P R O V ISIO N S.
Sec. 315.59— Regulations prescribed.
Sec. 315.60— Preservation of rights.
Sec. 315.61— Additional
proof— bond of
indemnity.
Sec. 315.62— Correspondence, certificates,
notices and forms— pres­
entation and surrender.
Sec. 315.63— Supplements, amendments or
revisions.

REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS
TREASU RY DEPARTM ENT,

D ep a rtm en t C ircu lar N o . 530

Seventh Revision

O

f f ic e

of

the

Secretary,

W ashington, M ay 21, 1952.

Fiscal Service
Bureau o f th e P u b lic D e b t

To O w n e r s o f U n it e d S t a t e s Ja v in g s B o n d s , a n d O t h e r s C o n c e r n e d :
Pursuant to Section 22 of the Second Liberty Bond Act, as amended (49 Stat. 21, as amended;
31 U . S. C. 757c), Departme? t Circular No. 530, Sixth Revision, dated February 13, 1945 (31 C FR
315), as amended, is hereby further amended and issued as a Seventh Revision to read as follows:

Subpart A— APPLICABILITY
Sec. 315.1. Applicability of regulations.— These regulations, published for the information
and guidance of all concerned, apply generally to all United States Savings Bonds of all series of
whatever designation and bearing any issue dates whatever, except as otherwise specifically provided
herein. They become effective with respect to bonds of Series H on June 1, 1952.

Subpart B— REG ISTRATIO N
Sec. 315.2. General.— United States Savings Bonds are issued only in registered form. The
name and post office (mailing) address of the owner, as well as the name of the coowner or designated
beneficiaiy, if any, and the date as of which the bond is issued will be inscribed thereon at the time
of issue by an authorized issuing agent. The form of registration used must express the actual
ownership of and interest in the bond and, except as otherwise specifically provided in these regula­
tions, will be considered as conclusive of such ownership and interest. The 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. No designation of an attorney,
agent, or other representative to request or receive payment on behalf of the owner, nor any restric­
tion on the right of such owner to receive payment of the bond, other than as provided in these
regulations, may 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
Zone), citizens of the United States temporarily residing abroad and nonresident aliens employed in
the United States by the Federal Government or an agency thereof may be named as owners,
coowners or designated beneficiaries of savings bonds, whether on original issue or authorized reissue,
except that such persons may name as coowners or beneficiaries of their bonds citizens of the United
States permanently residing abroad or nonresident aliens who are not citizens of enemy nations.
Citizens of the United States permanently residing abroad and nonresident aliens who become
entitled to bonds under these regulations, by right of survivorship or otherwise, will not have the
right to reissue but will have the right (1) to retain-the bonds without change of registration, (2) to
receive interest on current income bonds, and (3) to redeem any bonds in accordance with their
terms.1
Sec. 315.4. Authorized forms of registration, Series E and H , and general provisions relating
to their use.
(a)
F o r m s o f r e g i s t r a t i o n .— Except as provided in (4) hereof, bonds of Series E and H may
be 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 SO N : In the name of one person, for example:
“ John A . Jones.”
(2) T W O PER SO NS— C O O W N E R S H IP F O R M : In the names of two (but not more
than two) persons in the alternative as coowners, for example:
“ John A . Jones OR Mrs. Ella S. Jones.”
No other form of registration establishing coownership is authorized.
1
U nder the term s o f Executive O rder X o . S389, as am ended, and the regulations issued thereunder, bonds may
n o t be issued or paid to nationals (as defined in said Order) o f blocked countries or to nationals o f enem y countries,
w hether or not residing in the United States, unless such nationals are generally or specially licensed under the terms
o f the Order.




(1)

2

(3) T W O P E R SO N S— B E N E F IC I A R Y F O R M : In the name of one (but not more than
one) person, payable on death to one (but not more than one) other person, for example:
“ John A. Jones, payable on death to Miss M ary E . Jones.”
“ Payable on death to” may be abbreviated as “ p. o. d .” The first person named is here­
inafter referred to as the owner or registered owner, and the second person named as
the beneficiary or designated beneficiary.
(4) T R E A S U R E R OF T H E U N IT E D S T A T E S AS C O O W N E R OR B E N E F IC I A R Y :
In the name of the owner with the Treasurer of the United States as coowner or as beneficiary,
A bond so registered may not be reissued to eliminate or change the coowner or the beneficiary,
and upon the death of the owner will become the property of the United States.
( b ) G e n e r a l p r o v i s i o n s r e l a t i n g t o f o r m s o f r e g i s t r a t i o n .—
(1) N A M E S A N D T IT L E S .— The full name of the owner and that of the coowner or
beneficiary, if any, should be used and should be the name by which the person is ordinarily
known or that under which he does business; if there arc two given names the initial of one may
be used, and if a person is habitually known or does business by initials only of his given names,
registration may be in such form. In the case of women, the name should be preceded by “ M iss”
or “ M rs.” and a married woman’s own given name should be used, not that of her husband,
for example, “ Mrs. M ary A . Jones,” not “ M rs. Frank B. Jones” . The name may be preceded
by any applicable title such as “ D r.” , “ R ev.” , etc. The use of suffixes such as “ Sr.” and “ Jr.”
is desirable whenever applicable. Suffixes such as “ M . D .” and “ D . D .” ma}r also be used.
(2) M IN O R S .— A minor, whether or not under legal guardianship, may be named as
owner, coowner, or beneficiary on bonds purchased by another person with such person’s own
funds. A minor may name a coowner or beneficiary on bonds purchased by him from his
wages, earnings, or other money in his possession. But bonds purchased by another person
with funds already belonging to a minor should be registered in the name of the minor alone,
followed by an appropriate reference if the minor is under legal guardianship, as, for example,
“ John Smith, a minor under legal guardianship” , or “ John Smith, a minor under legal guardian­
ship of Henry C. Smith.”
(3) IN C O M P E T E N T S .— Bonds should not be registered in the name of an incompetent,
who is defined for this purpose as a person under disability for reasons other than minority,
unless a legal representative of his estate has been appointed. If a representative lias been
appointed the bonds should be registered in the name of the incompetent followed by the addi­
tion of appropriate words, for example, “ Frank Jones, an incompetent under legal guardianship
(or conservatorship)” or “ Frank Jones, an incompetent under legal guardianship (or conser­
vatorship) of Henry Smith.”
(4) T E R M S .— The terms “ guardian” , “ legal guardian” , or “ legal representative” , as used
in this Subpart, refer to a guardian or representative of the estate appointed by a court or other­
wise legally qualified and to a custodian duly designated by the Veterans Administration.
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 adop­
tion through court proceedings.
Sec. 315.5. Authorized forms of registration, Series F, G, J, and K .— Bonds of Series F, G, J,
and K may be registered in the same forms and subject to the same conditions as set forth in Section
315.4, and in the names of fiduciaries, corporations, associations and partnerships, as owners (not
as coowners or beneficiaries), except as follows: (1) they ma}^ 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 may not be registered in
the name of a commercial bank, except as a fiduciary, unless the bonds have been or should be
specifically offered for sale to such banks for their own account; a commercial bank is defined for
this purpose as one accepting demand deposits.2 The following forms are authorized for such
registration:
(a)
E x e c u t o r s , a d m i n i s t r a t o r s , g u a r d ia n s , e t c . — In the name of one or more executors,
administrators, guardians, conservators or other representatives of a single estate appointed by a
2
There have been occasional special offerings o f bonds o f Series F and G which, for lim ited periods, com m ercial
banks (having savings deposits or issuing certain tim e certificates o f deposit) w ere eligible to’ purchase for their ow n
account. Exam ples o f such special offerings aref set forth in Treasury D epartm ent Circulars Nos. 729, 730, 740, 741,
755, 756 and in the Seventh Am endm ent to D epartm ent Circular N o. 530, Sixth Revision. There is n o present
authorization for com m ercial banks to purchase savings bonds for their own account.




3

cou rt o f com p eten t ju risd iction o r otherw ise legally qualified, all o f whose nam es m ust b e included
in the registration, follow ed b y adequ ate iden tifyin g reference to the estate, for exam ple:
“ Joh n Sm ith, execu tor o f the will (or adm inistrator o f the estate) o f H en ry J. Sm ith, d e­
ceased ” , or “ W illiam C . Jones, guardian (or con servator, e tc.) o f the estate o f James
D . B row n , a m in or (or an in com p e te n t)” .
B on ds belon gin g to a trust w h ich an execu tor is authorized to adm inister under the term s o f the will,
alth ou gh he is n o t nam ed as trustee, m a y be registered in a ccord an ce w ith the follow in g exam ple:
“ John Sm ith, execu tor o f the will o f H en ry J. Sm ith, deceased, in trust fo r M rs. Jane
Sm ith, w ith rem ainder o v e r .”
I f a gu ardian or oth er legal representative holds a co m m on fund for the a ccou n t o f tw o or m ore
estates or wards, bon d s should be registered in the nam e o f the representative for each sucli estate
or ward separately, even th ou gh the representative was app oin ted in a single proceedin g. A father
o r m oth er, as such, or as natural guardian, is n ot considered a fidu ciary for purposes o f registration.
(b )
T r u s t e e s .— In the nam e and title o f the trustee, o r trustees, o f a single d u ly con stitu ted
trust estate (w hich will be considered as an en tity) su bstantially in accord an ce w ith the form s set
fo rth in subparagraphs (1) to (5) including, unless otherw ise indicated therein, an adequate id en ti­
fy in g reference to the trust instrum ent or oth er a u th ority creatin g the trust. In each instance the
trustee, o r all the trustees if there are m ore than one, should be designated b y nam e and title except
as p rovid ed in subparagraphs (3) to (5) and as follow s: I f the trustees are to o num erous to be des­
ignated in the inscription b y nam es and title, registration m a y be in the form , fo r exam ple, “ John
Sm ith, H en ry Jones, et al., trustees under the will o f W illiam C . B row n , decea sed ” , or “ Trustees
un der the w ill o f W illiam C . B row n , deceased” ; if the instrum ent creatin g the trust authorizes the
trustees to a ct as a board, registration m a y be b y title on ly , as, for exam ple, “ Trustees o f the Lotus
C lu b , W ash in gton , Indiana, under A rticle X o f its co n stitu tio n .”
T h e follow in g form s o f registra­
tion are authorized under this su bsection:
(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 nam e o f the trustee or trustees under a will, deed o f trust, agreem ent, or sim ilar instru­
m en t, for exam ple:
“ Joh n C . B row n and the F irst N ational B an k , trustees under the will o f H e n ry C . B row n ,
deceased” , or “ T h e S econd N ation al B an k , trustee under an agreem ent w ith G eorge E .
W h ite, dated F eb ru a ry 1 , 1935.”
(2) T R U S T E E S O F P E N S IO N , R E T I R E M E N T , O R S I M I L A R F U N D .— In the nam es
and title, o r title alone, o f trustees o f a pension or retirem ent fund or o f an investm en t, insurance,
ann u ity, or sim ilar fund or trust, b u t in all such cases the fu n d will be regarded as an e n tity re­
gardless o f the num ber o f beneficiaries or the m anner in w hich their resp ective interests are
established or determ ined. Segregation o f individu al shares as a m atter o f b o o k k e e p in g or
as a result o f individu al agreem ents w ith beneficiaries o r the express designation o f individu al
shares as separate trusts will n o t operate to con stitu te separate trusts under these regu lation s.
Such trusts will n o t be deem ed to term inate, in w hole or in part, upon the death o f a n y person,
for the purpose o f red em p tion at par under the provisions o f S ection 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 , C H U R C H , S O C I E T Y , O R
S I M I L A R O R G A N I Z A T I O N .— In the title o f the trustees or the board o f trustees w h o hold
in trust the legal title to the p rop erty o f a lodge, church, society, or sim ilar org an iza tion , follow ed
p referably b y reference to the appropriate p rovision s o f its con stitu tion or bylaw s, fo r exam ple:
“ Trustees o f Jam estow n L od g e N o. 1000, B en evolen t and P rotective O rder o f E lks, under
Section 10 o f its b y la w s” ; “ Trustees o f the F irst B ap tist C h urch , A k ron , O h io, a ctin g
as a board un der Section 15 o f its b y la w s” ; or “ B oard o f Trustees o f the L o tu s C lu b,
W ash in gton , Indiana, un der A rticle X o f its co n stitu tio n .”
(4) P U B L IC O F F IC E R S , C O R P O R A T I O N S O R B O D IE S A S T R U S T E E S .— In the
titles o f p ub lic officers or the nam es o f p u b lic corp ora tion s o r p u b lic bodies a ctin g as trustees
under express a u th ority o f law, for exam ple:
“ Sinking F u n d C om m ission, trustee o f State H igh w a y C ertificates o f In d ebted n ess Sink­
ing F u n d , un der Section 5972, C o d e o f S ou th C a rolin a ” ; or “ W ard en , Illin ois State
P en itentiary, Joliet B ranch , Tru stee o f In m a tes’ A m u sem en t F u n d , un der C h apter
23, Sections 34a and 34b, Illinois R evised Statutes, 1941.”
(5) S C H O O L O F F IC E R S A S T R U S T E E S F O R B E N E F I T O F S T U D E N T B O D Y ,
E T C .— In the title o f a principal or oth er officer o f a p u b lic, p rivate or paroch ial sch ool, as
trustee for the benefit o f th e stu den t b o d y , or a class, group or a ctiv ity thereof, fo r exam ple:
“ Principal, W estern H igh School, in trust for Class o f 1945 L ibrary F u n d .”
A w ritten agreem ent o f trust will n o t be required if the a m ou n t to be purchased does n o t
exceed $250 (m atu rity valu e).




