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FED ERAL RE SE R V E BANK
OF NEW YORK
Fiscal A gent of the United States
rC ircu la r N o. 4 2 3 2 1
L
M ay 20, 1955
J
GENERAL REGULATIONS GOVERNING UNITED STATES SECURITIES
Treasury Department Circular No. 300, Revised
To All Banking Institutions, and Others Concerned,
in the Second Federal Beserve D istrict:
Enclosed is a copy o f Treasury Department Circular No. 300, Revised effective A pril 30,
1955. The circular, which, contains the Treasury’s general regulations governing United States
securities, consolidates the material contained in, and supersedes, Treasury Circular No. 300,
dated July 31, 1923, as amended and supplemented, and Treasury Circular No. 666, dated July
21, 1941; the form er contained regulations governing United States bonds and notes, and trans
actions with the Treasury Department in those securities, the latter circular contained regula
tions on the payment or redemption of transferable securities o f the United States. The regu
lations in the new circular have been extensively revised, and their application has been extended
to nontransferable securities other than Savings bonds, to the extent provided in the offering
circulars or special regulations governing them. Parts of the revised regulations have also been
made specifically applicable to Treasury Savings Notes, Treasury Bonds o f Investment Series
B-1975-80, and o f Investment Series A-1965.
Following is a description o f some of the more substantive changes effected by the revised
general regulations:
1. Registration in the names of two or more persons should now expressly provide for the right of
survivorship or expressly preclude it. Registration in the form “ A or B Mis not provided for because
courts of various states have differed as to whether such registration of Treasury bonds establishes
survivorship in the bonds. Sec. 306.11(1)
2. Registration of bonds in the name of a minor as owner or coowner is generally not authorized;
bonds purchased for a minor not under legal guardianship must be registered in the name of a natural
guardian who will be considered a fiduciary for this purpose. Sec. 306.11(2)
3. A previous ambiguity has been resolved by defining when a security payable in effect to bearer,
by assignment or otherwise, shall be considered past due (when such a past due security is surren
dered for redemption, satisfactory proof of ownership may be required) ; certificates of ownership will
not now be necessary before face maturity date. Sec. 306.25
4. A simpler method is established for determining whether or not bonds of eligible issues may
be redeemed at par to apply against federal estate taxes. Sec. 306.28
5. The list of officers authorized to witness assignments has been enlarged by eliminating the
requirement that officers of banks or trust companies be executive officers. The test will now be whether
or not the officer is authorized to bind his institution; the authority will be presumed if the officer
bears one of the titles enumerated in the regulations and uses the institution seal, but otherwise his
signature and authority must have been properly certified to the Treasury Department. Assistant man
agers of branches o f domestically incorporated banks or trust companies are now authorized to the same
extent as officers generally. Sec. 306.43(a)
6. The list o f officers authorized to witness assignments has been extended under certain circum
stances to include (a) all commissioned and warrant officers of the armed forces for armed forces
personnel and civilian employees and their families, and (b) officers of Federal Savings and Loan
(over)
Associations or of other organizations that are members of the Federal Home Loan Bank System.
Sec. 306.43(b)
7. Corporations, in addition to the witnessing officers, will be held responsible for any loss that
may result from the fault or negligence of their officers in witnessing assignments. Sec. 306.44
8. The effective date of the new regulations (A pril 30, 1955) will be a factor in determining the
purposes and manner o f making o f assignments by natural guardians of bonds registered in the names
o f minors not under legal guardianship; if acquired after that date, the new regulations will govern,
if before, the new regulations will also apply, but assignment will be limited as under previous
regulations with some qualifications. Sec. 306.57
9. Bonds that are part o f an estate for which no legal representative has been or is to be appointed
may be disposed o f in any authorized manner pursuant to agreement of all persons entitled; the former
restriction against such disposition in estates of more than $500 has been removed. Sec. 306.68
10. Provision is made for the disposition of small amounts of securities, and interest, without
formal assignment and without requiring evidence other than proper execution of the forms provided.
Sec. 306.69
11. In the usual case, the propriety of a resolution adopted by trustees to support assignment in
their behalf will not be questioned even though they are not designated in the registration as a board
or similar b od y ; it will be presumed the trustees are properly authorized to act as a unit in the absence
of notice to the contrary. Sec. 306.76
12. I f securities are registered in the name of a guardian or similar representative as such, no
evidence will be necessary to support his assignment except as limited in the case of fiduciaries gen
erally ; this is a definite departure from previous requirements and brings guardians under equivalent
regulations covering executors and trustees in this respect. Sec. 306.77
13. The regulations no longer require that a corporation acting as a fiduciary alone or with
individuals show current qualification; the usual fiduciary resolution will, however, be required as
before to support the authority of the officer assigning in the corporation’s behalf, except as otherwise
provided. Sec. 306.78
14. Reports o f loss or theft o f bearer securities occurring after their face maturity will be recorded,
and efforts will be made to detect them upon their receipt at the Treasury Department or Federal
Reserve Bank with a view to giving the owner an opportunity to establish his rights to them.
Sec. 306.95(b)
This Bank has prepared and issued forms from time to time to effect certain transactions
with this Bank, as fiscal agent o f the United States, under the regulations. The following table
contains a list of this Bank’s form s that are still current and usable under the revised regula
tions; a list of the equivalent Treasury forms, and o f the sections in Treasury Circular No. 300,
Revised, that contain a reference to the Treasury’s form s:
This Bank ’8
Form
GB
GB
GB
GB
GB
GB
GB
309
309
305
308
35
310
311
Treasury’s
Form
PD
PD
PD
PD
PD
PD
PD
1644
1827
1643
1642
1827
1705
1704
Treasury Circular
No. 300, Revised
Sec.
Sec.
Sec.
Sec.
Sec.
Sec.
Sec.
306.16
306.17
306.18
306.21
306.22
306.26
306.27
This Bank’s Operating Circular No. 17, Revised January 9, 1951, will be revised to reflect
the changes made in the revised regulations.
Additional copies o f Treasury Department Circular No. 300, Revised, will be furnished
upon request.
A
llan
S
proul,
President.
UNITED STATES TREASURY DEPARTMENT
GENERAL REGULATIONS
W ITH RESPECT TO
UNITED STATES
SECURITIES
Department Circular No. 300
REVISED
April 30, 1955
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1955
T A B L E OF C O N TE N TS
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Subpart A— General Inform ation----------------------- ------------------- --------------------------------------------------------------------------------------------------------Section 306.0.— Applicability of regulations-------------------------------------------------------------------------------------------------------------------- -------- -Section 300.1.— Official Agencics------------------------------------- --------------------------------------------------------------------------------------------------------Section 306.2.— Definitions--------------------------------------------------------------- ---------------------------------------------------------------------------------------(1) Treasury bonds and Treasury notes----------------------------------------------------------------------------------------------------------------------------(2) Transferable_________________________________________________________________________________________________________
(3) Registered securities_________________________________________________________________________________________________
(4) Bearer securities---------------------------------------------------- -----------------------------------------------------------------------------------------------------(5) Payment and redemption--------------------------------------------------------------------------------------------------------------------------------------------(6) Face maturity________________________________________________________________________________________________________
(7) Redem ption-excliange--------------------------------------------------------------------------------------------------------------------------------------------------(8) Proper court----------------------------------------------------------------------------------------------- -------- -------------------------- — ---------- -------------(9) Assigned in blank---------------------------------------------------------------- _--------------------------------------------------------------------------------------Section 306.3.— Distinctive features o f registered and bearer securities------ -------------- ------------------ -------------------------- -------- -------(a) Registered securities................................................................. ..................................................................................................... ..........
(b) Bearer securities---------------- ------------ ------------------------------------------ -------- ------------ ----------------- ------------ ------------------------------Section 306.4.— Transportation charges and risks in the shipment o f securities------------------------------------------------------------------------Subpart B— Registration__________________________________________________________________________________________________________
Section 306.10.— General----------------------------------------------------------------------------------------------------------------------------------------------------------Section 306.11.— Forms o f registration for transferable bonds--------------------------------------------------------------------------------------------------(1) Natural persons in their own right___________________________________________________________________________________
(i) One person ________________________________________________________________________________________- ______________
(ii) T w o or more persons with right o f survivorship---------------------------------------------------------------- -------- 1-------- ---------------(iii) T w o or more persons without right o f survivorship------------------------------------------------------ -------- -----------------------------(2) Natural guardians o f minors_________________________________________________________________________________________
(3) Incompetents not under guardianship-------------------------------------------------------------------------------------------------------------------------(4) Executors, administrators, guardians and similar fiduciaries or representatives.......................................................................
(5) Private trust estates____________________________________________________________ .•
____________________________________
(6) States, public officers, corporations or bodies as trustees_____________________________________________________________
(7) Private organizations (corporations, unincorporated associations and partnerships).............. ............ .......... .............. ..........
(i) A corporation____________________________________________________________________________________________________
(ii) An unincorporated association__________ ________________________________________________________________ _______
(iii) A partnership_____________________________________________________________________ : ____________________________
(8) States, public corporations and bodies and public officers------------------------------------------------------------------------------------------Section 306.12.— Forms of registration for nontransferable securities_________________________________________________________
Section 306.13.— Errors in registration________________________________________________________________________________________
Subpart C— Transfers, Exchanges and Reissues_________________________________________________________________________________
Section 306.15.— General____________________________________________________________________________________________________
Section 306.16.— Transfers of registered securities___________________________________________________________________________
Section 306.17.— Denominational exchanges of registered securities_________________________________________________________
Section 306.18.— Registered exchanges (exchanges o f registered bonds for coupon bon ds)___________________________________
Section 306.19.— Reissue of nontransferable securities_______________________________________________________________________
(1) Treasury Savings N otes. ____________________________________________________________________________ ______________
(2) Treasury Bonds, Investment Series B -1 97 5-80_____________________________________________________________________
Section 306.20.— Exchange o f Treasury Bonds, Investment Series B -1 9 7 5 -8 0_______________ j ______________________________
Section 306.21.— Coupon exchanges (exchanges o f coupon bonds for registered bonds)______________________________________
Section 306.22.— Denominational exchanges of coupon securities____________________________________________________________
Subpart D — Redemption or Payment_____________________________________ _____ _______________________ ____________ ____________
Section 306.25.— General_______________________________________________________________________________ ____________________
Section 306.26.— Redem ption of registered bonds at maturity or upon prior call____________________________________________
Section 306.27.— Redemption o f bearer securities at maturity or upon prior call______________________________________ ______
Section 306.28.— Optional redemption o f Treasury bonds at par (before maturity or call redemption date) and application
of proceeds in payment of Federal estate taxes.
(a) General__________________________________
(b) Conditions______________________________
(i) Partnership holdings________________
(ii) Coownership holdings______________
(iii) Trust holdings__________________________________________________________________________________________________
•(c) Restriction on amount redeemable; transactions after death o f owner________________________________________________
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Subpart E— Interest------------------------------------------------------------------------------------- — .................. - .......................................... ........ .....................
9
Section 306.35.— Computation of interest-----------------------------------------------— ................................................ ___________ _____ _____ _
9
(a) Treasury bonds, notes and certificates of in debted n ess........................................................ ............. ................ .......................