4

(c) Private orga n iza tion s ( corp ora tion s, a ssocia tion s, p a rtn ersh ip s, e t c .) .— In the nam e
o f a n y p rivate organ ization (for com m ercia l banks sec S ection 315.5), using in each case the full
legal n am e o f the organ ization w ith ou t m en tion o f a n y officer or m em ber b y n am e o r title, bu t
m a k in g reference, if desired, to a particu lar b o o k a ccou n t or fu n d (n ot a tru st), as follow s:
( 1 ) A C O R P O R A T I O N .— A business, fraternal, religious o r oth er p rivate corp ora tion ,
follow ed , p refera bly, b y the w ords “ a corp ora tio n ” (unless the fa ct o f in corp ora tion is sh ow n in
the n am e), for exam ple:
“ Sm ith M a n u fa ctu rin g C om p a n y , a co rp o ra tio n ” ; or “ Jones and B row n , 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 IA T I O N .— A n u n in corp ora ted lodge, s o cie ty or
sim ilar self-govern in g association, follow ed , p referably, b y the w ords “ an u n in corp orated asso­
cia tio n ” , for exam ple, “ T h e L otu s C lu b , an u n in corp orated a ssociation .”
T h e term “ an unin­
corp ora ted a ssociation” sh ou ld n o t be used to describe a trust fun d, a partnership or a business
co n d u cte d under a trade nam e.
(3) A P A R T N E R S H I P .— A partnership, considered as an en tity, follow ed b y the words
“ a p artnership” , for exam ple:
“ Sm ith and B row n , a partnersh ip” , o r “ A cm e N o v e lt y C o m p a n y , a partn ersh ip .”
(4) O T H E R O R G A N I Z A T I O N S .— A church, h ospital, hom e, sch ool, or sim ilar institu­
tion, regardless o f the m an ner in w hich it is organized o r govern ed o r title to its p ro p e rty is
held, for exam ple:
“ Sliriners’ H osp ital for C ripp led C hildren, St. L ou is, M issou ri” , “ St. M a r y ’s R om a n
C a th olic C h u rch , A lb a n y , N ew Y o r k ” , or “ llo d e p h Sh alom S u n d a y S ch ool, P hiladel­
phia, P en n sylvan ia.”
(d) S ta tes a n d p u b lic co rp o ra tio n s. — In the full legal nam e or title o f the ow ner or cu stodian
o f p u b lic funds, oth er than trust funds, as follow s:
(1) A n y sovereign ty, as a S tate, or a ny p u b lic corp ora tion , as a co u n ty , c ity , tow n o r sch ool
d istrict, for exam ple:
“ State o f M a in e ” , o r “ T o w n o f R y e , N ew Y o r k .”
(2) A n y b oa rd , com m ission o r oth er p u b lic b o d y d u ly con stitu ted b y law , for exam ple:
“ M a ry la n d S tate H igh w a y C om m ission .”
(3) A n y p u b lic officer designated b y title on ly , for exam ple:
“ Treasurer, C ity o f C h ica g o .”
T h e registration m a y in clu d e reference, if desired, to a particu lar b o o k a cco u n t or fu n d (not a tru st).
Sec. 315.6. Unauthorized registration.— Savings bon d s inscribed in a fo rm n ot su bstantially
in agreem ent w ith those authorized b y this S u bp a rt will n ot b e considered as v a lid ly issued and
will be accep ted o n ly fo r a refu n d o f the purchase price, ex cep t in those cases in w h ich reissue can
be m ade under th e p rovision s o f these regulations.
Sec. 315.7. Form s o f registration on reissue.— B on ds reissued un der the p rovision s o f those
regulations m a y b e issued in a /iy form o f registration p erm itted b y the regulations in effect on the
date o f original issue, w ith respect to b on d s o f th at series.

Subpart C—LIMITATION ON HOLDINGS
Sec. 315.8. Amount which may be held.— T h e am ounts o f savings bon d s o f Series E , F , G , H , J
and K issued during a n y one calendar year th a t m a y be held b y a n y one person at a n y one time
are lim ited as follow s:
(а ) Series E .— $5,000 (m atu rity value) for each calendar yea r up to and inclu din g the calendar
yea r 1947, $10,000 (m a tu rity valu e) fo r the calendar years 1948 to 1951, inclusive, and $20,000 for
the calendar yea r 1952 and each calendar year thereafter.
(б ) Series F and G .— $50,000 (issue price) fo r the calendar yea r 1941, and $100,000 (issue
price) for each calendar yea r thereafter, o f either series o r o f the com bin ed aggregate oj^both, except
that institutional investors o f certain designated classes w hich were specifically authorized in official
circulars to purchase Series F and Series G b on d s in excess o f $100,000 (issue p rice), m a y h old the
bon d s purch ased pursuant to such authorization s in ad d ition to the am ounts w h ich th ey are oth er­
wise authorized to h o ld .3
(c ) Series H .— $20,000 (m atu rity value) fo r each calendar year.
3
T h e re h av e been sp ecia l offerin gs on th e o c ca s io n o f w h ich in stitu tio n a l in v estors h a v e b een p e r m itte d t o p u r­
ch ase b o n d s o f Series F a n d G in excess o f th e reg u la r'a n n u a l lim ita tio n (see th e S e v e n th A m e n d m e n t t o D e p a rtm e n t
C ircu la r N o . 530, S ix th R e v is io n ) a n d a lso sp ecia l offerin gs (see fo o t n o t e 2, p a g e 2) in w h ich com m ercia l banks
(th at is, b a n k s a c c e p tin g d e m a n d d ep osits) h a v e been p e r m itte d to p u rch a se lim ite d a m o u n ts o f su ch b o n d s fo r th eir
o w n a cco u n t, a lth o u g h ordinarily th e y are n o t elig ib le t o d o so.




5
(rf) S e r ie s J a n d K . — $200,000 (issue price) for each calendar year, o f either series o r o f the
com bin ed aggregate o f b oth .

Sec. 315.9. Computation o f amount. — In com p u tin g the a m ou nt o f savings bonds o f a ny one
series issued durin g a n y one calendar yea r held b y a ny one person at a ny on e tim e for the purpose
o f determ ining w hether the a m ou n t is in excess o f the authorized lim it as set forth in the n ext pre­
ced in g section, the follow in g rules shall g o v e rn :
(а ) T h e term “ p erson ” shall m ean any legal en tity, inclu din g bu t n ot lim ited to an individual,
a partnership, a corp ora tion (p u b lic o r p riva te), an u n in corporated association o r a trust estate,
and the holdings o f each person, in d ivid u ally and in a fid u ciary ca p a city , shall be com p u ted separately.
( б ) In the case o f bonds o f Series E and H , the co m p u ta tion shall be based u pon m atu rity
values. In the case o f b on d s o f Series F , G , J and K , the co m p u ta tio n shall b e based upon issue prices.
(c ) E xcep t as p rovid ed in subsection (d ), there m ust be taken into a ccou n t: (1) all bonds
origin ally issued to and registered in the nam e o f th at person alon e; and ( 2 ) all b on d s origin ally
issued to and registered in the nam e o f that person as coow n er o r reissued, a t the requ est o f the
original ow ner, to add the nam e o f that person as coow n er o r to designate him as coow n er instead
o f as beneficiary, excep t that the a m ou nt o f b on d s o f Series E and H held in coow n ersh ip fo rm m a y
b e applied to the holdings o f either o f the coow n ers, b u t w ill n o t b e applied to b o th , o r the am ou nt
m a y b e a pp ortion ed betw een them.
( d ) T h ere need n ot be taken into a ccou n t: ( 1 ) bon d s o f w hich that person is m erely the desig­
nated ben eficiary; (2) bon d s in w h ich his interest is o n ly th at o f a beneficiary under a tru st; (3) those
to w hich he is en titled as su rvivin g designated beneficiary u pon the death o f the registered owner,
as an heir o r legatee o f the deceased registered ow ner, o r b y virtu e o f the term in ation o f a trust or
the happenin g o f a n y oth er ev en t; (4) w ith respect to b on d s o f Series E , those purch ased w ith the
proceeds o f m atured b on d s o f Series A , Series C -1 9 3 8 , Series D -1 9 3 9 , Series D -1 9 4 0 and Series
D -1 9 4 1 , w here such m atured b on d s w ere presented b y an individu al (natural person in his ow n
righ t) ow n er o r coow n er fo r that purpose and the Series E b on d s are registered in his nam e in any
form o f registration authorized fo r that series; (5) w ith respect to b on d s o f Series G , those issued in
exchange fo r m atured bon d s o f Series E under the p rovision s o f T reasu ry D ep a rtm en t C ircu lar N o .
885, as am en ded ; ( 6 ) w ith resp ect to b on d s o f Series K , those issued in exchange for m atured bon d s
o f Series E under the provisions o f T reasu ry D ep artm en t C ircu lar N o . 90G; o r (7) an a m ou n t of
b on d s o f Series E o r Series II equal to a n y excess holdings w h ich w ould otherw ise b e created b y the
reissue o f b on d s o f th at series registered in the nam e o f th at person to elim inate the n am e o f another
person as coow n er under the p rovision s o f S ection 315.45 (b) ( 1 ).
(e ) N oth in g herein contained shall be construed to invalidate a ny holdings w ith in or, except
as p rovid ed in subsection (c) a b ov e, to validate a n y holdings in excess o f the authorized lim its, as
co m p u ted under the regulations in force at the tim e such h oldings were acquired.
Sec. 315.10. Disposition o f excess. — I f an y person at a n y tim e acquires savings b on d s issued
d u rin g a ny one calendar year in excess o f the prescribed am ou n t, the excess m u st be im m ediately
surrendered for refund o f the purchase price, less (in the case o f current in com e b o n d s) a n y interest
w h ich m a y h ave been paid thereon, or fo r such oth er a dju stm en t as m ay be possible.

Subpart D—LIMITATION ON TRANSFER AND JUDICIAL PROCEEDINGS
Sec. 315.11. Not transferable.— Savings bon d s are n ot transferable and are payable o n ly to the
ow n ers nam ed thereon, ex ce p t in case o f the d isability o r death o f the ow ner, authorized reissue, or
as otherw ise specifically p rovid ed in this S u bpart, b u t in a n y even t o n ly in a ccord an ce w ith the p ro ­
vision s o f these regulations. A savings b on d m a y n ot be h yp oth eca ted or pledged as collateral for
a loan o r used as secu rity for the perform an ce o f an ob ligation , except as p rovid ed in Section 315.12.
Sec. 315.12. Pledge with the Secretary o f the Treasury or Federal Reserve Banks. — A savings
b on d m a y be pledged b y the registered ow n er in lieu o f su rety un der the p rovision s o f D ep a rtm en t
C ircu lar N o . 154, as am ended, if the bon d a p p rov in g officer is the Secretary o f the T reasu ry, in
w h ich case an irrevocable p ow er o f a ttorn ey shall be executed authorizing the S ecreta ry o f the
T reasu ry to request paym ent. A savings b on d m a y also be deposited as secu rity w ith a Federal
R eserve B an k under the P rovision s o f D ep a rtm en t C ircular N o . 657 b y an institu tion certified under
that circular as an issuing agen t for savings bonds o f Series E .
Sec. 315.13. Judicial proceedings (judgm ent creditors, trustees in bankruptcy, receivers o f in­
solvents’ estates and conflicting claim ants). — A claim against an ow n er o r coow n er o f a savings b on d
and con flictin g claim s as to ow nership o f o r interest in such b on d as betw een coow ners or the
207871°—52-----2




6

registered ow n er and a designated beneficiary, will be recogn ized w hen established b y va lid ju d icial
p roceedin gs and p aym en t o r reissue will be m ade, u pon presentation and surrender o f the b on d ,
ex ce p t as follow s:
( 1 ) N o such proceedin gs will be recogn ized if th ey w ou ld give effect to an attem p ted
v o lu n ta ry transfer inter v iv os o f the b o n d or w ould d efeat o r im pair the rights o f su rvivorsh ip
con ferred b y these regulations u pon a su rvivin g coow n er or beneficiary.
(2) A ju d gm en t creditor, a trustee in b a n k ru p tcy o r a receiver o f an in so lv e n t’s estate
w ill h ave the right to p aym en t (b u t n ot to reissue) and a ju d gm en t cred itor will be lim ited
to p aym en t at the red em p tion value current th irty d ays after the term in a tion o f the ju dicial
p roceedin gs or current at the tim e the b on d is received, w h ich ever is smaller.
(3) If a debtor, or bankrupt, or insolvent, is not the sole owner of the bond, paym ent will

be m ade only to the extent o f his interest therein, which must be determined b y the court
or otherwise validly established.
A d iv o rce d ecree ra tify in g or con firm ing a p rop e rty agreem ent b etw een h u sban d and w ife o r oth er­
wise settlin g their respective interests in savings bonds, will be recogn ized and will n ot be regarded
as a p roceed in g givin g effect to an a ttem p ted v o lu n ta ry transfer fo r the p urpose o f this section.

Sec. 315.14. Evidence necessary.— T o establish the validity of judicial proceedings there must
be subm itted a certified copy o f a final judgm ent or decree of court and of any necessary supplemen­
tary proceedings. If the judgm ent or decree of court was rendered more than six m onths prior
to presentation o f the bond there must also be submitted a certificate from the clerk of the court,
under the court’s seal and dated within six months of the presentation of the bond, showing that
the judgm ent or decree is in full force and effect. A trustee in bankruptcy should subm it proof
of his authority in the form o f a certificate from the referee showing that he is the duly elected and
qualified trustee, together with a certificate from the clerk of the United States D istrict Court
o f the particular district, under seal, showing the incum bency of the referee and authenticating his
signature.
Sec. 315.15. Notice o f pending proceedings not accepted.— Neither the Treasury Departm ent
nor any agency for the issue, reissue, or redem ption of savings bonds will accept notices of adverse
claims or of pending judicial proceedings or undertake to protect the interests of litigants who do not
have possession o f the bonds.

Subpart E—SAFEKEEPING FACILITIES
Sec. 315.16. Safekeeping o f bonds. — A savings b on d will be held in safekeeping, w ith ou t charge,
b y the S ecretary o f the T reasu ry if the h older so desires. In such co n n e ctio n the S ecretary will
utilize the facilities o f the Federal R eserve B anks, as fiscal agents o f the U n ited S tates ,4 and those
o f the Treasurer o f the U n ited States.
A p p lica tio n form s for safekeepin g m a y be secured from
postm asters, Federal R eserve B an k s or the T rea su ry D ep artm en t.

Subpart F—LOST, STOLEN, MUTILATED, DEFACED OR DESTROYED BONDS
Sec. 315.17. R elief in case o f loss, etc., after receipt by owner. — U n d er the p rovision s o f Sec.
8 , 50 Stat. 481, as a m en ded (31 U . S. C . 738a), relief either b y the issue o f a su bstitute bon d or b y

p a ym en t m a y b e given in case o f the loss, theft, d estru ction , m u tila tion o r d efacem en t o f a savings
b o n d after receipt b y the ow n er or his representative. In a n y such case im m ediate n otice o f the
facts, together w ith a com p lete description o f the b on d (in clu din g series, yea r o f issue, serial num ber,
and nam e and address o f the registered ow ner) should be given to the B ureau o f the P u b lic D e b t,
D iv ision o f L oa n s and C u rren cy, 536 S ou th C lark Street, C h icago 5, Illinois. T h a t d ivision will
thereu pon furnish an a pp rop riate form and full instructions fo r presenting the eviden ce necessary
to secure relief un der the law . I f such b on d is su bsequ en tly recovered, im m ediate n otice o f such
re co v e ry sh ould be given to the D ivision o f L oan s and C u rren cy (at the address a b o v e ) in order
that d ela y m a y be a void ed u p on a later presentation o f the b on d fo r p a ym en t o r authorized reissue.
Sec. 315.i8 . R elief in case o f nonreceipt.— I f a savings b o n d , on original issue o r on reissue, is not
received from the issuing agen t or agen cy b y the registered ow n er or oth er person to w h om the
b o n d was to be d elivered, the issuing agen t o r a gen cy should be notified as p ro m p tly as possible
and given all the in form ation available in regard to the transaction. A p p rop ria te instru ction s and
form s, if n ecessary, will then be furnished the ow n er rep ortin g n on receipt.
4
S a fe k e e p in g fa cilitie s m a y b e offered a t s o m e B ra n ch es o f F ed era l R e s e rv e B a n k s, a n d in s u ch c o n n e ctio n an
in q u iry m a y b e a d d re s se d to th e B ra n ch .




7

Subpart G—INTEREST
Sec. 315.19. General. — U nited States Savings B on ds are issued in tw o form s: (1) appreciation
bonds, issued on a d iscou n t basis and redeem able b efore m a tu rity at increasing fixed redem ption
values; and ( 2 ) current in com e b ond s, issued a t par, bearing interest p aya b le sem iannually 5 and
redeem able b efore m a tu rity a t par o r a t fixed red em p tion values less than par, as hereinafter p ro­
vided . B on ds o f Series E, F and J are appreciation bonds, and those of Series G, H and K are
cu rren t incom e bonds.
Sec. 315.20. Appreciation bonds.— A ll savings bonds issued on a discou n t basis increase in
red em p tion valu e at t-lie end o f the first year or h alf-year 6 from issue date and at the end o f each
successive h alf-yea r period thereafter until their m atu rity, w hen the full face a m ou n t becom es p a y ­
able. B on ds o f Scries E will con tin u e to increase in red em p tion value after m a tu rity for ten years
in a ccord a n ce w ith the provisions o f D ep artm en t C ircular N o. 653, T h ird R evision , and T a bles of
R e d e m p tion Values appended thereto. T h e increm ent in valu e on appreciation b on d s is payable
o n ly on red em p tion o f the bonds, w hether b efore, at, or after m atu rity.
Sec. 315.21. Current incom e bonds. — T h e interest on current incom e b on d s is p a ya b le semi­
ann u ally ,5 begin ning six m on ths from issue date. E x ce p t fo r red em p tion at par as p rovid ed in
S ection 315.23 (c) o f S u bp art H , full advantage o f interest at the rates specified on bon d s o f Series
G or K m a y be secured on ly if the b on d s are held to m a tu rity; if th e y are redeem ed b efore m a tu rity
at current red em p tion values the difference betw een the face o r full m a tu rity va lu e and the current
red em p tion value then p a ya b le in a ccord an ce w ith the table p rinted on each b o n d will represent an
a d ju stm en t o f interest for the rate appropriate fo r the shorter term , as set forth in the tables ap­
p ended to the circulars a n noun cin g the issue o f such bonds. In terest p aym en ts on b on d s o f Series H
w ill b e based on a graduated scale o f am ounts (as show n in the table at the end o f T reasu ry D e­
p artm en t C ircular N o. 905), and if the bon d s are redeem ed b efo re m a tu rity the in v e stm e n t yield
for the period the b on d s are held will b e at a lesser rate than if held until m atu rity.
(a) M e th o d o f in tere st p a y m e n ts .— Interest due on a current incom e b on d will be paid on
each interest p a ym en t date b y ch eck draw n to the ord er o f the person or persons in w hose n am e the
b on d is inscribed, in the same form as their nam es appear in the inscription on the b on d , ex ce p t that
in the case o f a b on d registered in the form “ A , p aya b le on death to B ” , the ch eck w ill be draw n
to the ord er o f A alone until the B ureau o f the P u b lic D e b t, D ivision o f L oan s and C u rren cy, 536
S ou th C lark Street, C h icago 5, Illinois, receives n otice o f A ’s death, from w hich date the p a ym en t
o f interest will be suspended until such tim e as the b o n d is presented for p a ym en t or reissue. In ­
terest so w ithheld will b e paid to the person fou n d to b e en titled to the b on d . C h eck s issued in
p a y m e n t o f interest on a b o n d registered in the nam es o f coow n ers will be draw n to th e ord er o f “ A
o r B ” and will b e m ailed to the address o f record o f the p ayee first nam ed unless oth erw ise specifically
directed or until the B ureau o f the P u b lic D e b t, D ivision o f L oa n s and C u rren cy, 536 S ou th C lark
Street, C h icago 5, Illinois, receives n otice o f his death. U p o n receipt o f n otice o f the death o f the
coow n er to w h om interest is b ein g m ailed the interest will be m ailed to the oth er coow n er, if livin g,
or, if n ot, will b e held su b je ct to the claim o f the representatives o f o r persons en titled to the estate
o f the last su rvivin g coow ner.
(b) C hange o f address .— A n ow ner or coow n er o f current incom e bon d s should p rom p tly
n o tify the B ureau o f the P u b lic D e b t, D ivision o f L oa n s and C u rren cy, 536 S ou th C lark Street,
C h icago 5, Illinois, o f a n y change in the address for delivery o f interest checks. T h e n o tice should
refer to all b on d s for w h ich it is desired that the address b e chan ged and should describe each b o n d
b y date, serial nu m ber, series (in clu din g yea r o f issue) and in scription appearing on the face o f the
b on d .
(c) R eissu e du rin g in tere st p er io d . — I f a current incom e b on d is reissued for any reason
b etw een interest p a y m en t dates, interest fo r the entire period will b e paid on th e n ext interest p a y ­
m en t date, b y ch eck draw n to the ord er o f the person in w hose nam e the b o n d is reissued. O rd i­
narily, if a b o n d is received for reissue less than on e m on th p rior to an interest p a ym en t date, reissue
ca n n o t be effected until after such interest p a y m e n t date.
(d) T erm in a tio n o f in tere st.— Interest on current in com e b on d s will cease .at m a tu rity, or,
in case o f red em p tion b efore m atu rity, a t the end o f the interest period n ext p recedin g the date o f
red em p tion , except th at, if the date o f red em p tion falls on an interest p a ym en t date, interest will
cease on that date. F o r exam ple, if a b on d on w h ich interest is p a ya b le on Jan u ary 1 and J u ly 1
5 T h e final in te re st on b o n d s o f Series H c o v e rs a p e r io d o f 2 m o n th s , fr o m 9 y2 years to m a tu rity .
6 Series E b o n d s issued on o r b e fo r e A p ril 30, 1952, a n d Series F b on d s, th e sale o f w h ich term in a ted A p ril 30, 1952,
in crea se in re d e m p tio n va lu e a t th e en d o f th e first year fr o m issue d a t e ; Series E b o n d s issued on a n d a fter M a y 1,
1952, a n d Series J b o n d s , th e sale o f w h ich b ega n on M a y 1, 1952, in crea se in re d e m p tio n va lu e a t th e e n d o f the
first half-year fr o m issue d a te.




8

is redeem ed on S ep tem ber 1, interest w ill cease on J u ly 1 and no a d ju stm en t will be m a de on a cco u n t
o f interest fo r the p eriod J u ly 1 to S eptem ber 1 . In case o f authorized reissue in another fo rm of
registration , the interest o n the original b o n d w ill cease o n the last d a y o f the interest p eriod next
p recedin g the date o f reissue and interest o n the new b on d will begin on the follow in g d ay. T h e
sam e rules a p p ly in case o f partial red em p tion o r partial reissue w ith respect to the a m ou n t redeem ed
or reissued.
(e)
E n d o r se m e n t o f ch ec k s.— Interest ch eck s m ust be endorsed b y the p ayee, either per­
son ally or b y an a ttorn ey in fact, in a ccord an ce w ith the requirem ents o f the Treasurer o f the
U n ited States. A form fo r the ap p oin tm en t o f such a ttorn ey m a y be ob tain ed from the Treasurer
o f the U n ited States or from a n y Federal R eserve B an k . In case o f the death o f the p ayee the
ch e ck m a y be endorsed b y the legal representative, if a n y, o f his estate. I f no legal representative
has been o r is to be a pp oin ted , and if the a m ou n t due from the U n ited States does n o t exceed $500,
the T reasurer o f the U nited States, W ash in g ton 25, D . C ., o r a Federal R eserve. B an k , w ill, u pon
request, furnish special instructions.
(/) N o n rec eip t or oss o f ch eck . — If an interest check is not received or is lost after receipt,
the Bureau o f the Public D ebt, D ivision of Loans and Currency, 536 South Clark Street, Chicago 5,

Illinois, should be notified o f the facts and should be given inform ation concerning the amount,
number, and inscription o f the bonds, as well as a description of the check, if possible, in case of loss
after the check is received. U pon receipt o f this information appropriate instructions will be given.