9
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(b) Treasury savings notes------------------------------- ------------------------------------------------------------------- ---------------- ------------- -----------Section 306.36.— Termination of interest--------------------------------------------------------------------------------------------------------------- ------------------9
Section 306.37.— Interest on registered bonds...........................................................................................— ....................... ......................... ..
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(a) Method o f payment--------------------------------------------------------------------------------------------------------------- --------------------------------------9
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(b) Closing of transfer books................. ............ .............. ............................................................... ........ .............. — .......... .....................
(c) Change o f address............................. ................................................................... - ---------- -------------------------------------------------------- 10
(d) Endorsement o f interest checks in general................. .............. _............................... .................................................... ...................
10
(e) Endorsement of interest checks by voluntary guardians of in com peten ts.----------- ----------------------------------- ---------- --------10
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(f) Endorsement of interest checks b y natural guardians of minors — ----------- ------------------------ -------- -------------------------------(g) Nonreceipt, loss, theft or destruction of interest checks. ------------- ----------------------------------------------------------------------------- -11
11
Section 306.38.— Interest on bearer securities.............. .............. ................................................ .......... ............ .......... ............ .......... .......... ..
Subpart F— Assignments of Registered Bonds— General.----------------------------------- ----------------------- ------------------------------------------ --------11
11
Section 306.40.— Execution of assignments------------------------------------------------------------------------------ -------- ----------------------------------------Section 306.41.— Assignment forms--------- ---------------------------- ---------------------- ------------------------------------------------------------ -------------- 11
11
Section 306.42.— Form of assignment......................................................................... ...................................................................................... ..
Scction 306.43.— Officers authorized to witness assignm ents..------------------------------------------------------------------------ -----------------------12
(a) Officers authorized generally................................................................... .......... ....................................................................................
12
(b) Officers having limited authority.---------------- -------- --------------- ---------------------------------------- -------- ----------------------------------- 12
(c) Authorized officers in foreign countries------------------------------------------------------------------------------------------------------------------------12
(d) Special provisions for witnessing assignments--------------------------------------------------------------------------------------------------------------12
Section 306.44.— Duties of witnessing officers and responsibility for their acts---------------- --------------------------------------------------------13
Section 306.45.— Assignments executed before interested persons------------------------------------------------------------ ----------------------------- 13
Section 306.46.— Assignments by assignees and other new owners---------------- --------------------- ---------------------------------------------------13
Section 306.47.— Alterations and erasures---------------------------------------------------------------------------------------------------------------------------------13
Section 306.48.— Voidance of assignments--------------------------------------------------------------------------------------------------------------------------------13
Section 306.49.— Discrepancies in names...................................................................................... ......................... ............................................
13
(a) Inscription and assignment or supporting e v id e n c e ...................................................................... ................................... .............
13
(b) Signature and supporting evidence............................................... .......... ........ ............ ............ .......... .......... .................. ...................
13
(c) Bonds variously inscribed--------------------------------------------------------------------------------------------------------------------------------------------13
Section 306.50.— Nontransferable securities......... ................................. ............................... ............................................................................
14
Subpart G— Assignments b y or in Behalf of Individuals.................................................... .............................................. ...................................
14
Section 306.55.— Signature, minor errors, and change of name................... — -------- ------------------- ------------ — ---------- ------------------14
Section 306.56.— Assignments of bonds registered in the names of tw o or more persons........... ............................................ ..............
14
(a) For transfer or exchange----------- ---------- --------------------------------------------- --------------------------- — ............ ................................. 14
(b) For redemption or redemption-exchange (registration in alternative)-------------------------------------------------------------------------14
(c) For redemption or redemption-exchange (joint registration)------------------ -------------------------------------- ---------- ------------------14
Section 306.57.— M inors______________________________________________________________________________________________________
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(a) Assignments b y natural guardians of bonds registered in the names of minors-----------------------------------------------------------14
(b) Assignments b y natural guardians of bonds registered in their names________________________________________________
15
15
(c) Assignments b y minors______________________________________________________________________________________________
(d) Assignments by legal guardians____________________________________________ ______ ___________________________________
15
Section 306.58.— Incompetents------------------------------------------------------------------------------------- .......... - ......................... .......... .....................
15
(a) Definition------------------------------------------------------------------------------------- -------------------------------------------------------------------------------15
(b) Assignments by legal guardians______________________________________________________________________________________
15
(c) Assignments b y voluntary guardians_________________________________________________________________________________
15
Section 306.59.— Attorneys in fact____________________________________________________________________________________________
16
Section 306.60.— Nontransferable securities--------------------------- ---------- ----------------------------------------------------------------------------------------16
Subpart H— Assignments in Behalf o f Estates of Deceased Registered Owners-------------------------------------------------------------------------------16
Section 306.65.— In course of administration__________________________________________________________________________________
16
Section 306.66.— Temporary and special administrators---------------------------------------------------------------------------------------------------------17
Section 306.67.— After settlement through court proceedings________________________________________________________________
17
Section 306.68.— W ithout administration_____________________________________________________________________________________
17
Section 306.69.— Special provisions applicable to small amounts of securities, interest checks or redemption checks---------------17
Section 306.70.— Nontransferable securities___________________________________________________________________________________
17
Subpart I— Assignments by or in Behalf o f Fiduciaries and Legal Representatives-------------------------------------------------------------------------18
Section'306.75.— Individual trustees__________________________________________________________________________________________
18
Section 306.76.— Boards of trustees and trustees acting as a unit---------------------------------------------------------------------------------------------18
Section 306.77.— Individual guardians________________________________________________________________________________________
18
Section 306.78.— Corporate representatives and fiduciaries____________________________________________________________________
10
Section 306.79.— Joint representatives or fiduciaries___________________________________________________________________________
19
Section 306.80.— Assignments by representatives or fiduciaries for their own benefit---------------------------------------------------------------19
Section 306.81.— Attorneys in fact for fiduciaries_____________________________________________________________________________
10
Section 306.82.— Nontransferable securities_______________________________________________________________________________ .—
20
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Subpart J— Assignments in Behalf of Public or Private Organizations_____________________________________________________________
Section 306.85.— Private corporations and unincorporated associations----------------------------------------------- ------------------------------------Section 306.86.— Merger, consolidation, conversion, reincorporation, and change o f name of private organizations___________
Section 306.87.— Attorney in fact for a corporation or unincorporated association____________________________ ________________
Section 306.88.— Political entities and public corporations_________________ _____ _____________________________________________
Section 306.89.— Public officers-------------------------------------------------------------------------------------- ------------------------------------------------------- Section 306.90.— Partnerships______________________________________ ______ __________________________________________________
Section 306.91.— Non transferable securities______ __________ ________________ _________________________________________________
Subpart K— Conflicting Claim s________________________________ ____ __________________ ______ _____________________________________
Section 306.95.— Responsibility o f Treasury Departm ent_____________________________________________________________________
(a) General------------------------------------------------ ------------ ------------------------------------------------------------------------------------------------- -------- (b) Bearer securities----------------------------------------------------------------------------------------------------------------------------------------------------------(c) Registered securities_________________________________________________________________________________________________
(d) Interest coupons-------------------------------------------------------------------------------------------- -------- -------- ---------- ----------------- ---------------Section 306.96.— Circumstances under which the ownership of securities payable to bearer may be questioned_______________
Section 306.97.— Judicial proceedings.................... ............................... ............................................................................................................
(1) Judicial transfers____________________________________________________________________________________________________
(2) Sales under court orders_____________________________________________________________________________________________
(3) Bankruptcy proceedings--------------------------------------------- ------------------ ---------- ---------------------------------------- -------------------------(4) Receivers____________________________________________ _____ __________________________________________________________
Section 306.98.— Assignments affected by fraud______________________________________________________________________________
Section 306.99.— Forged assignments_________________________________________________________________________________________
Section 306.100.— Nontransferable securities__________________________________________________________________________________
Subpart I,— Relief on Account o f Loss, Theft, Destruction, Mutilation or Defacement...................................................... .......... .......... ..
Section 306.105.— Statutory authority and requirements---------------------------- ----------------_-------- ---------- --------------------- ----------------- Section 306.106.— Securities to which this subpart applies____________________________________________________________________
Section 306.107.— Reports o f disappearance or recovery................ .......... ...................................................................................................
Section 306.108.— Caveats (Stoppages)------------------ -------- -------------------------------------------------------------------------- --------------- ---------------Section 306.109.— Destruction or partial destruction o f bearer securities______________________________________________________
Section 306.110.— Loss or theft (including possible destruction) of bearer securities or registered securities so assigned as to
become, in effect, payable to bearer.
Section 306.111.— Loss or theft o f registered securities not so assigned as to become, in effect, payable to bearer_____________
Section 306.112.— Destruction or partial destruction o f registered securities______________ _____ _____ ______ _____ _____ _____
Section 306.113.— Bonds o f indemnity________________________________________________________________________________________
(a) When required_______________________________________________________________________________________________________
(b) When not required___________________________________________________ _________________ ________________________ _____
Section 306.114.— Mutilated or defaced securities_____________________________________________________________________________
Section 306.115.— Loss, theft, destruction, mutilation or defacement o f detached interest coupons___________________________
Section 306.116.— Loss, theft, or destruction of restrictively endorsed bearer securities_______________________________________
Section 306.117.— Nontransferables___________________________________________________________________________________________
Subpart M — Miscellaneous Provisions_____________________________________________________________________________________________
Section 306.120.— Additional requirements__________________________________________________________________________________ *.
Section 306.121.— W aiver of regulations_____________________________________ ______ __________________ _______________________
Seet ion 306.122.— F orm s______________________________________________________________________________________________________
Section 306.123.— Acceptance of securities of the United States as security for public purposes_______________________________
Section 306.124.— Repeal of previous circulars subject to existing rights______________________________________________________
Section 306.125.— Supplements, amendments or revisions_____________________________________________________________________
A P P E N D I X ........................................................................................................................................................................................................................
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GENERAL REGULATIONS WITH RESPECT TO UNITED STATES SECURITIES
Department Circular No. 300
Kevised
TREASURY DEPARTM ENT,
Fiscal Service
Bureau o f the Public Debt
O
f f ic e
of th e
S
ecretary
,
Washington, April 7 , 1955.
To Owners of United States /Securities and Others Con
cerned:
Pursuant to the following Revised Statutes and Stat
utes at Large, as amended, and corresponding sections
of the United States Code, 1952 edition:
R .S . 161 (5 U . S. C. 22).
Ii. S. 3706 (31 U. S. C. 739).
40 Stat, 288, 290 and 1309 (31 U . S. C. 752, 752a,
753 and 754).