Subpart H—GENERAL PAYMENT AND REDEMPTION PROVISIONS
Sec. 315.22. Payment at or after maturity.— O w ners o f bon d s o f Series E have the o p tio n of
receiv in g the full face o r m a tu rity valu e thereof at m a tu rity or o f retaining such bonds after m atu rity
fo r a further p eriod o f n o t m ore than 1 0 years and earning interest u pon the m a tu rity values thereof,
at rates specified in D ep a rtm en t C ircular N o . 653, T h ird R evision , and the T a b les o f R ed em p tion
V alues appended thereto. Su ch interest w ill accru e at the end o f each h alf-yea r p eriod follow in g
m a tu rity, until the end o f the lO ^ e a r period. A bon d o f any series oth er than Series E will be paid
o r redeem ed at or after m a tu rity at its full face or m a tu rity valu e on ly , pursuant to its term s. In
a n y case p aym en t will be m ade on ly follow in g p resen tation and surrender o f the b on d for that pur­
p ose. T h e requ est fo r p aym ent m ust be d u ly signed and certified as p rovid ed herein, unless ( 1 ) the
b on d is presented b y an in d ivid u al ow n er o r coow n er to an in corp ora ted ban k o r trust co m p a n y or
oth er p a j'in g agent, as p rov id ed (for bon d s o f Series A to E o n ly ) in S ection 315.29, or ( 2 ) the bond
is a ccep ted b y a ny such p a yin g agen t for p aym en t, o r for presentation to a Federal R eserve B an k for
p a ym en t, w ith ou t the ow n er’s signature to the requ est fo r p aym en t, as p ro v id e d (for bon d s o f any
series) in T reasu ry D ep a rtm en t C ircu lar N o. 8 8 8 .
Sec. 315.23. Redem ption before maturity.— Pursuant to its term s, a savings b on d m a y n ot be
called for red em p tion b y the Secretary o f the T reasu ry prior to m atu rity, bu t m a y be redeem ed in
w hole or in part at the o p tio n o f the ow ner, p rior to m atu rity, under the term s and con d ition s set
forth in the offerin g circular o f each series and in a ccord an ce w ith the p rovision s o f these regulations
follow in g p resentation and surrender as p rovid ed in this subpart.
(a) Series E .— A b on d o f Series E will be redeem ed at an y tim e after tw o m on th s from the
issue date w ith ou t a dva n ce n otice, at the a pp rop riate red em p tion valu e as show n in the table
printed on the bonds.
(b) Series F , G , H , J and K .— A b on d o f Series H will be redeem ed A T P A R , and a bon d of
Series F , G , J or K w ill be redeem ed at the appropriate red em p tion valu e as show n in the table
p rin ted on the b on d , in either case a fter six m on th s from the issue d ate and on one m o n th ’s n otice
in w riting to (1) a Federal R eserve B an k o r B ran ch , (2) the B ureau o f the P u b lic D e b t, D ivision
o f L oan s and C u rren cy, 536 S ou th C lark Street, C h icago 5, Illinois, or (3) the T reasu ry D ep artm en t,
W ash in gton 25, D . C . Su ch n otice m a y be given separately o r b y presenting and surrendering the
b on d w ith a d u ly executed requ est for p a y m en t thereof. P aym en t will be m ade as o f the first d ay
o f the first m on th follow in g b y at least one full calendar m on th the d ate o f receipt o f n otice. F or
exam ple, if the n otice is received on June' 1, p aym en t will be m ade as o f J u ly 1, bu t if n otice is re­
ceived betw een June 2 and J u ly 1, inclusive, paym en t will be m ade as o f A u gust 1. I f n otice is given
separately, the b on d m u st be presented and surrendered w ith a d u ly execu ted requ est for p aym ent
to the sam e a gen cy to w h ich n otice is given not less than 2 0 days before the date on w h ich p aym en t
is to be m ade. F o r exam ple, if the n otice is received on June 15, the bon d should be received n ot
later than J u ly 12. (See Section 315.21 for p rovision s as to interest in case current incom e bonds
are redeem ed p rior to m a tu rity.)
(c) Series G and K : R e d e m p tio n at pa r.— B on ds o f Series G and K (b u t n ot o f Series F
or J ) will be redeem ed at p ar b efore m a tu rity, after six m on th s from the issue date, at the o p tio n



9

o f the owners, on the first d a y o f the first m on th follow in g b y at least one full calendar m on th the
date o f receip t o f n otice o f intention to redeem , given as p rovid ed in subsection (b ) hereof, under
the follow in g lim itations and con dition s:
(1) B on d s o f Series G and K m a y be so redeem ed (i) u p o n the death o f an ow ner or c o ­
ow ner, if a natural person, or (ii) in the case o f bon d s held b y a trustee or oth er fidu ciary, u pon
the term ination o f the trust o r oth er fid u ciary estate b y reason o f the d eath o f a ny person,
excep t that if the trust or oth er fidu ciary estate is term inated on ly in p art, red em p tion a t par
will be m ade to the exten t o f n o t m ore than the p ro rata p ortion o f the trust o r fidu ciary estate
so term inated. T h e n otice o f intention to redeem m ust specify that red em p tion at -par is desired.
I f desired t nd so stated in the request for p aym en t o r separate n otice o f in ten tion to redeem ,
p a ym en t m a y b e p ostp on ed to the secon d interest p aym en t date follow in g the date o f d eath ;
otherw ise, p a y m en t w ill be m ade in regular course. A death certificate o r oth er com peten t
p ro o f o f death m ust a ccom p a n y the b on d s or the n otice. In no case o f red em p tion at par under
the p rovision s o f this paragraph will the ow ner be entitled to interest be 3^ond the secon d inter­
est p a ym en t date follow in g the date o f death.
( 2 ) B on ds o f Series G and Scries K issued in exchange fo r m atured bon d s o f Series E under
the p rovision s o f D epartm en t C ircular N o . 885, as am ended, and D ep a rtm en t C ircular N o.
906, resp ectively, m a y be so redeem ed at par at a ny tim e.
(d)
W ithdraw al o f req u est for r e d e m p tio n . — An owner who has presented and surrendered

a savings bond to the Treasury Departm ent or a Federal Reserve Bank for paym ent with an appro­
priate request for paym ent may withdraw such request if notice of intent to withdraw is given to
and received by the same agency to which the bond was presented, prior to the issuance of the check
in paym ent. Under these same conditions an executor or administrator m ay withdraw a request
for redem ption executed by the owner and presented and surrendered to the Treasury Department
or a Federal Reserve Bank prior to the owner’s death, except where the presentation and surrender
of the bond has cut off the rights of survivorship under the provisions of Subpart L or Subpart M .
The term “ presented and surrendered” as used in this subsection means the actual receipt of the
bond b y the Treasury Departm ent or a Federal Reserve Bank during the lifetime of the owner.
Sec. 315.24. Form and execution o f requests for payment.— Requests for paym ent of savings
bonds, unless otherwise authorized in a particular case, must be executed on the form appearing
on the back o f 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 regu­
lations.
(а) D a te o f re q u e s t.— O rdinarily, requests executed m ore than six m on th s b efore the date
o f receipt o f a b on d for p aym en t will n o t be accepted.
(б ) Id en tifica tion and sig n a tu re o f o w n er.— T h e registered ow ner in w hose nam e the bond
is inscribed, o r such oth er person as m a y b e entitled to p a ym en t un der the p rovision s o f these regu­
lation s, m ust appear before one o f the officers authorized to certify requests for p a y m e n t (see Section
315.25), establish his id en tity and in the presence o f such officer sign the request fo r p a y m e n t in
ink, addin g in the space p rovid ed the address to w hich the ch eck issued in p a y m e n t is to be mailed.
A signature m ade b y m ark ( X ) m ust b e w itnessed b y at least on e person in add ition to the certifyin g
officer and m ust be attested b y endorsem ent in th,e bla n k space, su bstantially as fo llo w s : “ W itness
to the a b ov e signature b y m ark” , follow ed b y the signature and address o f the witness. I f the
nam e o f the registered ow ner o r oth er person entitled to paym en t, as it appears in the registration
or in eviden ce on file at the B ureau o f the P u b lic D e b t, D ivision o f L oan s and C u rren cy, has been
chan ged b y m arriage or in a ny oth er legal m anner, the signature to the request for p a y m e n t should
sh ow b oth nam es and the m anner in w hich the change was m ade, for exam ple, “ M iss M a r y T . Jones,
n ow b y m arriage M rs. M a ry T . S m ith ” , or “ Ju n g Sm elt, n o w b y cou rt ord er Joh n S m ith .”
In
case o f a change o f nam e oth er than b y . m arriage the request should be su pp orted b y satisfa ctory
p ro o f o f such change, unless already on file. N o request signed in b eh a lf o f the ow n er or person
en titled to p a y m en t b y an agen t o r a person a ctin g under a p ow er o f attorn ey w ill be recogn ized b y
the T reasu ry D ep a rtm en t except as p rovid ed in S ection 315.12.
(c)
Certification o f r e q u e s t.— A fter the request for p a ym en t has been signed b y the ow ner
the certify in g officer sh ould com plete and sign the certificate appearing at the end o f the form
fo r request for paym en t, and the b on d should then b e presented and surrendered as p ro v id e d in
S ection 315.28.

Sec. 315.25. Certifying officers.— T h e follow in g officers are authorized to ce rtify requests for
p a y m e n t:

(a)
A t U n ited S ta tes p o s t o ffices .— A ny 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



10

ce rtify in the nam e o f the postm aster or actin g postm aster, follow ed b y his ow n signature and
official title, fo r exam ple, “ John D oe, postm aster, b y R ich a rd R o e , postal cash ier.”
Signatures of
these officers should be authenticated b y a legible im prin t o f the p ost office d a tin g stam p.
( b) A t ban ks, tr u s t co m p a n ies and bran ch es.— A n y officer o f any bank or trust co m p a n y
in corp ora ted in the U nited States or its territories (in clu din g P uerto R ic o ), o r d om estic o r foreign
b ra n ch o f such ban k or trust com p a n y , inclu din g those d oin g business in the territories o r possessions
o f the U n ited S tates un der Federal ch arter o r organized un der F ederal law, Federal R eserve B anks,
Federal L a n d B anks, and F ederal H om e L oa n B an k s; and an y em p loyee o f a n y such ban k o r trust
co m p a n y expressly authorized b y the corp ora tion for th a t purpose, w h o should sign o v e r the title
“ D esign ated E m p lo y e e ” . C ertifications b y a n y o f these officers o r design ated e m p lo y 'es should be
a uthen ticated b y either a L g ib le im pression o f the corp ora te seal o f the ban k o r trust co m p a n y or,
in the case o f ban k s or trues com pan ies and their branches w h ich are authorized and d u ly qualified
issuing agents fo r b on d s o f Series E , b y a legible im p rin t o f the issuing a g en t’s d atin g stam p. Federal
R eserve A gen ts and A ssistant Federal R eserve A gen ts, located at the several F ederal R eserve
B an k s, are also authorized to ce rtify requests for.p a y m en t.
(c) Issu in g a gen ts n o t banks or tr u s t c o m p a n ies.— A n y officer o f a corp ora tion n ot a
ban k o r trust com p a n y, and o f a n y oth er organ ization , w h ich is a d u ly qualified issuing agen t for
bon d s o f Series E . A ll certification s b y such officers m ust be a u then ticated b y a legible im p rin t of
the issuing a gen t’s dating stam p.
(d) C o m m issio n e d officers a n d warrant officers o f th e a r m ed fo rce s.— C om m issioned
officers and w arrant officers o f the arm ed forces o f the U nited States (in clu d in g the A rm y , N a v y ,
A ir F orce, M a rin e C orp s and C o a st G u a rd ), bu t o n ly for m em bers (and the fam ilies o f m em bers)
o f such forces and civilian em p loyees at Posts o r Bases or S tation s (such ce rtify in g officer should
in d ica te his rank and state th a t the person signing the requ est is one o f the class w hose requests he
is authorized to certify ).
(e) U n ited S ta tes officials. — Judges, clerks and d e p u ty clerks o f U nited States cou rts, in­
clu d in g U n ited States d istrict cou rts fo r the territories, possessions and C an al Z o n e ; U nited States
C om m issioners; U nited S tates a ttorn eys; U nited States collectors o f cu stom s and their depu ties;
U nited S tates collectors o f internal revenue and their deputies (or D irectors o f In tern al R even u e
and internal revenue a g e n ts ); the officer in charge o f a n y h om e, hospital o r oth er fa c ility o f the
V etera n s’ A dm in istration , b u t o n ly for p atien ts and m em bers o f such facilities; certain officers o f
F ederal penal institutions designated for that purpose b y the S ecreta ry o f the T reasu ry and certain
officers o f the U n ited States P u b lic H ealth Service H ospitals a t L ex in gton , K e n tu ck y , and at F ort
W o rth , T exas, and o f U n ited States M arine H ospitals at F o r t S ta n ton , N ew M e x ico , and C arville
Lou isiana, designated for that purpose b y the S ecretary o f the T reasu ry (in each case, how ever, on ly
fo r inm ates o r em p loyees o f the institu tion in v o lv e d ).
( 0 Officers a u th o rized in particular localities.— C ertain officers in the T reasu ry D ep a rt­
m en t; the G overn ors and Treasurers o f H aw aii, P u erto R ico and A la sk a ; the G o v e rn o r and C om m is­
sioner o f F in ance o f the V irgin Isla n ds; the G ov ern or and D ire cto r o f F in an ce o f G u a m ; the G ov ern or
and D irector o f A dm in istrative Services o f A m erican S a m oa; the G ov ern or, p aym aster or actin g
paym aster, and co lle cto r o r a ctin g collector o f the P an am a C an a l; and postm asters and a ctin g
postm asters in the B ureau o f Posts o f the C an al Zone.
(g) In foreig n c o u n tr ie s.— In a foreign cou n try requests fo r p a ym en t m a y be signed in the
presence o f and b e certified b y a n y U nited States d ip lom a tic o r con su lar representative, or m a n a ge/
o r oth er officer o f a .foreig n branch o f a ban k or trust co m p a n y in corp ora ted in the U n ited States,
w h ose signature is authen ticated b y an im pression o f the corp ora te seal o r is certified to the T reasu ry
D ep a rtm en t. I f such an officer is n ot available, requests fo r p a ym en t m a y be signed in the presence
o f and be certified b y a n ota ry or oth er officer authorized to adm inister oaths, bu t his official char­
acter and ju risd iction should be certified b y a U nited States d ip lom a tic o r con su lar officer under
seal o f his office.
(h) Special p ro v ision s. — In the even t non e o f the officers authorized to ce rtify requests for
p a ym en t o f savings b on d s is rea d ily accessible, the C om m issioner o f the P u b lic D e b t, the D e p u ty
C om m issioner o f the P u b lic D e b t in C harge o f the C h icago O ffice, o r a Federal R eserve B an k , is
authorized to m ake special p rovision fo r a n y particu lar case.

Sec. 315.26. General instructions to certifying officers.— C e rtify in g officers sh ould require
p ositive identification o f the person signing a requ est fo r p a y m e n t and w ill b e held fu lly responsible
therefor. In all cases a certify in g officer m ust affix to the certification his official signature, title,
address and seal, o r d atin g stam p, and the d ate o f execution. Officers o f V eteran s’ A dm in istration
Facilities, P u b lic H ealth S ervice H ospitals, M a rin e H ospitals, and F ederal penal institutions, should
use the seal o f the particu lar institution o r service, where such seal is available. I f a certify in g
officer, oth er than a p ost office official, officer o f a b a n k or trust co m p a n y , o r officer o f an issuing
agent, does n o t possess an official seal, th at fa c t sh ould b e m ade know n and attested.



1
1
Sec. 315.27. Interested person not to certify. — N o person authorized to certify requests for p a y ­
m ent “m a y ce rtify a requ est fo r p a y m en t o f a b o n d o f w h ich he is the ow ner, or in w h ich he has an
interest, either in his ow n righ t o r in a n y rep resentative ca p a city .
Sec. 315.28. Presentation and surrender— all series.— E x ce p t for cases com in g w ithin the
p rovision s o f S ection 315.29, after the request for p a ym en t has been d u ly signed b y the ow n er and
certified as a b o v e p rovid ed , the b on d should b e presented and surrendered to ( 1 ) a Federal R eserve
B a n k o r B ran ch, ( 2 ) the B ureau o f the P u b lic D e b t, D ivision o f L oan s and C u rren cy, 536 South
C lark Street, C h ica g o 5, Illinois, o r (3) the T reasu ry D ep artm en t, W ash in gton 25, D . C . U sually
p a ym en t w ill be exp ed ited b y surrender to a Federal R eserve B an k . In all cases p resen tation will
b e at the expense and risk o f the ow ner, and, for his p rotection , the b on d should b e forw ard ed b y
registered m ail if n o t presented in person. P a ym en t will b e m ade b y ch eck draw n to the ord er o f
the registered ow n er o r oth er person entitled and m ailed to him at the address given in his request
fo r paym ent.
Sec. 315.29. Optional procedure limited to bonds o f Series A to E, inclusive, in names o f individ­
ual owners or coow ners only.— A n individu al (natural person ) w h ose nam e is inscribed on the face
o f a b on d o f Series A , B , C , D o r E , either as ow ner o r coow n er in his ow n right, m a y present such
b o n d (unless m arked “ D U P L I C A T E ” ) to a ny incorporated b a n k o r trust co m p a n y o r an y oth er
org an iza tion qualified as a p ayin g agent under the p rovision s o f D ep artm en t C ircu lar N o . 750.
I f such b on d is in ord er for p a y m en t b y the p a yin g agent, the ow n er o r coow n er, u pon establishing
his id e n tity to the satisfaction o f the p a yin g agen t and upon signin g the requ est fo r p a ym en t and
a dd in g his hom e o r business address, m a y receiv e im m ediate paym en t at the appropriate redem ption
value, as p rovid ed in Sections 315.22 and 315.23. E v e n th ough the request for p aym en t has been
signed, o r signed and certified prior to the presentation o f the b on d , nevertheless the p a yin g agent
is required to establish to its satisfaction the iden tity o f the ow n er or coow n er requesting p aym en t
and su ch p a yin g agent m a y require the ow ner or coow n er to sign again the requ est for paym en t.
N o charge will be m ade to the ow ner. T h is m eth od o f presentation is authorized n otw ith stan d in g
the p rovisions o f a ny T reasu ry D ep a rtm en t circulars offering the bon d s for sale and n otw ith stan d in g
a n y instructions w h ich m a y be printed on the b on d and is op tion a l with individual ow ners.
B on ds
o f Series A , B , C , D o r E requiring d ocu m en ta ry eviden ce to support redem ption, o r presented for
partial red em p tion, and b on d s o f Series F , G , H , J and K , are n o t eligible for p a y m e n t a t these
p a y in g agencies.

Sec. 315.30. Partial redem ption. — A savings bon d o f a n y series in a d enom in ation greater than
$25 (m a tu rity value) m a y b e redeem ed in part at current redem ption value bu t o n ly in am ounts
corresp on din g to authorized den om in ation s o f n ot less than $25 (m atu rity valu e), u p on presentation
and surrender o f the b o n d to ( 1 ) a Federal R eserve B an k o r B ra n ch ( 2 ) the B ureau o f the P u b lic
D e b t, D ivision o f L oan s and C u rren cy, 536 S ou th C lark Street, C h icago 5, Illinois, o r (3) the T reasu ry
D ep artm en t, W ash in gton 25, D . C ., all in a ccord an ce w ith this Subpart. Partial red em p tion m a y
n ot be effected at in corp ora ted ban k s o r trust com panies. In a n y case in w hich partial red em p tion
is a uthorized, b efore the request for p a y m en t is signed there sh ould be added to the first senten ce o f
the request the w ords “ to the extent o f $ _______ (m atu rity va lu e), and reissue o f the rem ain der.”
U p o n partial red em p tion o f a savings b on d the rem ainder will b e reissued as o f the original date as
p ro v id e d in S u bp art I. F o r p aym en t o f interest on cu rren t incom e bon d s in case o f partial red em p ­
tion, see S u bp art G.
Sec. 315.31. Nonreceipt or loss o f checks issued in payment.— In case a ch eck in p aym en t o f a
b o n d surrendered fo r red em p tion is n o t receiv ed w ith in a reasonable tim e, or in case such ch eck is
lost after receip t, n otice should be given to the sam e a gen cy to w h ich the b on d was surrendered for
p a ym en t, a ccom pa n ied b y a description o f the bon d b y series, d enom in ation , serial n u m ber and
registration. T h e n otice sh ould state w hether o r n ot the ch eck was received and sh ould g iv e the
d ate u p on w h ich the b on d w as forw ard ed . In stru ction s will be given as to the necessary procedu re
to secure a d u p licate. I t should b e b orn e in m in d, in con n ection w ith b on d s o f Series F , G , H , J
and Iv, th a t p a y m e n t is m ade o n ly on the first d a y o f a calendar m on th and o n ly at least one full
calendar m onth follow in g actu al receipt o f the n otice o f in ten tion to redeem , and a ch eck ca n n o t be
e xp ected until th a t tim e.

Subpart I—GENERAL REISSUE AND DENOMINATIONAL EXCHANGE
Sec. 315.32. General.— Reissue o f a savings b on d w ill be restricted to a form o f registration
p erm itted
o n ly u pon
Reissue o f
(a)
to ry p ro of

b y the regulations in effect on the d ate o f origin al issue o f the bon d and will b e m ade
surrender o f the b o n d and o n ly in a ccord an ce w ith the provisions o f those regulations.
a savings b on d will b e m ade o n ly in the follow in g instances:
T o correct an error in the original issue, upon appropriate request supported b y satisfac­
o f such error unless the error was m ade b y the issuing agent.




12

( 6)
T o show a change in the nam e o f an ow ner, coow n er or designated beneficiary, upon his
requ est, su pp orted b y sa tisfa ctory p ro o f o f the ch an ge o f n am e if fo r a n y reason oth er than m arriage.
(c) T o exchange bond s o f Series E originally issued on or after M a y 1 , 1952, on uncurrent
b o n d s tock fo r b on d s o f that series on cu rren t stock , as soon as the latter is available, u p on th e requ est
o f th e ow n er o r either coow n er. Such exchange is n o t necessary, h ow ever, because all p a yin g agents
will redeem A L L b on d s o f Series E bearing issue dates on and a fter M a y 1 , 1952, in a ccord an ce with
the new schedule o f red em p tion values, as set forth in T a b le A a t the end o f T reasu ry D e p a rtm e n t
C ircu lar N o . 653, T h ird R evision.
(d ) A s otherw ise specifically p rovid ed in these regulations.
Sec. 315.33. Requests for reissue. — R equ ests for reissue should be m ade on appropriate
form s, w h ich m a y b e obtain ed from a ny F ederal R eserve B a n k or B ra n ch o r the B ureau o f the P u blic
D e b t, D ivision o f L oan s and C u rren cy, 536 Sou th C lark Street, C h ica g o 5, Illinois, and should be
signed b y the persons authorized under these regulations to m ake such requests. I f the requ est is
b y reason o f a change o f nam e, the signature should show b o th nam es and the m an ner in w hich the
ch an ge took place, as, for exam ple, “ M iss M a r y T . Jones, n ow b y m arriage M rs. M a r y T . S m ith .”
A requ est fo r reissue under Section 315.32 (a ), (b) and (d) m u st be signed in the presence o f and be
certified b y an officer authorized un der S u bp a rt II to certify requests for paym en t.
Sec. 315.34. Agencies authorized to make reissue.— R eissues un der S ection 315.32 (b ), (c) and
(d) m a y b e m ade o n ly a t ( 1 ) a Federal R eserve B an k o r B ran ch , ( 2 ) the B ureau o f the P u b lic D e b t,
D ivision o f L oa n s and C u rren cy, 536 S ou th C lark Street, C h icago 5, Illinois, or (3) the T reasu ry
D ep artm en t, W ash in gton 25, D . C .
Sec. 315.35. Effective date.— In an y case o f authorized reissue the T reasu ry D ep a rtm en t will
treat the receipt b y a Federal R eserve B a n k o r the T reasu ry D ep a rtm en t o f a b o n d and a pp rop riate
requ est fo r reissue thereof, as determ in ing the date u pon w h ich reissue is effective.
Sec. 315.36. Description o f bonds on reissue. — T h e new bon d s will be o f the sam e series, will
bear the sam e issue date, and will h ave the sam e rights and p rivileges as the b on d s surren dered .7
Sec. 315.37. Denominational exchange. — E xch a n ge as b etw een authorized den om in ation s will
n o t b e p erm itted ex cep t in cases o f partial red em p tion o r authorized reissue and then on ly in au th or­
ized denom in ation s o f n ot less than $25 (m a tu rity valu e).