48 Stat. 343 (31 IT. S. C. 754a).
50 Stat. 481 (3 1 U . S. C. 738a).
Department Circular No. 300, dated July 31, 1923, as
amended and supplemented (31 C FR 30G), and De
partment Circular No. 6 6 6 , dated July 21, 1941 (31 CFR
307), are hereby revised, consolidated and reissued,
effective A pril 30,1955, as Department Circular No. 300,
Revised, to read as follow s:
S U B P A R T A — G E N E R A L IN F O R M A T IO N
S e c . 306.0. Applicability of regulations.— These regu
lations, except as otherwise specifically provided herein,
apply to all United States transferable securities here
tofore or hereafter issued by the Secretary o f the Treas
ury as evidence o f the public debt o f the United States,
including (but not limited to) Treasury bonds, Treasury
notes, Treasury certificates o f indebtedness, Treasury
bills, Postal Savings bonds and Panama Canal bonds. 1
When other public debt securities are issued on an op
tional exchange basis to owners o f any outstanding
United States transferable securities, the provisions of
these regulations applicable to the exchange may be
supplemented or modified by instructions issued in con
nection with the new offering. These regulations also
apply to United States nontransferable securities, other
than United States Savings Bonds, to the extent speci
fied in the offering circulars or special regulations gov
erning such securities. Their application to outstanding
nontransferable securities is expressly set forth in, or
indicated by the context of, each subpart or section.
S ec. 306.1. Official Agencies.— Securities subject to
these regulations are issued from time to time, pursuant
to public offerings by the Secretary of the Treasury,
through the Federal Reserve Banks, fiscal agents o f the
United States, and the Treasurer o f the United States,
usually for subscription during a specified period.
Banking institutions generally will handle subscriptions
for customers, but only the Federal Reserve Banks and
Branches and the Treasury Department are authorized
to act as official agencies, and subscriptions may be made
direct to these official agencies. The Secretary o f the
Treasury, through the Bureau o f the Public Debt, D i
vision o f Loans and Currency, Washington 25, D. C.,
conducts transactions in securities after issue and an
swers inquiries concerning such transactions. However,
the public will generally find it advantageous to make
inquiries of, or submit securities to, the Federal Reserve
Banks and Branches, which are official agencies for the
receipt o f securities for transactions after issue, and may
be authorized to complete such transactions. The Fed
eral Reserve Banks and Branches are located in the
cities indicated by their names, as follow s:
Federal Reserve Bank o f Boston.
Federal Reserve Bank o f New
York,
Buffalo Branch.
Federal Reserve Bank o f Philadelphia.
Federal Reserve Bank o f Cleveland,
Clncinnati Branch,
Pittsburgh Branch.
Federal Reserve Bank o f Richinond,
Baltimore Branch,
Cliarlotte Branch.
Federal Reserve Bank o f Atlanta,
Birmingham Branch,
Jacksonville Branch,
Nashville Branch,
New Orleans Branch.
Federal Reserve Bank o f Chicago,
Detroit Branch.
’ The bonds find other securities issued by certain agencies
o f the United States, the former government o f Puerto Rico, and
(lie former governments o f the Philippine Islands for which the
United States Treasury Department acts as transfer agency are
subject to these regulations, so far as applicable, under special
arrangements with the issuing authorities. Information as to
their application to any particular transaction in any designated
agency or insular securities w ill be furnished by the Bureau of
the Public Debt, Division o f Loans and Currency, Washington 25,
D. C., upon request.
(1)
Federal Reserve Bank o f St.
Louis,
Little Rock Branch,
Louisville Branch,
Memphis Branch.
Federal Reserve Bank o f Minneapolis,
Helena (M ontana) Branch,
Federal Reserve Bank o f Kansas City,
Denver Branch,
Oklahoma City Branch,
Omaha Brandi.
Federal Reserve Bank o f Dallas,
K1 Paso Branch,
Houston Branch,
San Antonio Branch.
Federal Reserve Bank o f San
• Francisco,
Los Angeles Branch.
Portland (Oregon) Branch,
Salt Lake City Branch,
Seattle Branch.
2
S ec. 30G.2. Definitions.— Certain words and terms, as
on behalf o f the owner, and the words “ The Secretary
used in these regulations, are defined as follow s:
o f the Treasury for exchange for coupon bonds” (or
(1) “ Treasury bonds” and “ Treasury notes,” or
substantially similar w ords), have been inserted in
the space provided for the name o f the assignee, with
simply “ bonds” and “ notes,” unless otherwise indicated
by the context, refer only to transferable bonds or
out inserting also tlie name o f the person to whom
the coupon bonds are to be delivered.
notes. Transferable Treasury notes are currently is
sued only in bearer form, but tlie provisions o f these
S ec. 306.3. Distinctive features of registered and
regulations with respect to transferable registered
bearer secunties.
Treasury bonds will apply equally to transferable
(a) Registered securities.— Transferable registered
registered Treasury notes, i f any should be issued.
bonds are payable, according to their terms, only to the
(2) “ Transferable” applies only to securities which designated payees or “ registered assigns” (including as
are transferable by delivery, or by assignment and signees or successors in title), and are transferable by
delivery, as distinguished from those which by their delivery pursuant to assignments duly executed by them
terms are not so transferable or are transferable only or their duly authorized representatives. Nontransferby operation o f law, such as United States Savings able securities, which are issued only in registered form,
Bonds, to which these regulations do not apply, and are payable according to their terms to the registered
Treasury Savings Notes, to which these regulations owners or recognized successors in title, but are not
apply only in part.
transferable by assignment or otherwise, except to the
(3) “ Registered securities” are those which are pay extent and in the manner provided in the offering circu
able on their face to certain persons whose names and lars or applicable regulations. The interest due on reg
addresses are recorded by the issuing agency. For istered bonds to which these regulations apply, in whole
other features o f registered securities see Sec. 30G.3 or in part, including nontransferable Treasury Bonds,
(a ).
Investment Series A-1965 and B-1975-80, is paid by
(4) “ Bearer securities” are those which are payable checks drawn on tlie Treasurer of the United States to
on their face to “ bearer” and the ownership o f which the order o f the owners o f record. Bearer bonds may be
is not recorded by the Department. Title to such se exchanged for registered bonds and holders may wish
curities may pass by delivery without endorsement and to take advantage o f this privilege for their own protec
without notice to the Department. “ Coupon securi tion, particularly where adequate facilities for safekeep
ties” are bearer securities which are issued with in ing are not available. Treasury Savings Notes are non
terest coupons attached. For other features o f coupon transferable and are registered at time o f issuance by
or bearer securities see Sec. 306.3 (b ).
recordation in the names o f the owners by the issuing
(5) “ Payment” and “ redemption,” as applied to agency, which may be the Office o f the Treasurer o f the
securities, unless otherwise indicated by the context, United States, tlie Bureau o f tlie Public Debt or a Fed
are used interchangeably to refer to payment at ma eral Reserve Bank or Branch. The interest on such
turity or payment before maturity pursuant to a call notes is paid only with the principal, when presented for
for redemption in accordance with tlie terms o f the payment, in cash or in payment o f Federal estate, income
securities.
or gift taxes. Relief may be granted on account of the
( 6 ) The words “ face maturity” refer to the date of loss, theft or destruction o f transferable or nontransfer
payment specified in the text o f the securities, as dis able registered securities upon compliance with the ap
tinguished, in the case o f securities with a callable plicable provisions o f Subpart L.
feature, from the date on which they may become
(b) Dearer securities.— Bearer securities include bonds,
redeemable at the option o f the obligor pursuant to a notes, certificates o f indebtedness and Treasury bills. The
call.
interest on bearer bonds (usually referred to in these
(7) ‘‘Redemption-exchange” refers to any author regulations as coupon bonds) is ordinarily payable by
ized redemption o f securities for the purpose o f ap means of attached coupons, which may be detached and
plying the proceeds in payment for other securities cashed as they mature. The interest on some issues o f
offered in exchange.
notes and certificates o f indebtedness is payable in the
( 8 ) A “ proper court” is one which has jurisdiction same manner; the interest on other issues is payover the parties and subject matter.
able with the principal at maturity, and no coupons
(0)
The words “ assigned in blank” refer to assign are attached. Tlie interest on Treasury bills, which
ments o f bonds by or on behalf o f the owner, but are sold on a discount basis and are payable at par
without the space provided for the name o f the assignee at maturity, is represented by the difference between
being filled in. The words “ bonds so assigned as to the purchase price and the par value, and no coupons
become, in effect, payable to bearer,” refer to bonds are attached. Relief may be granted on account o f the
assigned in blank or to “ bearer” or those on which loss, theft or destruction o f bearer securities upon com
the assignment form or forms have been signed by or pliance with the applicable provisions o f Subpart L ;
3
but in case o f loss or tlieft relief may be granted only
i f the securities were lost or stolen under such circum
stances, and have been missing for such a period o f time
after they have matured or become redeemable pursuant
to a call for redemption, as would indicate that they ( 1 )
have been destroyed or become irretrievably lost, ( 2 )
are not held by any person as his own property, and (3)
will never become the basis o f a valid claim against the
United States.
S ec. 30G.4. Transportation charges and risks in the
shipment of securities.— The following rules will govern
the transportation to, from and.bet ween the Treasury
Department and the Federal Reserve Banks and
Branches o f securities issued on or presented for author
ized transactions:
(1) The securities may be presented or received by
the owners or their agents in person.
(2) Securities issued on original issue, unless de
livered in person, will be delivered by registered mail
or by other means at the risk and expense o f the
United States.
(3) The United States will assume the risk and
expense o f any transportation o f securities which may
be necessary between Federal Reserve Banks and
Branches and the Treasury.
(4) Owners o f securities to be submitted for any
transaction after original issue, if they do not present
their securities in person, must forward them at their
risk and expense, and for their protection they should
ordinarily forward them by registered mail, covered
by insurance, or by express prepaid; however, owners
may deem it unnecessary to insure registered securi
ties which have not been so assigned as to become, in
effect, payable to bearer.
(5) Unless delivered in person, bearer securities
issued on transactions other than original issue will
be delivered by registered mail, covered by insurance,
at the owner's risk and expense, and registered se
curities issued on such transactions will be delivered
by registered mail at the risk of, but without expense
to, the registered owner, except that in either case the
securities will be delivered by express collect or by
other means if written instructions to such effect are
duly received by the official agency to which the origi
nal securities were presented.
Holders o f securities should consult with their banks and
trust companies regarding transportation arrangements
between the latter and the Federal Reserve Banks.
S U B P A R T B— R E G IS T R A T IO N
300.10. General.— Except as otherwise specifically
provided in these regulations, the registration used must
express the actual ownership o f the security, and may
not include any restriction on the authority o f the owner
to dispose o f it in any manner. The Treasury DepartS ec .
3400-10°— 55------- 2
nient reserves the right to treat the registration as con
clusive o f ownership. In order to avoid difficulty in
assigning securities or collecting interest thereon, it is
very important that requests for registration be clear,
accurate and complete, that the registration requested
conform substantially with one o f the forms set forth in
this subpart, and that the registration o f all securities
owned by the same person, organization or fiduciary
estate be uniform. The post office address, which is
required for delivery o f interest checks, must include,
where appropriate, the street and number, postal zone,
rural route or any other local feature. Individual
owners must be designated by the names by which they
are ordinarily known or under which they do business,
preferably including at least one full given name. The
name o f an individual may be preceded b}r any applicable
title, such as “ Dr.” or “ Rev.” or followed by “ M. D.,”
“ D. D .” or other similar designation. “ Sr.” or “ Jr.”
must be used when applicable. The name o f a woman
must be preceded by “ Miss” or “ Mrs.,” unless some other
applicable title or designation is used. A married
woman’s own given name, not that o f her husband, must
be used, for example, “ Mrs. Mary A. Jones,” N O T “ Mrs.
Frank B. Jones.” The authorizations and restrictions
set forth in this subpart with respect to forms of regis
tration apply to all registered securities issued after the
effective date o f these regulations, whether on original
issue, transfer or coupon exchange.
Sec. 306.11. Forms of registration for transferable
bonds.— T h e form s o f registration described below are
authorized fo r transferable bonds (subject to the general
provisions o f Section 306.10) :
(1) Natural persons in their own right.— A bond
may be registered in the name o f a natural person or
persons who are not under any legal disability, in their
own right, substantially as follow s:
(i) One person.—In the name o f one individual,
fo r exam ple:
“ John A. Doe”
“ Mrs. Mary C. Doe”
“ Miss Mary Ann D oe”
I f an individual is the sole proprietor o f a business
conducted under a trade name, his name may be fo l
lowed by reference to the trade name, for example,
“ John Doe, doing business as Doe's Home Appliance
Store.”
(ii) Tico or more persons with right of survivor
ship.— In the names o f two or more individuals in
such manner as to provide for the right o f survivor
ship, for example:
“ John A. T-)oe or Mrs. Mary C. Doe or the survivor”
“ John A. Doc and Mrs. Mary C. Doe or the survivor”
“ John A. Doe or Mrs. Mary C. Doe or Miss Mary Ann
Doe or the survivors or survivor”
(iii) Two or more persons without right of sur
vivorship.—In the names o f two or more individuals
4
in sucli manner as to preclude tlie right o f survivor
ship, for exam ple:
“ John A. D oe and William B. Doe as tenants in common”
“ John A. D oe or Robert B. Doe without right o f sur
vivorship”
For information as to assignments o f bonds and en
dorsements o f interest checks under the examples given,
see Secs. 306.5G and 306.37 (d ), respectively. Treas
ury bonds w ill not be registered in the name o f one
person payable on death to another, and can not be
registered in the names o f two or more persons in
their own right in any form whereby assignments by
less than all the persons named in the registration (or
all the survivors) may be recognized before maturity
or earlier redemption date, pursuant to a call. 2
(2) Natural guardians o f minors.— A bond may be
registered in the name o f a natural guardian o f a minor
for whose estate no legal guardian or similar repre
sentative has been appointed by a proper court or is
otherwise legally qualified. Either parent with whom
the minor resides or, if he does not reside with either
parent, the person who furnishes his chief support,
will be recognized as his natural guardian for the pur
poses o f this paragraph, for example:
“ John Jones as natural guardian o f Henry Jones, a minor”
The person recognized as natural guardian will be con
sidered as a fiduciary. Registration in the name of
a minor himself (as distinguished from registration
in the name o f a legal or natural guardian) as owner
or coowner is not authorized, except to the extent pro
vided in Sec. 306.57 (a ) (3 ).
(3) Incompetents not under guardianship.— Reg
istration in the name o f an incompetent for whose es
tate no legal guardian has been appointed is not author
ized, except to the extent provided in Secs. 306.37 (e)
and 306.58 (c ) (2 ).
(4) Executors, administrators, guardians and simi
lar fiduciaries or representatives.—-V bond may be
1 WARNING : DIFFEREN CE BETW EEN TREASURY BONDS
R E GISTERED IN TH E NAMES OF TW O OR MORE PERSONS
AND UNITED STATES SAVINGS BONDS IN COOWNERSHIP
FORM. Treasury bonds in the names o f two or more persons
are for many practical purposes decidedly different from United
States Savings Bonds in coownership form. Owners o f Treasury
bonds may obtain cash for them before maturity or a call for
i edemption by the Secretary o f the Treasury before maturity only
1 y selling them. A sale involves an outright transfer o f owner
ship, which may legally be made only upon assignment by or on
i e'.alf o f all owners. These regulations, therefore, require such
assignment. United States Savings Bonds, unlike Treasury
1 :mds, are not transferable securities and are redeemable before
maturity at the option o f the owners virtually on demand to the
Treasury Department. Redemption does not involve a transfer
o f ownership and, therefore, the Secretary o f the Treasury has
authority to provide, and has provided, for the redemption o f
savings bonds in coownership form upon the request o f either o f
the coowners.
registered in the names o f the executors, administra
tors, guardians, conservators or similar fiduciaries or
representatives of a single estate who have been ap
pointed by a proper court or are otherwise legally
qualified. The names o f all the fiduciaries or repre
sentatives, in the form shown in their letters o f ap
pointment, must be included in the registration and
must be followed by an adequate identifying reference
to the estate, for example:
“ John Smith, executor o f the w ill (or administrator o f
the estate) o f Ilenry J. Smith, deceased”
‘ William C. Jones, guardian (o r conservator, etc.) o f the
estate o f James I). Brown, a minor (or, an incom petent)”
(5) Pr-ii'ate trust estates.— A bond may be regis
tered in the name o f the trustee or trustees o f a duly
constituted private trust estate, followed by the word
“trustee” or “ trustees", as the case may be, and by
adequate identif\ing reference to the authority gov
erning the trust. The names of all the trustees, in the
form used in the trust instrument, must be included in
the registration, except as follow s:
(i) I f there are several trustees constituting a
board, their names should be omitted and the words
“ Board o f Trustees' 5 should be substituted for the
word “ Trustees.”
(ii) I f there are several trustees who are empow
ered to act as a unit, but are not designated as a
board o f trustees, their names should be omitted, but
the word “ trustees” should be retained.
(iii) I f there are four or more trustees who do
not constitute a board or otherwise act as a unit,
only one should be named, followed by the words
“ et al.” or “ and others.”
(iv) I f the trustee or trustees are appointed or
elected for a limited period, his or their names may
be omitted.
The following examples illustrate the proper forms
o f registration in typical cases:
(An individual and a corporation as trustees under the
w ill o f a decedent) : “ John Jones and — Trust Company,
Albany, N. Y., trustees under the w ill o f Sarah Jones,
deceased”
(T w o individuals as trustees under an agreement with a
third individual) : “ John Doe and Richard Doe. trustees
under agreement dated 2/9/.">0 with Henry Jones”
(Several trustees designated as a board) : “ Board o f
Trustees o f the __ Company Retirement Fund under col
lective bargaining agreement dated 6/30/50”
(Several trustees acting as a unit but not designated as
a board) : “ Trustees o f Victory Post No. 1, American
Legion, Department o f Massachusetts, under Section 10
o f its bylaws”
(Several trustees elected or appointed fo r a limited
period o f tim e) : “ Trustees o f the W elfare Fund o f —
Company under agreement with its employees, dated
6/10/50”
( 6 ) States, public officers, corporations or bodies as
trustees.—A bond may be registered in the title o f a
5
public officer or in tlie name o f a state or county, a
public corporation or public body acting as trustee
under express authority o f law, followed by appro
priate reference to the statute creating the trust, for
exam ple:
“ State Sinking Fund Commission, trustee o f State High
way Certificates o f Indebtedness Sinking Fund, under
S ection __, Code o f South Carolina”
“ Insurance Commissioner o f the State o f Pennsylvania,
trustee fo r the benefit o f the policyholders o f t h e __In
surance Co., under Section —, l’ enna. Statutes”
“ Smith & Brown, a partnership”
“ Acme Novelty Company, a partnership”
The term “ partnership” should not be used to de
scribe a business owned by one person, even though
it is conducted under a trade name. Bonds pur
chased by the owner o f such a business should be
registered in his name in accordance with paragraph
( 1 ) (i) o f this section.
(8 )
States, public corporations and bodies and
public officers.—A bond purchased with funds owned
by any state or county, public corporation (includ
ing a city, town, or school district), or public body
established by law (including a board, commission,
administration, authority, or agency) in its own right
may be registered in its name or in the title, without
the name, o f the officer having official custody o f such
funds, for example:
(7)
Private organizations ( corporations, vnincorporated associations and partnerships) .— A bond
may be registered in the name o f any private cor
poration, unincorporated association or partnership.
The full legal name o f the organization, as set forth
in its charter, articles o f incorporation, constitution,
partnership agreement or other authority from which
“ State o f Maine”
its powers are derived, as the case may be, must be
“ Town o f Rye, New York”
included in the registration, and may be followed, if
“ Maryland State Highway Commission”
“ Treasurer, City o f Springfield, 111.”
desired, by a parenthetical reference to a particular
book account or fund other than a trust fund, in ac
(See paragraph (G) o f this section for the proper
cordance with the rules and examples given below :
registration o f bonds held in trust.)
(i) A corporation.— The name o f a business, fra
S ec. 30G.12. Forms o f registration fo r nontransfer able
ternal, religious or other private corporation must securities.—The forms o f registration set forth in Sec.
be followed by the words “a corporation", unless the 30G.11 are authorized upon authorized reissue o f 2%
fact o f incorporation is shown in the name, for percent Treasury Bonds, Investment Series B-1975-80.
exam ple:
Those forms o f registration are also authorized upon
“ Smith Manufacturing Company, a corporation”
“ The Standard Manufacturing Corporation”
“ Jones and Brown, Inc.”
(ii) A n unincorporated association.— The name
o f a lodge, club, labor union, veterans’ organization,
religious society or similar self-governing organi
zation which is not incorporated (whether or not
it is chartered by or affiliated with a parent organi
zation which is incorporated) must be followed by
the words “ an unincorporated association” , for ex
ample :
“ American Legion Tost N o . __, Department o f tlie
D istrict o f Columbia, an unincorporated association”
“ Local Union No. 100, Brotherhood o f Locomotive En
gineers, an unincorporated association”
Bonds should not be registered in the name o f an
unincorporated association if the legal title to its
property in general, or the legal title to the particu
lar association funds with which the bonds are to be
purchased, is held by trustees. In any such case the
bonds should be registered in the t itle o f the trustees
in accordance with paragraph (5) o f this section.
The term “ unincorporated association” should not be
used to describe a trust fund, a partnership or a
business conducted under a trade name.
(iii) A partnership.— The name o f a business
partnership must be followed by the words “ a part
nership” , for example:
original issue or authorized reissue o f Treasury Savings
Notes, except that registration may not be made in the
names o f two or more persons as joint owners or co
owners, or in the name o f a trustee where the notes would
be held as security for the performance o f a duty or
obligation, or in the name o f a public officer, whether
or not named as trustee, where the notes would in effect
be held as security.
Sec. 30G.13. Errors in registration.— In no case should
any erasure, alteration or correction be made in the in
scription on the registered security. I f an error lias been
made in the inscription, instructions regarding the pro
cedure for correction o f the error will be furnished by
the Bureau o f the Public Debt, Division o f Loans and
Currency, Washington 25, D. C., or a Federal Reserve
Bank. Full particulars in regard to the error should be
set out in the request for instructions.
S U B P A R T C—T R A N S F E R S , E X C H A N G E S A N D
R E IS SU E S
Sec. 30G.15. General.—Transferable registered bonds
are eligible for transfer, denominational exchange and
exchange for coupon bonds, except that Panama Canal
and Postal Savings bonds are eligible for transfer and
denominational exchange only. Treasury Bonds, In
vestment Series B-1975-80, and Treasury Savings Notes
are eligible for transfer by way o f authorized reissue
6
and denominational exchange, except that Treasury Sav
ings Notes may be exchanged only from higher to lower
denominations. Treasury Bonds, Investment Series
B-1975-80, are eligible fo r exchange fo r the current
series o f l 1 percent 5-year Treasury Notes. Coupon
/,
bonds and other bearer securities, other than Postal
Savings and Panama Canal bonds, are eligible for de
nominational exchange, except that Treasury bills may
be exchanged only from higher to lower denominations.