Subpart J—MINORS AND PERSONS UNDER OTHER LEGAL DISABILITY
Sec. 315.38. Payment to legal guardians.— I f the form o f registration o f a savings b on d indicates
th a t the ow n er is a m inor or has been ju d icia lly declared to be in com p eten t to m anage his estate
and that a guardian o r sim ilar represen tative has been ap p oin ted fo r the estate o f such m inor or
in com p eten t b y a cou rt h avin g ju risdiction or is otherw ise legally qualified, p a ym en t will be m ade on ly
to such guardian or sim ilar legal representative. In such case the req u est for p a ym en t appearin g
on the b a c k o f the bond should be signed b y the guardian o r oth er legal represen tative as such, for
exam ple, “ Joh n A Jones, guardian (com m ittee) o f the estate o f H en ry W . S m ith, a m inor (an in com ­
p e te n t).”
Unless the form o f registration gives the nam e o f the represen tative, there m ust b e su b­
m itted in su p p ort o f the requ est a certificate o r a certified c o p y o f the letters o f a p p oin tm en t from
the cou rt m a kin g the ap p oin tm en t under the seal o f the cou rt. E x c e p t in the case o f corp ora te
fiduciaries, such certificate o r certification sh ou ld state that the a p p oin tm en t is in full force and should
be dated n ot m ore than six m on th s p rior to the d ate o f presentation o f the b o n d fo r p aym en t. See
S u bp a rt O for p a y m en t p rovision s a pp licable to b on d s registered in the nam es o f guardians and sim i­
lar fiduciaries. W here the form o f registration does n o t in d ica te that the ow n er is a m in or fo r w hose
estate a guardian has been a pp oin ted , a n otice th a t such gu ardian has been ap p oin ted will n o t be
a ccep ted b y the T reasu ry D ep a rtm en t for the purpose o f p reven tin g p a y m e n t to the m in or or to a
parent o r oth er person on behalf o f the m in or as p rovid ed in the tw o follow in g sections. H ow ever,
if a legal guardian presents fo r p a ym en t a b on d so registered a ccom pa n ied b y p ro o f o f his a p p o in t­
m en t, p a y m en t will b e m ade to such guardian.
Sec. 315.39. Payment (o minors.— U nless the fo rm o f registration o f a savings b on d indicates
th a t the ow n er is a m in or fo r w h ose estate a gu ardian o r sim ilar legal representative has been ap­
p oin ted o r is otherw ise d u ly qualified, p a ym en t will be m ade d irect to such m in or presenting the b on d
fo r p a y m en t if, a t the tim e p a ym en t is requ ested, he is o f sufficient co m p e te n cy and understanding
to sign his nam e to the request and to com preh en d the nature o f such act. In general, the fa c t that
the requ est for p a ym en t has been signed b y a m in or and d u ly certified in a ccord an ce w ith S u bp art
H will b e a ccep ted as sufficient p ro o f o f such com p e te n cy and understanding.
7
R eissu es o f b o n d s o f Series E sold b e fo re M a y 1, 1952, w ill co n tin u e -to b e m a d e fr o m b o n d s to ck s ca rry in g th e
sa m e ta b les o f re d e m p tio n v a lu es a n d o th e r d eta ils a p p ea rin g on th e origin a l b on d s.




13
Sec. 315.40. Payment to a parent or other person on behalf o f a minor. — I f the ow n er o f a savings
b o n d is a m inor and the form o f registration does n ot indicate that a guardian or sim ilar legal repre­
sen tative o f the estate o f such m inor has been ap p oin ted b y a co u rt o r is otherw ise legally qualified,
and if such m in or ow ner is n ot o f sufficient co m p e te n cy and understanding to execu te the request
fo r p aym en t, p a y m en t will be m ade to either parent o f the m in or w ith w h om he resides, o r if the m inor
does n ot reside w ith either parent, then to the person w h o furnishes his ch ief su pp ort. S u ch parent
o r oth er person m ust surrender the b o n d w ith the request fo r paym en t p rop erly execu ted, and furnish
a certificate, w h ich m a y be ty p e d on the b a c k o f the b on d , show ing his right to act fo r th£ m inor. If
a p aren t signs the request, the certificate and signature thereto should b e in su bstan tially the fo l­
lo w in g form :
‘I certify that I am the m other (or father) of John C. Jones and the person with whom he
resides.
He i s ------ years o f age and is not of sufficient com petency and understanding to sign
this request.

M rs. M ary Jones on behalf of John C . Jones.”
If a person other than a parent signs the request, the certificate and signature thereto, including a
reference to the person’s relationship, if any, to the minor, should be in substantially the following
form :
“ I certify that John C. Jones does not reside with either parent and that I furnish his chief
support. He i s ------ years o f age and is not of sufficient com petency and understanding to sign
this request.

M rs. Alice Brown, grandmother, on behalf of John C. Jones.”
T h e T reasu ry D ep artm en t m a y in a n y particular case require further p ro o f that the m in or is n ot o f
sufficient co m p eten cy and understanding to execute the requ est fo r p aym en t and o f the right o f the
p erson executing the request to act 0 11 behalf o f the m inor.

Sec. 315.41. Payment to voluntary guardian o f person under disability. — In a n y case where the
adult ow n er o f a b o n d has been ju d icia lly declared in com p eten t o r su ch in co m p e te n cy is otherw ise
sa tisfa ctorily established, and 110 d u ly qualified legal representative o f his estate is a ctin g, and the
entire gross value o f his personal estate does n o t exceed $500, paj^ment will be m ade to a m em ber o f
his fa m ily o r oth er person a ctin g as volu n ta ry guardian, u pon presentation o f sa tisfa cto ry p ro o f
that the p roceeds o f the bon d are required fo r the purchase o f necessaries fo r the in com p eten t or
fo r his w ife o r m inor children o r oth er persons dependent u p o n him for su pp ort. A p p lica tio n for
such p a y m en t sh ou ld be m ade o n ly on appropriate form s, w hich m a y be obtain ed from the B ureau
o f the P u b lic D e b t, D iv ision o f L oans and C u rren cy, 536 S ou th C lark Street, C h ica g o 5, Illinois,
o r a n y F ederal R eserve B ank . T h e requ est fo r p aym en t should n o t be execu ted, n o r the bon d
presented, until the a pp lica tion has been a p p rov ed and instructions h ave been given b y the T reasu ry
D ep artm en t.

Sec. 315.42. Reissue in the case o f a m inor.— A savings b on d o f w hich a m inor is the ow ner,
o r in w hich he has an interest, m a y b e reissued u p on an authorized reissue tran saction under the
follow in g con d ition s:
(1 )
Reissue will be restricted to a form o f registration w hich preserves the existing ow n e
ship or interest o f the m in or, ex cep t th a t a m in or o f sufficient co m p e te n cy and un derstan din g to
sign his nam e to the request and to com preh end the nature o f such act, shall have the right to
requ est reissue to add a coow n er o r beneficiary to a b o n d registered in his nam e alone o r to w hich
he is entitled in his ow n right.
t
(2) Reissue will b e su bject to the term s and con d ition s prescribed b y S ection s 315.38,
315.39, and 315.40 o f this S u bpart, gov ern in g a request fo r p a ym en t o f such b on d .

Subpart K—SINGLE NAME—ADDITION OF COOWNER, ETC.
Sec. 315.43. Payment or reissue. — A savings b on d registered in the nam e o f one person in his
ow n right w ith ou t a coow n er o r beneficiary, o r to w hich one person is en titled in his ow n right
un der these regulations, will be paid to such person during his lifetim e upon a d u ly execu ted
req u est for p aym en t. U p on the death o f the ow ner, such b o n d , if n ot p reviou sly redeem ed, w ill be
con sidered as b elon gin g to his estate and will be paid o r reissued a ccord in gly. (See S u bp a rt N .)
Sec. 315.44. R eissue for certain purposes.— A savings b on d registered in the nam e o f one
person in his ow n right, o r to w hich one person is show n to be en titled in his ow n right under these
regulations, m a y b e reissued, u pon app rop riate.requ est, fo r the follow in g purposes:
(a)
A d d i t i o n o f a c o o i c n e r .— Reissue in the nam e o f the ow ner w ith that o f another natural
person as coow n er. B on d s reissued in a ccord an ce w ith this su bsection u pon request o f the original
ow n er will be considered for the purposes o f com p u ta tio n o f h oldings under Su bpart C o f these reg­



14

u lations as origin ally issued in b o th nam es, and 110 reissue will he effective w h ich results in a n y one
p erson h old in g b on d s in excess o f the established lim it fo r the series to w h ich the b on d s b elon g.
R e q u ests fo r reissue un der this su bsection should b e m ade on F o rm P D 1787.
(6 )
A d d itio n o f a beneficiary.— R eissue in the nam e o f the ow n er w ith th at o f another natural
p erson as designated beneficiary. R equ ests fo r reissue un der the p rovision s o f this subsection
sh ou ld be m ade on F orm P D 1787.
(c)
A tr u s te e o f a living tr u s t.— R eissue in the nam e o f a trustee o f a livin g trust created
b y the ow n er fo r his benefit, in w hole o r in part, during his lifetim e, w h eth er o r n o t con ta in in g an
a b solu te p ow er o f rev oca tion in the g ra n tor; b u t such reissue will be allow ed o n ly in the case o f
b o n d s o f those series w hich m ay be origin ally issued in the nam e o f a trustee. R equ ests for reissue
u n der this su bsection sh ould b e m ade on F orm P D 1851.

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, “ John A. Jones or M rs. M ary C. Jones,” will be paid or reissued
as follow s:
(a) P a y m e n t during th e lives o f b o th co o w n ers. — 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 coow ner; and upon paym ent to either coowner the other person shall cease to have any inter­
est in the bond. The bond will also be paid to both coowners upon their join t request, in which
case paym ent will be made b y check drawn to the order of both coowners in the form “ John A . Jones
and M rs. M a ry C. Jones,” and the check must be endorsed b y both payees.
( b) R eissu e during th e lives o f b o th co o w n ers.— E x ce p t as otherw ise specifically p rovid ed
b y these regulations, a b on d held in coow n ersh ip m a y be reissued during the lives o f b o th coow ners
o n ly u p on the requ est o f b o th and under the follow in g specific circu m stan ces:
( 1 ) in the n am e o f either coow n er, alone, or with a new coow n er or w ith a b en eficiary:
(i) if the coow n er w hose nam e is to rem ain on the b on d is related to the coow n er
w h ose nam e is to b e elim inated as coow n er either as husband o r wife, parent o r child,
b roth er o r sister, gran dparen t or gran dch ild, uncle or aunt, or n eph ew o r n iece; th<* term
“ ch ild ” includes a child legally a dop ted as well as a ste p ch ild ; the term s “ b ro th e r'’ and
“ sister” inclu d e broth ers and sisters o f the h alf b lo o d as well as th ose o f the w h ole b lood ,
stepbrothers and stepsisters, and broth ers and sisters through a d op tion , Provided, however,
T h a t the T reasu ry reserves the righ t to re je ct a n y a p p lica tion fo r reissue hereunder, in
w h ole o r in part, u pon a determ in ation that the transaction w ou ld ten d to eva de o r d efeat
the purposes o f the lim itation o n holdings or the restriction against the tran sferability of
savings b on d s;
(ii) if on e o f the coow n ers is m arried after the issue o f the b o n d ; and
(iii) if th e coow n ers are d ivorced o r legally separated from each oth er, o r their m arriage
is annulled, after th e issue o f the b o n d .
R equ ests for reissue o f a ny o f the a b o v e three classes sh ould b e m ade on the current
revision o f F orm P D 1938 and should be signed b y b o th coow ners. Such requests will n ot
b e a p p rov ed unless the coow n er w hose nam e is to b e elim inated from the b o n d is o f full
age and legally com peten t. A m in or coow n er m a y execute the form if (in the opin ion
o f the certifyin g officer) he is o f sufficient co m p e te n cy and understanding to com preh end
the nature o f the tran saction and reissue o f all the bon d s is to be m ade in the nam e o f such
m inor alone or, if he so requests, w ith another coow n er or a beneficiary.
(2) I f the bon d is o f Scries F , G , J or Iv, it m a y be reissued in the nam e o f a trustee o f a
livin g trust created b y b oth coow n ers fo r the benefit o f b o th , in w h ole or in part, durin g their
lifetim e w h eth er or n ot con ta in in g an absolute p ow er o f re v o ca tio n in the grantors. R equ ests
for reissue un der this p rovision should be m ade on F orm P D 1851 and will n o t b e approved
unless both coow n ers are o f full age and legally com peten t.
( c ) P a y m e n t or reissu e a fter th e d ea th o f o n e c o o w n er.— I f either coow n er dies w ith ou t
h a v in g presented and surrendered th e b on d for p a ym en t or authorized reissue, the su rvivin g c o ­
ow n er will be recogn ized as the sole and absolute ow n er o f the b o n d and p a ym en t or reissue will be
m a de o n ly to such su rvivor, as th ough the b on d were registered in his nam e alone. I f the su rvivor
requests reissue, he m u st present p roof o f the death o f the oth er coow n er. I f a coow n er dies after
he lias presented and surrendered the b o n d for paym en t, p a ym en t o f the b o n d o r check, if one has
been issued, will be m ade to his estate (see Su bpart N ). I f either coow n er dies after the bon d has
been presented and surrendered for authorized reissue, the b on d will be treated as th ough such
reissue had been m ade before the death o f such coow n er (see Section 315.35).




15
(d ) P a y m e n t or reissu e o n d ea th o f b o th co o w n ers in c o m m o n d isa ster. — I f b o th co ow ners die in a com m on disaster un der su ch con d ition s that it cannot be established, either b y pre­
su m ption o f law o r otherw ise, w hich coow n er died first, th j^ b o n d will be considered as belon gin g
to the estates o f b oth coow n ers, and p a ym en t or reissue will be m ade a cco rd in g ly (see S u bp art N ).
( e ) P a y m e n t or reissu e a fter th e d ea th o f t h e surviving c o o w n er.— I f a su rvivin g coow n er
w h o becom es solely en titled to the b on d under the provisions o f su bsection (c) o f this section , dies
w ith ou t h avin g presented and surrendered the bon d fo r p aym ent o r authorized reissue, the bon d
w ill be considered as belon gin g to his estate and will be paid or reissued a cco rd in g ly (see Su bpart N ).
In this case, p ro o f o f the death o f both coow n ers and o f the ord er in w h ich th ey died will be required.
T h e term “ presented and surrendered” rs used in this S u bp art m eans the actu a l receipt o f a
b o n d , for paym en t, b y a F ederal R eserve B an k o r the T re a su ry D ep artm en t, o r an in corp orated
ban k o r trust com p a n y or a ny oth er agen cy d u ly qualified to m r ce paym ent o f the b o n d , or, for
reissue, b y a F ederal R eserve B an k o r the T reasu ry D ep artm en t, with an a pp rop riate request for
the particu lar transaction.

Subpart M—TWO NAMES—BENEFICIARY FORM
Sec. 315.46. Payment or reissue. — A savings b on d registered in the nam e o f one person payable
0 11 death to another, fo r exam ple, “ H en ry W . Ash, p aya b le 0 11 death to Joh n C . B la c k ,” will be paid

o r reissued as follow s:
(а ) P a y m e n t to th e registered o w n e r .— T h e b on d will be paid to the registered ow ner
d u rin g his lifetim e upon his p rop erly executed request as th ough n o beneficiary had been nam ed
in the registration.
( б ) R eissu e du rin g th e life tim e o f th e reg istered ow n er as fo llo w s:
(1) T h e b on d will be reissued, on the d u ly certified requ est o f the registered ow ner, to nam e
the beneficiary designated 0 11 the b o n d as coow n er. B o n d s so reissued u p o n the requ est o f
the original ow n er will be considered for the purposes o f co m p u ta tion o f holdings under Su bpart
C o f these regulations as origin ally issued in b oth nam es and n o reissue will be effectiv e w hich
results in a n y one person h old in g bon d s in excess o f the established lim it for the series to w hich
the bond s belong.
(2) The bond will also be reissued upon the duly certified request of the registered owner

together with the duly certified consent o f the designated beneficiary, to eliminate such beneficiary,8 or to substitute another person as beneficiary, or to name another person as coowner.
Under this provision the bond m ay 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 o f revocation in the grantor, if it is a bond of a series which m ay
be originally issued in the name o f a trustee.
(3) I f the beneficiary sh ould predecease the registered ow n er, u pon p ro o f o f such death
and u p on request o f the registered ow n er the b o n d m a y be reissued as though it were registered
in his n am e alone.
R equ ests for reissue under this subsection should be m ade on F orm P D 1787, except th at F orm
P D 1851 should be used for reissue to a trustee o f a livin g trust un der the p rovision s o f su bp ar­
agraph (2 ).
(c ) P a y m e n t or reissu e a fter th e d ea th o f th e reg istered o w n er. — I f the registered ow ner
dies w ith ou t h avin g presented and surrendered the b on d for p aym en t o r authorized reissue and is
su rvived b y the beneficiary, u p on p ro o f o f such death and survivorsh ip, the b eneficiary will be
recogn ized as the sole and absolute ow ner o f the b on d , and p aym en t o r reissue will be m ade o n ly to
such su rvivor, as th ou gh the b on d w ere registered in his nam e alone. I f the registered ow n er dies
a fter lie has presented and surrendered the b on d fo r paym en t, p a ym en t o f the bond, o r ch eck , if
on e has been issued, will be m ade to his estate (see Su bpart II). I f the registered ow n er dies after
the b o n d has been presented and surrendered for an authorized reissue, the bon d will be treated as
th ou gh such reissue had been m ade before the death o f the registered ow ner (see Sec. 315.35).
(d ) P a y m e n t or reissu e a fter th e d ea th o f th e surviving ben eficiary. — I f a su rvivin g
b eneficiary w h o becom es entitled to the b on d under the provisions o f subsection (c) o f this section ,
dies w ithou t h a v in g presented and surrendered the b on d for p a ym en t or reissue, the b o n d will be
con sidered as belongin g to his estate and will be paid or reissued a ccord in gly (see S u bp art N ). In
this case, p roof o f the death o f b oth the registered ow n er and the beneficiary and o f the ord er in
w hich th ey died will be required.
8 C o n se n t ca n n o t b e giv en fo r th e e lim in a tio n o f th e T reasu rer o f th e U n ited S ta tes as b en eficia ry .




16
The term “ presented and surre idered” as used in this Subpart means the actual receipt of a
bond, for paym ent, b y a Federal Reserve Bank or the Treasury D epartm ent, or an incorporated
bank or trust com pany or any other agency duly qualified to make paym ent of the bond, or, for
reissue, b y a Federal Reserve Bank or the Treasury Departm ent, with an appropriate request for
the particular transaction.

Subpart N—DECEASED OWNERS
Sec. 315.47. Pi yment or reissue on death o f owner.— U p on the death o f the ow n er o f a savings
b o n d w h o w as n o t su rvived b y a coow n er o r designated beneficiary and w ho h ad nor durin g his life­
tim e presente 1 and surrendered the b on d to a Federal R eserve B an k or the T reasu ry D ep a rtm en t
for an autho?. zed reissue, the b o n d will be considered as belon gin g to his estate and will be paid or
reissued accord in gly, as hereinafter p rovid ed , except th a t reissue un der the p rovision s o f this Sub­
p art will n o t be m a de to a creditor. In a n y case, reissue will be restricted to a form o f registration
p erm itted b y the regulations in effect on the d ate o f original issue o f the b on d , bu t the person entitled
to th e b o n d m a y hold it w ith ou t change o f registration and will h ave the righ t to p aym ent before
or at m a tu rity. T h e p rovision s o f this section shall also a p p ly to savings b on d s registered in the
nam es o f executors or adm inistrators, ex cep t that p ro o f o f their ap p oin tm en t and qualification
m a y n o t be required. E stablished form s for use in such cases and for requests for p a ym en t or
reissue m a y be obtain ed from a n y Federal R eserve B an k o r from the B ureau o f the P u b lic D e b t,
D iv ision o f L oa n s and C u rren cy, 536 S ou th C lark Street, C h icago 5, Illinois, and should be used in
e v e ry instance.
(a) In cou rse o f a d m in istra tio n .— I f the estate o f the d eced en t is bein g adm inistered in a
co u rt o f com p eten t ju risdiction , the b on d will be p aid to the d u ly qualified represen tative o f the
estate or will be reissued in the nam es o f the persons en titled to share in the estate, upon requ est o f
the d u ly app oin ted and qualified representative o f the estate and com p lia n ce w ith the follow in g
co n d ition s:
(1) W here there are two or more legal representatives, all must unite in the request for
paym ent or reissue, unless b y express statute or decree of court, or b y testamentary provision,
some one or more of them m ay properly execute the request.
(2) The request for paym ent or reissue should be signed in the form, for exam ple: “ John
A. Jones, administrator o f the estate (or executor of the will) of Henry W . Jones, deceased,”
and must be supported b y proof o f the representative’s authority in the form of a court certifi­
cate or a certified copy o f the representative’s letters of appointm ent issued b y the court having
jurisdiction. T h e certificate, or the certification to the letters, must be under seal of the court,
and, except in the case o f a corporate representative, must contain a statement that the appoint­
ment is in full force and should be dated within six months of the date of presentation of the
bond, unless the certificate or letters show that the appointm ent was made within one year
immediately prior to such presentation.
(3) In case o f reissue the personal represen tative sh ould ce rtify th a t the persons nam ed
are en titled to share in the estate to the exten t specified for each and h a v e con sen ted to such
reissue. A request fo r reissue b y a legal represen tative sh ould b e m ade o n F o rm P D 1455.
I f a person in w hose nam e reissue is requested desires to nam e a coow n er o r beneficiary, such
person should execute an add ition al requ est fo r th a t purpose, using F o rm P D 1787.

( b) A fte r s e t t l e m e n t th r o u g h co u rt p ro ceed in g s.— I f the estate o f the d eceden t has been
settled in a cou rt o f com p eten t ju risd iction , th e b on d w ill be p aid to o r reissued in the nam e o f the
person entitled thereto as determ ined b y the cou rt. T h e request fo r p a ym en t or reissue should be
m ade b y the person show n to be en titled and su p p orted b y d u ly certified copies o f the rep resen tative’s
final a ccou n t and the decree o f d istrib u tion o r oth er pertin ent co u rt records, supplem en ted, if there
are tw o or m ore persons having an a pparen t interest in the bonds, b y an agreem ent execu ted b y
them .
(c) W ith o u t a d m in istra tio n .— W h en it appears that no legal rep resentative o f the d e ce d e n t’s
estate has been or is to be app oin ted the b o n d will b e paid to o r reissued in the nam e o f the person or
persons entitled pursuant to an agreem ent and request b y all persons entitled to share in the d ece­
d e n t’s estate; the agreem ent and request should be m ade o n form s p rescribed b y the T reasu ry D e ­
partm en t, w h ich sh ould b e d u ly executed in accord an ce with the instructions thereon. A short
form fo r settlem ent w ith ou t adm in istration (F orm P D 1946) is prescribed for cases in w hich the
a m ou n t o f savings b on d s b elon gin g to the d ece d e n t’s estate is n ot in excess o f $500 (m atu rity valu e).
A longer form (F orm P D 1 9 4 6-A ) is prescribed fo r oth er cases o f settlem en t w ith o u t adm inistration.
A p p lica tion fo r the appropriate form to b e used hereunder m a y b e m ade to a n y Federal R eserve
B an k o r to the B u reau o f the P u b lic D e b t, D iv isio n o f L oan s and C u rren cy, 536 S ou th C lark Street,



17
C h ica g o 5, Illinois. T h e applican t should state w hether or n ot the am ount o f savings b on d s b elon g­
ing to the d eced en t’s estate is in excess o f $500 (m a tu rity va lu e). I f a n y o f the persons are m inors
o r incom petents, p a ym en t or reissue o f the b o n d will n ot be p erm itted w ith ou t adm inistration,
except to them or in their nam es, unless their interests are otherw ise p rotected to the satisfaction
o f the S ecretary o f the Treasury.