Coupon bonds o f any loan or issue are eligible for ex
change for registered bonds. The securities submitted
for any transaction must be presented and surrendered
to a Federal Reserve Bank or Branch or the Bureau of
the Public Debt, Division o f Loans and Currency, W ash
ington 25, D. C. I f the securities presented are in order
for the transaction requested, they will be cancelled and
retired and new securities in an equal face amount in
authorized denominations will be issued and delivered.
Except as otherwise specifically provided, the new se
curities will be o f the same loan and issue as those pre
sented. Specific instructions for the issuance and deliv
ery o f the new securities, signed by the owner or his
authorized representative, must accompany the securi
ties presented. Securities presented for any transaction
described in this section, except denominational ex
change, must be received by the agency authorized to
complete the transaction not less than one full month
before the date on which the securities mature or become
redeemable pursuant to a call for redemption before ma
turity, and any security so presented which is received
too late to comply with this provision will be accepted
fo r payment only or redemption-exchange i f new securi
ties are offered.
Sec. 306.16. Transfers o f registered securities.— Regis
tered bonds which are eligible for transfer from one
person to another and presented for that purpose must
be properly assigned in accordance with Subpart F,
except that no assignment will be required for transfer
to a succeeding fiduciary or other legal successor, in
cluding a distributee o f a decedent’s estate or a trust
estate, or a corporation with which another corporation
lias merged or consolidated, but satisfactory proof o f
successorship will be required. Assignments for transfer
should be made to the transferee. Assignments in blank
will also be accepted, but should be used with caution;
see Sec. 306.42. Specific signed instructions for the issu
ance and delivery o f the new bonds must accompany the
bonds presented. (Form P D 1644 may be used.) The
new bonds will bear interest from the interest payment
date next preceding the date o f presentation, except as
provided in Sec. 306.37 (b ).
S ec . 306.17. Denominational exchanges o f registered
securities.—No assignment or endorsement will be re
quired for the authorized exchange o f registered Treas
ury bonds or Treasury Savings Notes for like securities in
the same names in other authorized denominations, as
no change o f ownership is involved. Specific signed in
structions for the issuance and delivery o f the new bonds
or notes must accompany the securities presented.
(Form P D 1827 may be used.)
Sec. 306.18. Registered exchanges (exchanges o f regis
tered bonds fo r coupon bonds).— Registered bonds eli
gible for exchange for coupon bonds and presented for
that purpose must be properly assigned in accordance
with Subpart F. Assignments for registered exchange
should be made to “ The Secretary o f the Treasury
for exchange for coupon bond(s) to be delivered to
----------------------- ,” inserting the name and address of the
person to whom delivery o f the coupon bond(s) is to be
made. Assignments in blank or for exchange for coupon
b on d (s), or to “ The Secretary o f the Treasury for ex
change for coupon b on d (s),” will also be accepted, but
should be used with caution; see Sec. 306.42. Specific
signed instructions for the issuance and delivery o f the
coupon bonds must accompany the bonds presented,
unless included in the assignment. (Form P D 1643
may be used.) The coupon bonds issued upon exchange
will have all matured coupons detached and all un
matured coupons attached. F or the effect o f the closing
o f the transfer books, see Sec. 306.37 (b ).
Sec. 306.19. Reissue o f nontransferable securities.—
Nontransferable securities governed by these regulations
may be reissued onty in the names o f ( 1 ) successors in
title, including, but not limited to, succeeding organi
zations, persons entitled upon the dissolution o f an or
ganization, and succeeding trustees or persons entitled
upon termination o f a trust, or ( 2 ) persons entitled upon
the death o f the owner as legal representatives or dis
tributees o f the estate, except that Treasury Savings
Notes and Treasury Bonds, Investment Series B-1975-80,
may also be reissued as provided below. Treasury Bonds,
Investment Series A-1965, may be reissued only as pro
vided in Department Circular No. 815.
(1) Treasury Savings Notes inscribed in the name
o f a married man may be reissued in the name o f his
wife and notes inscribed in the name o f a married
woman may be reissued in the name o f her husband;
and notes inscribed in the name o f a parent corpora
tion (defined as a corporation owning more than 50
percent o f the stock, with voting power, o f another
corporation) may be reissued in the name o f a sub
sidiary, and notes inscribed in the name o f a subsidiary
may be reissued in the name o f the parent corporation
as so defined. Notes presented for reissue must be ac
companied by a request for reissue on Form P D 2483
properly certified in accordance with the instructions
thereon.
( 2 ) Treasury Bonds, Investment Series B-107o-80
may be reissued in the names o f state supervisory au
thorities in pursuance o f any pledge required o f the
owner under state law, or upon termination o f the
pledge in the names o f the pledgors or their successors.
7
Bonds presented for reissue must be properly assigned
fo r that purpose in accordance with Subpart F and
must be accompanied by specific signed instructions
for the issuance and delivery o f the new bonds.
S ec. 306.20. Exchange o f Treasury Bonds, Investment
iSeries B —1975-80.— Bonds o f this series presented for
exchange for i y , percent 5-year Treasury notes must
be properly assigned in accordance with Subpart F to
“ The Secretary o f the Treasury for exchange for the
current series o f E A or E O Treasury notes to be deliv
ered to ------------------- and, for the protection o f the
owner, the name and address o f the person to whom the
notes are to be delivered should be inserted. ( I f the
bonds are owned by an organization as fiduciary or in its
own right, see Sec. 306.70 or 30G.80, fo r evidence required
to support assignments for exchange for notes.) The
notes will bear the A pril 1 or October 1 date next pre
ceding the date the bonds are received by the Bureau o f
the Public Debt or a Federal Reserve Bank or Branch,
properly assigned and accompanied by all required evi
dence. I f the bonds when received are not properly
assigned or are not supported by all required evidence,
the notes when issued will bear the A pril 1 or October 1
date next preceding the date on which the proper assign
ment or evidence is received by the agency to which the
bonds were presented. Interest accrued at the rate o f
2 %
percent on the bonds surrendered, from the next
preceding interest payment date to the date o f exchange,
will be credited, and interest at the rate o f 1 y2 percent
on the notes for the same period will be charged, to the
owner, and the difference will be paid to the owner fo l
lowing the exchange.
S ec. 306.21. Coupon exchanges {exchanges of coupon
bonds for registered bonds),— Coupon bonds presented
for exchange for registered bonds should have all ma
tured coupons detached. A ll unmatured coupons should
be attached, except that if presented when the transfer
books are closed (in which case the exchange will be
effected on or after the date on which the books are re
opened), the next maturing coupons should be detached
and held for collection in ordinary course when due, as
provided in Sec. 306.37 ( b ) . I f any coupons which should
be attached are missing, the bonds must be accompanied
bv a remittance in an amount equal to the face amount
o f the missing coupons. Specific signed instructions for
the exchange must accompany the bonds presented.
(Form P D 1642 may be used.) The new registered
bonds will bear interest from the interest payment date
next preceding the date on which the exchange is made.
S ec. 306.22. Denominational exchanges of coupon se
curities.— Coupon securities presented for denomina
tional exchange should have all matured coupons de
tached. A ll unmatured coupons should be attached,
except that unmatured coupons which would mature
before the exchange could be completed (allowing for
time in transit) should also be detached. I f any coupons
which should be attached are missing, the securities must
be accompanied by a remittance in an amount equal to the
face amount o f the missing coupons. Specific signed
instructions for the exchange must accompany the bonds
presented. (Form P D 1827 may be used.) The new
coupon securities will have all unmatured coupons at
tached and all matured coupons detached.
SU B P A R T D— R E D E M P T IO N OR P A Y M E N T
S ec. 30G.25. General.— Bonds, notes, certificates o f in
debtedness and Treasury bills, whether in registered or
bearer form, are payable in due course at maturity unless
they may be and are called for redemption before ma
turity, in which case they will be payable on the re
demption date fixed in the call. The Secretary o f the
Treasury may provide for the exchange o f maturing
or called securities for new securities. Instructions with
respect to the presentation and surrender o f the securi
ties, the assignment or request for payment o f registered
securities, the adjustment o f interest, if necessary, and
other details o f the transaction will be set forth in the
circular authorizing the exchange. Bonds, which, ac
cording to their terms, are acceptable for redemption
at par and application o f the proceeds in payment of
Federal estate taxes w ill be accepted for that purpose
upon compliance with the provisions o f Sec. 306.2S.3
Registered bonds to be submitted fo r redemption should
be presented and surrendered to a Federal Reserve Bank
or Branch or to the Bureau o f the Public Debt, Division
o f Loans and Currency, "Washington 25, D. C. Except
as otherwise provided in Sec. 30G.28, bearer securities
should be presented and surrendered to a Federal R e
serve Bank or Branch or the Treasurer o f the United
States, "Washington 25, D. C. I f a bearer security, or a
registered security assigned to bearer or so assigned as
to become, in effect, payable to bearer, is presented and
surrendered for redemption after it has become overdue,
the Secretary o f tlie Treasury may require satisfactory
proof o f ownership. A security shall be considered over
due within the meaning o f the foregoing provision after
the lapse o f the following periods o f time from its face
maturity date:
(a) One year in the case o f bonds.
(b ) Six months in the case o f Treasury notes and
certificates o f indebtedness.
(c) Three months in the case o f Treasury bills.
S ec. 306.2G. Redemption of registered bonds at ma
turity or upon prior call.— Registered bonds o f any loan
and issue which have become due and payable, whether
* Treasury Savings Notes to be presented in payment o f Fed
eral income, estate or gift taxes should be forwarded to the
D istrict Director o f Internal Revenue or deposited with a Fed
eral Reserve Bank or Branch and a receipt obtained therefor
which should be forw arded to the District Director in lieu o f the
notes.
8
at maturity or pursuant to call for redemption before
maturity, are payable in due course upon presentation
and surrender, properly assigned in accordance with Sub
part F. Assignments fo r this purpose should be made
to “ The Secretary o f the Treasury for redemption,”
unless the assignor desires that payment be made to
some other person, in which case assignments should be
made to ‘"The Secretary o f the Treasury for redemption
fo r the account o f _______________ ,” inserting the name
and address o f the person to whom payment is to be
made. Assignments in blank or other assignments hav
ing similar effect will be accepted, but should be used with
caution, see Sec. 306.42. Specific instructions for the
issuance and delivery o f the redemption check, signed
by the owner or his authorized representative, must ac
company the bonds, unless included in the assignment.
(Form P D 1705 may be used.) Payment will be made
by check drawn on the Treasurer o f the United States
to the order o f the person entitled and mailed in ac
cordance with the instructions received. Interest pay
able on the maturity date, or call redemption date unless
otherwise provided in the notice o f call, w ill be paid with
the principal to the person entitled in accordance with
the assignments on the bonds surrendered.
S ec. 306.27. Redemption of bearer securities at matur
ity or upon prior call.—A ll interest coupons due and
paj-able on or before the date o f maturity or date fixed
in the call for redemption before maturity, as the case
may be, should be detached from coupon securities pre
sented for redemption and should be collected separately
in regular course. A ll coupons bearing dates subsequent
to a date fixed in a call for redemption should be left
attached to the securities, as, if any such coupons are miss
ing the fu ll face amount thereof will be deducted from
the payment to be made upon redemption unless evidence
satisfactory to the Treasury Department is submitted,
establishing that they have been destroyed. A ny amounts
so deducted will be held in the Treasury to provide for
adjustments or refunds in the event that the missing
coupons should be subsequently presented or their de
struction is later satisfactorily established. In the ab
sence of other instructions payment o f bearer securities
will be made by check drawn to the order o f the person
presenting and surrendering the securities and mailed to
him at his address, as given in the advice which should
accompany the securities. (Form P D 1704 may be used
for the advice.) A Federal Reserve Bank, upon appro
priate request, may make payment to a member bank
from which bearer securities are received by crediting
the amount in the member bank’s account.
the owner, at the option o f the representatives o f, or per
sons entitled to, his estate, for the purpose o f having the
proceeds applied in payment o f the Federal estate taxes
on the decedent’s estate, in accordance with the terms
o f the offering circulars cited on the face o f the bonds. 4
A ll bonds to be redeemed for this purpose must be pre
sented and surrendered to a Federal Reserve Bank or
Branch or the Bureau o f the Public Debt, Division of
Loans and Currency, Washington 25, D. C. They must
be accompanied by Form P D 1782, fully completed and
duly executed by the representatives o f or persons en
titled to the estate, and by proof o f their appointment
or entitlement. P roof o f appointment or entitlement
should comply with the provisions o f Subpart H. Regis
tered bonds must be properly assigned in accordance
with Subpart F to “ The Secretary o f the Treasury for
redemption, the proceeds to be paid to the District Direc
tor o f Internal Revenue a t _______________ for credit on
Federal estate taxes due from the estate o f ____________ ,
deceased.” Redemption will be made at par plus accrued
interest from the last preceding interest payment date
to the date o f redemption, except that if registered bonds
are received by a Federal Reserve Bank or Branch or
the Bureau o f the Public Debt within one month pre
ceding an interest payment date for redemption before
that date a deduction will be made for interest from the
date o f redemption to the interest payment date, and a
check for the full 6 months’ interest will be paid in due
course. The proceeds o f redemption will be deposited to
the credit o f the District Director o f Internal Revenue
designated in Form P I) 1782, the representatives o f the
estate will be notified o f the deposit, and the District
Director w ill in due course forward a formal receipt for
the payment.
(b)
Conditions.— The bonds presented for redemption
under this section must have ( 1 ) been owned by the de
cedent at the time o f his death and ( 2 ) thereupon con
stituted part of his estate, as determined by the following
rules (which are established fo r the purposes o f this
section) in the case o f partnership, coownership and
trust holdings:
S e c . 306.28. Optional redemption of Treasury bonds
at par (before maturity or call redemption date) and
application of proceeds in payment of Federal estate
taxes.
(a)
General.— Treasury bonds o f certain issues are re
deemable at par and accrued interest upon the death of
(i) Partnership holdings.—Bonds held at the time
o f the decedent's death by a partnership in which he
had an interest will be deemed to have met the above
conditions to the extent o f the fractional share o f the
bonds so held proportionate to his interest in the as
sets o f the partnership.
(ii) Coownership holdings.—Bonds held by the de
cedent at the time o f his death in coownership with
another person or persons will be deemed to have met
the above conditions to the extent to which they actu
ally became the property o f the decedent's estate. They
will also be deemed to have met those conditions in an
4A current list o f eligible issues may be obtained from any
Federal Reserve Bank or Branch or the Bureau o f the Public Debt.
9
amount not to exceed the amount o f the Federal estate multiplying the daily rate by the exact number o f days
tax which the surviving coowner or coowners as such in the fractional period for which interest has actually
accrued. A full interest period does not include the day
are required to pay.
( iii) Trust holdings.—Bonds held in trust at the as o f which the securities were issued or the day on
time o f the decedent’s death will be deemed to have which the last preceding interest became due, as the case
met the above conditions in an amount not to exceed: may be, but does include the day on which the next
the amount o f the Federal estate tax which the trustee succeeding interest payment is due. A fractional part
as such is required to pay under the terms o f the trust o f an interest period likewise does not include the day
instrument or otherwise; or, if the trust actually ter as o f which the securities were issued or the day on
minated in favor o f the decedent's estate, the amount which the last preceding interest payment became due,
but does include the day as o f which the transaction
o f such tax due from the estate.
(c)
Restriction on amount redeemable; transactions terminating the accrual o f interest is effected. The 29th
after death o f owner.—The face amount o f the bond or o f February in a leap year is included whenever it falls
bonds which may be accepted for redemption at par, plus within either a full interest period or a fractional part
any accrued interest thereon, may not exceed the amount thereof. The Appendix, pages 27 to 32, inclusive, con
tains a complete explanation as to the method o f com
c f the tax due. The entire proceeds o f redemption of
bonds at par, including any accrued interest, must be puting the interest on Treasury bonds, notes and certifi
applied in payment o f the Federal estate tax, but if the cates o f indebtedness in any given situation, as well as
bond or bonds available are in excess o f the amount tables for convenience in making such computations.
needed in payment o f the tax and are not in the lowest The Appendix also outlines the method o f computing
authorized denominations, they may be exchanged for the discount rate on Treasury bills.
(b)
Treasury savings notes.— Interest accrues on
bonds o f lower denominations in accordance with Sec.
S0C.17 or Sec. 306.22, as applicable, in order that the Treasury savings notes each month and is paid with
maximum amount may be selected fo r redemption at the principal upon redemption. The amount o f each
par. In addition to such denominational exchange, other monthly accrual from the date o f issue to maturity is
transactions in bonds owned by the decedent and con specified in the offering circular and is printed on the
stituting part o f his estate which may be conducted after reverse o f each note. I f redemption prior to maturity
the death o f the owner without affecting the eligibility is made on an interest accrual date, interest will be paid
o f the bonds for redemption at par, if no change o f through that date; otherwise, interest will be paid to
ownership is involved, include ( 1 ) exchange o f regis and including the interest accrual date next preceding
tered bonds fo r coupon bonds, ( 2 ) transfer to the names the redemption date. I f the purchase price o f notes is
o f the representatives o f his estate, and (3 ) exchange received and deposited on any day after the issue date,
o f coupon bonds for bonds registered in the names o f the interest on such deferred payment is collectible from the
representatives o f the estate, but all such transactions purchaser fo r the actual number o f days from but not
must be explained on Form P D 1782 or in a supplemental including the issue date to and including the date the
payment is received and deposited. The amount o f in
statement.
terest collectible for each day payment is deferred is
S U B P A R T E —IN T E R E S T
determined by dividing the amount o f the initial monthly
interest accrual by the number o f days in the initial
S ec . 30G.35. Computation o f interest.
(a)
Treasury bonds, notes and certificates o f inmonthly accrual period, which may be 28, 20, 30 or 31.
Sec. 30G.36. Termination o f interest.—Securities will
debtedness.—The interest on Treasury bonds, Treasury
notes and Treasury certificates o f indebtedness accrues cease to bear interest on the date o f their maturity un
and is payable on a quarterly, semiannual or annual less they have been called for redemption prior to ma
basis. Quarterly, semiannual or annual interest periods turity in accordance with their terms, in which case they
o f exactly 3, G or 12 months, as the case may be, are used will cease to bear interest on the date fixed for redemp
as the basis for computing the amount o f the interest tion in the call.
Sec. 306.37. Interest on registered bonds.
accruals. The offering circular and the text o f the se
(a)
Method o f ■payment.— Except as otherwise pro
curities will state on which o f these bases the interest
vided herein, the interest on registered Treasury bonds
accruals on a specific issue are to be computed. I f the
period o f accrual is an exact 3, G or 12 months, the in is payable by checks drawn on the Treasurer o f the
terest accrual is an exact one-quarter, one-half or one United States to the order o f the respective registered
fu ll year’s interest, without regard to the number o f days owners. Interest checks are prepared by the Department
in the period. I f the period o f accrual is less than an in advance o f the interest payment date and are ordi
exact 3, 6 or 12 months, the accrued interest is computed narily mailed in time to reach the addressee on that date.
by determining the daily rate o f accrual on the basis of Upon receipt o f notice o f the death or incompetency of
the exact number o f days in the full interest period, and a registered owner, the removal, resignation or death of
10
a fiduciary or trustee, or a change in name or status o f a
partnership, corporation (whether as owner, fiduciary or
beneficiary) or unincorporated association, delivery o f
outstanding interest checks 0 1 1 all outstanding bonds will
be withheld pending receipt and approval o f proper evi
dence showing who is entitled to receive the interest
checks. T o facilitate the delivery and endorsement of
checks, reissue o f the bonds in the names o f successors
in title is strongly urged. In case o f a m ajor error in the
inscription o f the bonds, delivery o f interest checks likeAvise will be withheld pending reissue o f the bonds in
the correct registration. (See Sec. 806.13.) The final
installment o f interest will be paid with the principal
and in the same manner, at maturity or upon call, unless
otherwise provided in the notice o f call.
(b ) Closing o f transfer books.— The transfer books
o f the Treasury Department are closed for one full
month preceding interest payment dates for the purpose
o f preparing interest checks. I f the date set for the clos
ing o f the transfer books falls on Saturday, Sunday or
a legal holiday, the books will be closed at the close o f
business on the last business day preceding that date.
Interest 0 1 1 outstanding registered bonds is paid 0 1 1 the
interest payment date to the owners o f record 0 1 1 the
closing dates. Transactions in registered bonds o f the
loans involved, other than denominational exchanges
(see Sec, 306.17), may not be effected during the closed
period, except that exchanges o f 2% percent Treasury
Bonds, Investment Series 15-1975-80, for the current
series o f E A or E O V percent 5-year Treasury notes, as
provided in Sec. 306.20, or optional redemption o f bonds
at par as provided in Sec. 306.28, may be made at any
time. I f registered bonds forwarded for transfer or for
exchange for coupon bonds or coupon bonds forwarded
for exchange fo r registered bonds are actually received
by the Bureau o f tlie Public Debt after the day fixed for
closing the books, the transfer 0 1 * exchange thereof will
not be made until the first business day follow ing the
date on which interest falls due, when the books are
reopened fo r all purposes.