Subpart O—FIDUCIARIES
Sec. 315.48. Payment to fiduciaries. — A savings b on d registered in the nam e o f a fid u ciary, or
oth erw ise b elon gin g to a fiduciary estate, will be paid to the fiduciaries o f such estate u pon their
request. A requ est fo r p aym en t b efore m a tu rity m ust be signed b y all actin g fiduciaries unless,
b y express statute or decree o f cou rt o r b y the term s o f the instru m en t under w h ich the fiduciaries
are actin g, som e one o r m ore o f them m ay p rop e rly execute the request. A requ est fo r p aym en t
a t m a tu rity signed b y a n y on e or m ore a ctin g fiduciaries w ill be accep ted , b u t p a y m e n t will be m ade
to all. I f the b o n d is registered in th e nam es o f fiduciaries o f the estate w h o are still a ctin g, no further
e v id en ce o f a u th ority will be required. In oth er cases the request for p a y m e n t m u st b e su p p orted
b y eviden ce as specified b elow :
(a) Fiduciaries— b y title o n ly .— I f the bon d is registered in the titles w ith ou t the nam es of
the fiduciaries, satisfa ctory p roof o f their in cu m b en cy m ust be furnished, except in the case o f public
officers.
( b ) Su cceed in g 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) B oards, c o m m itte e s , e tc .— I f the fiduciaries con sist o f a board, com m ittee, com m ission
o r p u b lic b o d y , o r are otherw ise em pow ered to a ct as a unit, a request fo r p a y m e n t b efore m a tu rity
m ust b e signed in the nam e o f the board o r oth er b o d y b y an authorized officer or agent th ereof or
b y all m em bers o f the b oard or oth er b o d y . A request executed b y an officer o r agen t m u st be
su pp orted b y a d u ly certified c o p y o f a resolution o f the b oard o r oth er b o d y authorizin g such a ction
o r b y a d u ly certified c o p y o f the trust instru m en t o r excerp t th erefrom show ing the a u th o rity for
such action , except that in the case o f a p u b lic b oa rd o r com m ission a request signed in its nam e b y
an authorized officer thereof and d u ly certified will ordinarily be a ccep ted w ithout fu rth er p ro o f of
his a u th ority. A request signed b y all m em bers o f a p rivate board o r co m m itte e m ust b e su pp orted
b y a d u ly executed certificate o f in cu m ben cy.
( d ) C orporate fiduciaries. — If a public or private corporation or a political body, such as a

State or county, is acting as a fiduciary, a request for paym ent must be signed in the name of the
corporation or other body, in the fiduciary capacity in which it is acting, b y an authorized officer
thereof. A request for paym ent so signed and duly certified will ordinarily be accepted without
further proof o f the officer’s authority.
(e ) R egistra tion n o t disclosing tr u s t.— I f the form in w hich the bon d is registered does
not sh ow that it belongs to a fid u ciary estate or does n ot id en tify the estate to w h ich it belongs,
sa tisfa ctory p ro o f o f ow nership m ust be furnished.

Sec. 315.49. Reissue in the nam e o f a succeeding fiduciary.— If a fiduciary in whose name a
savings bond is registered has been succeeded as such fiduciary b y another, the bond will be reissued
in the name o f the succeeding fiduciary upon appropriate request and satisfactory proof of
successorship.
Sec. 315.50. Reissue or payment to person entitled.—
(а) D istrib u tio n o f tru st esta te in k in d . — A savings bond to which a benefieiaiy o f a trust
estate has becom e lawfully entitled in his own right or in a fiduciary capacity, in whole or in part,
under the terms o f the trust instrument, will be reissued in his name to the extent of his interest
as a distribution in kind upon the request o f the trustee or trustees and their certification that such
person is entitled and has agreed to reissue in his name. If the form in which the bond is registered
does not show that it belongs to a trust estate, the request for reissue must be supported b y satis­
factory proof of ownership.
( б ) A fte r ter m in a tio n o f tru st e s ta te .— I f the person w h o w ould be law fu lly entitled to a
savings bond u p on the term ination o f a trust does n ot desire to have such distribution to him in
k in d , as p rov id ed in the next p recedin g su bsection, the trustee or trustees should redeem the bon d
in a ccord an ce w ith the p rovision s o f S ection 315.48 b efore the estate is term inated. If, how ever,
the estate is term inated w ithout such paym ent or reissue h avin g been m ade, the b on d will thereafter
b e paid to o r reissued in the nam e o f the person law fu lly en titled u pon his request and satisfa ctory
p r o o f o f ow nership, su pplem ented, if there are tw o or m ore persons having a ny apparent interest
in the b on d , b y an agreem ent executed b y all such persons.



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(c)
U pon ter m in a tio n o f guardianship e s ta te .— A savings bond registered in the name o
a guardian or similar legal representative o f the estate of a minor or incompetent, if the estate is
terminated duiing 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 rem oved. Certification by
the representative that a former minor has attained his m ajority, or that the legal disability of a
female ward has been rem oved b y marriage, if the State law so provides, will ordinarily be accepted
as sufficient, but if the disability is rem oved b y court order a duly certified cop y of the order will be
necessary. U pon the death o f 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 ttie ward alone.

Subpart P—PRIVATE ORGANIZATIONS (CORPORATIONS, ASSOCIATIONS,
PARTNERSHIPS, ETC.)
Sec. 315.51. Payment to corporations or unincorporated associations.— A savings bond regis­
tered in the name o f a private corporation or an unincorporated association will be paid to such
corporation or unincorporated association upon request for paym ent on its behalf b y a duly author­
ized officer thereof. The signature to the request should be in the form, for example, “ The Jones
Coal Com pany, a corporation, b y W illiam A. Smith, president” , or “ The Lotus Club, an unincor­
porated association, b y John Jones, treasurer.” A request for paym ent 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 paym ent signed b y a general partner. The signature to the request
should be in the form “ Smith and Jones, a partnership, b y John Jones, a general partner.” A
request for paym ent so signed and duly certified will ordinarily be accepted as sufficient proof that
the person signing the request is duly authorized.
Sec. 315.53. Payment to other organizations (churches, hospitals, hom es, schools, etc.).— A
savings bond registered in the name o f 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 paym ent signed on behalf of such institution b y an author­
ized representative. For the purpose of this section, a request for paym ent signed b v a pastor of
a church, superintendent o f a hospital, president of a college, or b y anv official generally recognized
as having authority to conduct the financial affairs of the particular institution, will ordinarily be
accepted without further proof o f his authority. The signature to the request should be in the form,
for example, “ Shriners’ Hospital for Crippled Children, St. Louis, Missouri, b y W illiam A . Smith,
superintendent” , o r “ St. M a ry ’s R om an C atholic Church, Albany, N ew Y ork , b y John Jones, pastor.”
Sec. 315.54. R eissue in name o f trustee for investment purposes.— A savings bond held by a
church, hospital, home, school, or similar institution, whether or not incorporated, m ay be reissued
upon appropriate request in the name o f a bank or trust com pany as trustee under an agreement
with such organization, under which the bank or trust com pany 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. R eissue or payment to successors o f 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 o f 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)
C o rp ora tion s .— A savings bond registered in the name of a private corporation which i
in process of dissolution will be paid to the authorized representative of the corporation upon a duly
executed request for payment supported by satisfactory evidence of the representative’s authority.
U pon the termination of dissolution proceedings such bonds m ay be reissued in the names of those




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persons, oth er than the creditors, entitled to the assets o f the corp ora tion , to the extent o f their
respective interests, upon the d u ly executed request o f the authorized representative o f the co r­
p ora tion and u p on p ro o f o f com plia n ce w ith all sta tu to ry p rovision s gov ern in g the vo lu n ta ry dis­
solu tion o f such corp ora tion , and that the persons in w hose nam es reissue is requested are entitled
and have agreed to such reissue. I f the dissolution proceedin gs are had under the d irection o f a
cou rt, p ro o f o f the a u th ority o f the representative and o f the persons en titled to d istrib u tion m ust
consist o f certified copies o f orders o f the cou rt.
( b)
P a r t n e r s h i p s .— A savings bon d registered in the nam e o f a partnership w h ich has been
dissolved b y death o r w ithdraw al o f a partner, or in an y oth er m anner, will be paid to or reissued
in the nam es o f the persons en titled thereto as the result o f such dissolu tion to the extent o f their
resp ective interests, upon their request su pp orted b y sa tisfa ctory eviden ce o f their title, inclu din g
p r o o f that the d ebts o f the partnership have been p aid o r p rop erly p rovid ed for.

Subpart Q—STATES, PUBLIC CORPORATIONS, AND PUBLIC BOARDS,
COMMISSIONS AND OFFICERS
Sec. 315.57. In names o f States, public corporations and public boards. — A savings bon d
registered in the nam e o f a State o r o f a co u n tv , city , tow n , village or oth er p u b lic co rp o ra tio n o r in
the nam e o f a p u b lic board or com m ission , will b e paid u p on a request signed in the nam e o f such
S ta te, corp ora tion , b oa rd o r com m ission b y a d u ly authorized officer th ereof. A request fo r paym en t
so signed and d u ly certified will ordinarily be accep ted w ith ou t further p ro o f o f the officer’s a u th ority.
Sec. 315.58. In names o f public officers.— A savings b o n d registered in the title, w ith ou t the
nam e, o f an officer o f a State o r p u b lic corp ora tion ; such as a co u n ty , city , tow n o r village, will be
paid u pon requ est for p a ym en t signed b y the designated officer. T h e fa ct that the requ est for
p aym en t is signed and d u ly certified w ill ord in a rily be a ccep ted as sufficient p ro o f that the person
sign in g is the incu m ben t o f the designated office.

Subpart R—FURTHER PROVISIONS
Sec. 315.59. Regulations prescribed.— T h ese regulations are prescribed b y the S ecretary o f the
Treasury as gov ern in g U nited States Savings B on d s issued under the a u th ority o f S ection 2 2 o f the
S econd L ib e r ty B o n d A ct, as am ended, and pursuant to the variou s D ep a rtm en t C irculars offering
such b on d s fo r sale. T h e p rovision s o f these regulations w ith respect to bon d s registered in the names
o f certain classes o f individuals, fiduciaries and organizations are eq u a lly a pp licable to b on d s to
w h ich such individuals, fiduciaries and organizations are otherw ise sh ow n to be en titled un der these
regulations. T h e p rovision s o f T reasu ry D ep a rtm en t*C ircu la r N o . 300, as am ended, have no
a pp lica tion to savings bonds.
Sec. 315.60. Preservation o f rights.— N oth in g con tained in these regulations shall be con strued
to lim it or restrict a ny existing rights w h ich holders o f savings bon d s h eretofore issued m a y h ave
a cquired un der the circulars offering such b on d s for sale, or under the regulations in force at the tim e
o f purchase.
Sec. 315.61. Additional proof— bond o f indemnity.— T h e S ecretary o f the T reasu ry, in a n y case
arising under these regulations, m a y require such addition al p ro o f as he m a y con sider necessary
or advisable in the prem ises; and m a y require a b on d o f in d em n ity w ith satisfactory sureties, o r an
agreem ent o f ind em n ity, in a ny case w here he m a y con sider such a b on d or agreem ent necessary
fo r the p rote ctio n o f the interests o f the U nited States.
Sec. 315.62. Correspondence, certificates, notices and form s— presentation and surrender.—
T h e C h ica g o O ffice o f the B ureau o f the P u b lic D e b t o f the T reasu ry D epartm en t (536 S ou th C lark
Street, C h icago 5, Illin ois) is charged w ith all m atters relating to U n ited States Savin gs B o n d s
after their original issue, and w ith in that office transactions un der these regulations are largely
co n d u cte d b y the D iv ision o f L oa n s and C u rren cy, at the sam e address. In the sam e co n n e ctio n
the Federal R eserve B anks, as Fiscal A gen ts o f the U nited States, and their B ranches, are u tilized.
C orresp on den ce in regard to a n y transactions w ith respect to U n ited States Savings B o n d s w ith in
the scop e o f these regulations, certificates o f cou rt and oth er certificates required hereunder, n otices
o f in tention to redeem and the like (w h ich m ust be in w ritin g), and a ny oth er a pp rop riate form s or
d ocu m en ts, sh ould be addressed a ccord in gly (and, where necessary, the b on d s should be presented
and surrendered th erew ith ), ex cep t that a n y specific instructions given elsewhere in this circular




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for addressing particular transactions should be observed, and in any such instances the term “ Federal
Reserve B an k” shall include any branch o f a Federal Reserve Bank. N otices or docum ents not so
subm itted, or on file in the Treasury Departm ent elsewhere than with the Bureau of the Public
D eb t will not be recognized. Appropriate forms for use in connection with transactions m ay be
obtained from any Federal Reserve Bank or Branch, or from the Bureau of the Public D ebt, D ivision
o f Loans and Currency, at the C hicago address.
Sec. 315.63. Supplements, amendments or revisions.— The Secretary of the Treasury m ay at
any time, or from time to time, prescribe additional, supplemental, amen<lator}r or revised rules and
regulations governing United States Savings Bonds.
JOHN W . SNYDER,




Secretary o j the Treasury.

B . 5 . GOVERNMENT P R IN TIN G O FFIC E : ! » 5 £

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