(c) Change o f address.— Notice o f a change o f address
for the mailing o f interest checks may be given 0 1 1 Form
P D 345, or, if that form is not available, by letter, to the
Bureau o f the Public Debt, Division o f Loans and Cur
rency, Washington 2 5 ,1). C. In addition to the new ad
dress, the notice must contain sufficient information to
identify the account, including the old address, the serial
number and denomination o f each bond, the title o f the
loan or loans (fo r example, 2% percent Treasury Bonds
o f 1967-72, dated October 20, 1941), and the name of
the owner as inscribed 0 1 1 each bond. The notice must be
signed by the registered owner or his recognized repre
sentative. In the case o f bonds registered in a trade
name under which an individual does business, the notice
must be signed by him in substantially the following
fo rm : ‘ ‘Doe's Home Appliance Store, by (signed) John
/2
Doe, sole owner.” Notices on behalf o f partnerships must
be signed by general partners, in substantially the fo l
lowing fo rm : “ Smith & Brown, a partnership by (signed)
Charles J. Smith, a general partner.” Notices on behalf
o f corporations, unincorporated associations and cor
porate fiduciaries must be signed by authorized officers,
in substantially the following form s: “ Smith Manufac
turing Company, a corporation, by (signed) Charles J.
Smith, Vice President;” “ Local Union No. 100, Brother
hood o f Locomotive Engineers, by (signed) James W .
1 lenderson, Treasurer;” and “ Citizens Trust Company of
----------------------- , trustee under the will o f Richard Cole
man, by (signed) Albert II. Stone, Trust Officer.” N o
tices by legal representatives o f the estates o f deceased,
incompetent 0 1 * minor owners, or by attorneys in fact,
must be supported by proof o f their appointment, except
in the case o f legal representatives o f such estates who are
named in the registration. (See Secs. 306.65, 306.58 (b ),
306.57 (d ), and 306.59 respectively.) A registered
owner may direct that interest checks be sent in care o f
an attorney in fact, at the latter’s address, without sub
mitting the power o f attorney to the Department. N o
tices by testamentary trustees with respect to bonds
registered in the names o f decedents must be supported
by proof o f the distribution o f the bonds to them in the
settlement o f the decedents’ estates. (See Subpart II.)
I f there are two or more individual coowners, legal rep
resentatives, attorneys in fact or fiduciaries, a notice
signed by one will be accepted unless another gives con
flicting instructions. Notice should be given as promptly
as possible in order to allow sufficient time for the account
to be identified and the address changed before the next
interest checks are prepared. I f notice is not received
at least 6 weeks before the interest payment dates, no
assurance can be given that the checks will be mailed
to the new address.
(d ) Endorsement o f interest checks in general.—In
terest checks may be collected upon the endorsement of
the payee or his authorized representative, in accordance
with tlie regulations governing the endorsement and
payment o f Government warrants and checks, which are
contained in Department Circular No. 2 1 , Revised, as
amended. In the case o f checks drawn to the order o f
two or more persons, if “ or” is used between the names,
provision is made for endorsement by any one payee. I f
“ and” is used, endorsement must be by or 0 1 1 behalf of
all while all are living. Provision is also made for the
acceptance o f an endorsement by an attorney in fact
for the payee, upon the guarantee o f the presenting bank,
without requiring that a copy o f the power o f attorney be
submitted to tlie Department. See Sec. 306.69 for special
provisions applicable to small amounts o f interest checks
belonging to the estates o f decedents.
(e) Endorsement o f interest checks by voluntary
guardians o f incompetents.— A ny checks drawn to the
order o f an incompetent (as defined in Sec, 306.58 (a ))
11
fo r whose estate no legal guardian or similar legal rep
resentative has been or is to be appointed, in payment o f
interest on bonds registered in the name o f the incom
petent, without reference to a voluntary guardian, should
be returned to the Bureau o f the Public Debt, Division
o f Loans and Currency, Washington 25, D. C., with a
full explanation o f the circumstances. I f the total face
amount o f United States bonds registered in the name of
the incompetent 0 1 1 which interest is paid currently does
not exceed $5,000, the relative responsible for the in
competent’s care and support, or some other proper per
son, may apply on Form P D 1461 for authorization to
collect the interest. T o facilitate the collection o f future
interest checks, the applicant may also request the reis
sue o f the bonds in the name o f the incompetent, fol
lowed by that o f the voluntary guardian, in the form
“ A , an incompetent under voluntary guardianship of
13.”
( f ) Endorsement o f interest checks by natural guard
ians o f minors.— A ny check in payment o f interest on
bonds registered before the effective date o f these regu
lations in the name o f a minor, alone or as coowner, who
is not o f sufficient age and competency to understand the
act o f endorsing and giving receipt may be endorsed by
either parent with whom the minor resides, or, i f the
minor does not reside with either parent, by the person
who furnishes his chief support. The parent or other
person should present with the check a written state
ment ( 1 ) giving the minor's age, ( 2 ) setting out the
fact that the payee resides with the parent or receives
his chief support from the person endorsing in his be
half, and (3) that the proceeds o f the check will be used
for the minor’s benefit, as provided in Section 7 (c) of
Department Circular No. 2 1 , Revised, as amended.
(g ) Nonreceipt, loss, th eft or destruction o f interest
checks.— I f an interest check is not received within a
reasonable period after an interest-payment date, or if a
check is lost, stolen 0 1 * destroyed after receipt, the fact
o f nonreceipt, loss, theft or destruction should be reported
to the Bureau o f the Public Debt, Division o f Loans and
Currency, Washington 25, D. C. This notification
should include a description by loan, issue, serial num
ber, denomination and inscription o f the securities upon
which the interest check was due. I f the check is sub
sequently received or recovered, advice to that effect
should be sent to the Treasurer o f the United States,
Washington 25, D. C. Substitutes for lost interest checks
may be obtained upon compliance with the Treasury De
partment regulations, as set forth in Department Cir
cular No. 327, Revised.
S f.c . 306.38. Interest on bearer securities.— Interest 011
coupon securities is payable upon presentation and sur
render o f the interest coupons as they mature. 5 Interest
6 F or information concerning any relief possible on account o f
the loss, theft, destruction, mutilation or defacement o f detached
interest coupons, see Sec. 300.115,
340040°—55------3
on Treasury bills and any other bearer securities which
may be issued on a discount basis is represented by the
difference between the issue price and the maturity value.
Interest 0 1 1 other bearer securities is payable with the
principal at maturity, in accordance with the terms o f the
securities. Interest coupons are payable at the Office of
the Treasurer o f the United States at Washington or at
any Federal Reserve Bank or Branch. Banking insti
tutions will usually cash interest coupons without charge
as an accommodation to their customers.
S U B P A R T F— A SS IG N M E N T S OF R E G IS T E R E D
BON DS— G E N E R A L
S e c . 306.40. Execution o f assignments.—The assign
ment of a registered bond must be executed by the owner
or his authorized representative in the presence o f an
officer authorized to witness the assignment, (See Sec.
306.43.) The assignor must establish his identity to the
satisfaction o f the witnessing officer. An assignment by
mark ( X ) must be witnessed not only by a witnessing
officer but also by at least one other person, who should
add an endorsement substantially as follow s: “ Witness
to the above signature by mark,” followed by his signa
ture and address. A ll assignments must be correctly
dated and all signatures must be in ink 0 1 *indelible pencil.
S e c . 306.41. Assignment forms.— Unless otherwise
directed by the Treasury Department or a Federal Re
serve Bank, all assignments must be made 0 1 1 the backs
o f the bonds. Where all the assignment forms 011 the
back o f a bond have been used or spoiled and further
assignment is to be made, a similar form, including the
witnessing officers certificate, may be written, typed or
stamped in any convenient space on the back o f the
bond. I f there is not sufficient space for an additional
form, in any particular case, instructions may be obtained
from the Bureau o f the Public Debt, Division o f Loans
and Currency, Washington 25, D. C., or any Federal
Reserve Bank or Branch.
S e c . 306.42. Form o f assignment.—Assignments o f
registered bonds may be made to a specified transferee,
to the Secretary o f the Treasury for exchange for coupon
bonds, to the Secretary of the Treasury for redemption
or for exchange for other securities offered at maturity
or upon call, or in blank, as provided in Subparts C and
D. Assignments to “ The Secretary o f the Treasury,”
“ The Secretary o f the Treasury for transfer,” or “ The
Secretary o f the Treasury for exchange” will not be ac
cepted, unless supplemented by specific instructions
signed by the assignor. Assignments in blank or to the
Secretary o f the Treasury for exchange for coupon bonds
which do not restrict delivery o f the coupon bonds to
a designated person destroy the protection o f registration
and should be avoided unless it is desired to make the
registered bonds, in effect, payable to bearer, whereby
title thereto may pass by delivery without further
assignment.
12
eral superintendents o f finance, superintendents of
Sec. 306.43. Officers authorized to witness assignments.
(a)
Officers authorized generally.—The follow ing of-* postal finance, and superintendents o f money orders at
offices designated to receive Postal Savings deposits
fleers are authorized to witness assignments:
but only fo r assignments o f Postal savings bonds for
( 1 ) Certain designated officers o f the United States
any authorized transaction and assignments o f securi
Treasury at Washington, D. C.
ties o f any class for redemption for the account o f the
(2) Judges and clerks o f United States courts.
assignor or for redemption-exchange for securities to
(3) United States attorneys, collectors o f customs,
be registered in his name.
and regional commissioners and district directors o f
( 2 ) Notaries public and justices o f the peace in the
internal revenue.
United States, its territories, or the Commonwealth o f
(4) Officers o f Federal Reserve Banks and their
Puerto Rico for assignments o f securities of any class
Branches. (See Sec. 306.1 for locations.)
for redemption for the account o f the assignor or for
(5) Officers o f Federal Land Banks, Federal Inter
redemption-exchange for securities to be registered in
mediate Credit Banks, Production Credit Corpora
his name.
tions, and Banks fo r Cooperatives, all located in
(3) Commissioned officers and warrant officers o f
Springfield, (M ass.), Baltimore, Columbia (S. C .),
the Armed Forces o f the United States for assignments
Louisville, New Orleans, St. Louis, St. Paul, Omaha,
o f bonds o f any class for any authorized transaction,
W ichita, Houston, Berkeley and Spokane, and the
but only with respect to assignments executed by (a)
Central Bank for Cooperatives, Washington, D. C.
Armed Forces personnel and civilian field employees,
( 6 ) Officers o f Federal Home Loan Banks, located
and (b) members o f the families o f such personnel or
in Boston, New York, Pittsburgh, Greensboro (N. C .),
civilian employees.
Cincinnati, Indianapolis, Chicago, Des Moines, Little
(4) Officers of Federal Savings and Loan Associa
Rock, Topeka and San Francisco.
tions or other organizations which are members o f the
(7) Officers o f banks and trust companies chartered
Federal Home Loan Bank System who have been au
by or incorporated under the laws o f the United States
thorized generally to bind their respective organiza
or those o f any state, commonwealth or territory o f
tions by their acts, under the corporate seal, for
the United States who have been authorized generally
assignments by the organizations or any o f their regu
to bind their respective institutions by their acts, and
lar customers o f bonds o f any class for any authorized
other officers o f such corporations who may be specially
transaction.
authorized by their respective institutions to witness
such assignments.
I f an assignment is witnessed, under the corporate seal
I f an assignment is witnessed, under the corporate seal o f an organization designated in item (4) above, by the
o f an institution designated in item (7) above, by the chairman o f the board, the president, any vice-president,
chairman o f the board, the president, the assistant to the secretary or any assistant secretary or the treasurer,
the president, any vice-president or assistant vice-presi it will be presumed he was acting within the scope o f his
dent, the cashier or any assistant cashier, the secretary
authority.
or any assistant secretary, the treasurer or any assistant
(c) Authorized officers in foreign countries.— The fol
treasurer, any trust or assistant trust officer, or the man lowing officers are authorized to witness assignments in
ager or any assistant manager o f a branch office, it will be foreign countries:
presumed that he was acting within the scope o f his
( 1 ) United States diplomatic or consular represent
authority. I f any officer so authorized is not one o f
atives.
those designated in the preceding sentence or does not
(2) Managers, assistant managers and other officers
have access to the seal o f the corporation, his signature
o f foreign branches o f banks or trust companies char
and authority must be certified to the Treasury Depart
tered by or incorporated under the laws o f the United
ment, under corporate seal, by the cashier, secretary or
States.
ctlier officer having access to the corporate records and
(3) Notaries public and other officers authorized to
will be recognized until notice is received that his au
administer oaths; the official position and authority
thority has terminated. (Form P D 835-B may be used.)
o f any such officer must be certified by a United States
The term “officers*’ will not be construed as including em
diplomatic or consular representative under the seal of
ployees bearing such titles as “ designated employee,”
his office.
“ teller,” “ accountant” or “ bookkeeper.”
(d ) Special provisions fo r witnessing assignments.—
(b)
Officers having limited authority.—The following
The Commissioner o f the Public Debt, the Chief o f the
officers are authorized to witness assignments to the ex
tent set forth in connection with each class o f officers: Division o f Loans and Currency, or any Federal Reserve
(1)
Postmasters, acting postmasters, assistant post Bank is authorized to make special provisions fo r any
case in which none o f the officers authorized to witness
masters, and inspectors-in-cliarge at any post office,
and general superintendents o f finance, assistant gen certain assignments is readily accessible.
13
S e c . 306.44. Duties o f witnessing officers and respon
sibility fo r their acts.— The assignor must appear before
the witnessing officer, satisfactorily establish his identity,
execute the assignment, and acknowledge it to be his
free act and deed. The officer must complete the certifica
tion provided, by inserting the date, his signature, and
his official title and address, and must impress or imprint
the proper seal or stamp, i f any. A n officer o f a corpora
tion must use the corporate seal except as provided in
Sec. 306.43 (a) (7 ). A clerk or judge o f court must use
the seal o f the court. The signature o f any post office
official, other than a postmaster, must be in the following
form “ John Doe, Postmaster, by Richard Roe, Superin
tendent o f Money Orders.” Any post office official must
use the official stamp o f his office. Any other witnessing
officer must use his official seal or stamp, if any, but, if he
has neither, his official position and a specimen o f his
signature must be certified by some other authorized
officer under official seal or stamp or otherwise proved to
the satisfaction o f the Treasury Department. No officer
o f the United States, except a clerk o f a United States
court, is authorized to charge a fee for witnessing an
assignment o f a United States bond, and banking institu
tions generally impose no charge for the service. The
witnessing officer, and, if he is an officer o f a corporation,
the corporation, will be held responsible for any loss
which the United States may sutler as the result o f his
fault or negligence.
Sec. 306.45. Assignments executed before interested
persons.— Neither the assignor, the assignee, nor any
other person having an interest in a bond may act as wit
nessing officer or as witness to an assignment by mark.
P or example, the officer o f a bank who assigns in the
bank's name may not witness the assignment. However,
p bank officer may witness an assignment to the bank,
or an assignment executed by another officer in its behalf.
Sec. 306.46. Assignments by assignees and other new
oictiers.— The regulations governing assignments by or
in behalf o f registered owners, so far as applicable, shall
govern any assignments by their assignees or legal
successors.
S e c . 306.47. Alterations and erasures.— No alteration
or erasure should bo made in any part o f an assignment.
I f any such alteration or erasure has been made, an
explanation satisfactory to the Treasury Department,
usually in the form o f an affidavit by the person respon
sible, will be required.
Sec. 306.48. Voidanee o f assignments.—I f an assign
ment to or for the account o f another person has not
been and is not to be completed by delivery o f the secu
rity, the assignment may be voided by obtaining a dis
claimer o f interest from that person. Unless otherwise
directed by the Treasury Department or a Federal Re
serve Bank the disclaimer must be written, typed, or
stamped on the back o f the bond, in substantially the
follow ing fo rm :
The undersigned as assignee o f this bond hereby dis
claims any interest therein.
(S ig n a tu re )
Personally appeared before me the above-named
--------------- , whose identity is known or proved to me, and
signed the above disclaimer o f interest, acknowledging
the same to be his free act and deed.
(S ig n a tu re o f w itn essin g officer)
( seal)
-------------------------------------------------------(Official designation)
(City)
(State)
(Date)
In the absence o f a disclaimer, affidavits should be
submitted explaining why a disclaimer could not be
obtained, setting forth all other material facts and cir
cumstances relating to the transaction, and stating spe
cifically that the bond was not delivered to the person
named as assignee and that he acquired no right, title,
or interest in the bond. I f an assignment to or for the
account o f another person was not properly witnessed
or is otherwise imperfect, but has been completed by
delivery, it cannot be considered void and must not be
altered or erased. A new assignment must be executed
in favor o f the same assignee, unless the assignment can
otherwise be perfected as directed by a Federal Reserve
Bank or the Treasury Department.
S ec . 306.49. Discrepancies in names.
(a ) Inscription and assignment or supporting evi
dence.—Where there is a slight discrepancy between the
name o f the registered owner as inscribed on the bond
and as shown in the assignment or supporting evidence,
the Department may require that it be explained by an
affidavit by another person familiar with the facts, pref
erably one having no direct financial interest in the bond.
(Fiduciaries may use Form PD 385 for this purpose and
other persons may use it as a guide in preparing their
affidavits.)
(b) Signature and supporting evidence.—"Where a
slight discrepancy exists between the signature o f any
person acting in a representative or fiduciary capacity
as it appears in the assignment and his name as it ap
pears in the certificate o f appointment or other evidence
o f authority, the Department may require that it be
explained by an affidavit by another person familiar
with the facts, preferably one having no direct financial
interest in the security.
(c) Bonds variously inscribed.—Where the variations
in the name of the registered owner, as inscribed on bonds
o f the same or different issues, are such that both may
properly represent the same person, for example, “ J. T.
Smith” and “ John T. Smith,” no proof o f identity will
be required if the assignments are signed exactly as the
bonds are inscribed and are duly certified by the same
witnessing officer.
14
S e c . 306.50. Nontransferable securities.— The provi
sions o f this subpart, with the exception o f those o f Secs.
306.4-2 and 306.48, shall apply to 2% percent Treasury
Bonds, Investment Series B-1975-80, and Treasury Sav
ings Notes, provided, that Sec. 306.46 shall apply with
respect to assignments o f the bonds or requests for pay
ment or reissue o f the notes only in the case o f legal suc
cessors. In applying these provisions to Treasury Sav
ings Notes appropriate substitutions in terms should be
made, as follow s: “ N o te (s)” or “ Treasury Savings
N o te (s)” for “ b o n d (s )” or “ registered b o n d (s )” ; “ re
q u e sts) for payment or reissue” for “ assignment (s) ” ;
“ requestor(s)” for “ assignor(s)” ; “ certify” for “ wit
ness” ; and “ certifying officer” for “ witnessing officer.”
S U B P A R T G— A S S IG N M E N T S B Y O R IN
B E H A L F O F IN D IV ID U A L S
Signature, minor errors, and change of
registered owner's signature to an assign
ment should be in the form in which his or her name has
been inscribed on the face o f the bond, unless the name
as so inscribed was incorrect or has been changed since
the bond was issued. In case o f a minor error in inscrip
tion (not sufficient to raise any doubt in the mind o f the
witnessing officer in regard to the identity o f the ow ner),
the signature to the assignment should be in the follow
ing form, for example, “ John Smythe, erroneously in
scribed John Smith.” In case o f a more serious error in
inscription, the procedure prescribed in Sec. 306.13 should
be followed. In case o f a change in name, the signature
to the assignment should show both names and the man
ner in which the change was made, for example, “ Airs.
Mary Brown, before marriage Miss Mary Jones,” or
“ John Young, formerly John Jung (changed by court
order).” In all cases involving change o f name satis
factory proof o f the change will be required, except that
no proof o f change o f name by marriage will be required
i f an authorized officer duly witnesses the assignment,
thereby certifying that he is satisfied the assignor is the
registered owner.
Sec. 306.55.
nam — The
e.
accept an assignment by or in behalf o f the survivor or
survivors, unless the registration includes words which
preclude the right o f survivorship, or the words “ or
either o f them,” in which case, in addition to an assign
ment by or in behalf of the survivor or survivors, an
assignment in behalf of the decedent's estate will be
required.
(b) For redemption or redemption-exchange ( regis
tration in alternative).—Bonds registered in the names
o f two or more persons in the alternative, as for example,
“ John Smith or Mrs. Mary Smith,” or “ John Smith or
Mrs. Mary Smith or the survivor,” may be assigned by
cne coowner, at maturity or upon call, for redemption or
redemption-exchange (as defined in Sec. 306.2 ( 7 ) ) , for
his own account or otherwise, whether or not the other
coowner or coowners are deceased and, if so, whether or
not the Treasury has received notice of their deaths.
This provision also applies to bonds registered in the
form “ John Smith and Mrs. Mary Smith or either of
them.”
(c) For redemption or redemption-exchange (joint
registration).— Bonds registered in the names o f two or
more persons jointly (as distinguished from bonds
registered in their names in the alternative) , as, for
example, “ John Smith and Mrs. Mary Smith,” “ John
Smith and Mrs. Mary Smith or the survivor,” or “ John
Smith and Mrs. Mary Smith as tenants in common,”
may be assigned by one coowner during the lives o f all
only ( 1 ) for redemption at maturity or upon call ( and
then only for redemption for the account of all coowners) or ( 2 ) for exchange for new bonds to be regis
tered in their names in the same registration if new
registered bonds are offered in exchange for the maturing
or called bonds. Upon proof of the death o f one co
owner the survivor or survivors may assign bonds so
registered for redemption or for redemption-exchange
for any account, except that, if the words “ as tenants in
common” or other words having the same effect appear
in the registration, assignment in behalf o f the decedent's
estate will also be required.
S e c . 306.57. Minors.
(a)
Assignments by natural guardians of bonds regis
Sec, 306.56. Assignment of bonds registered in the
tered in the nam of minors.— Bonds erroneously reg
es
nam of two or m persons.
es
ore
(a)
For transfer or exchange.6
—The transfer or ex istered after the effective date o f these regulations in
change o f bonds registered in the names o f two or more the name of a minor (whether alone or followed by the
persons may be made during the lives of all the coowners name of a natural guardian) for whose estate no legal
guardian or similar representative has been appointed
only upon assignments by all o f them or in their behalf
by a proper court or is otherwise legally qualified will be
by authorized representatives. Upon proof o f the death
reissued in the name o f a natural guardian o f the minor
o f one o f the coowners, the Treasury Department will
(see Sec. 306.11 ( 2 ) ) , upon the request o f the purchaser
or other person responsible for the error. I f the require
®It should be kept in mind that, unlike United States Savings
Bonds, which are virtually redeemable on demand, transferable
ments to support such reissue are met, but other dis
securities are redeemable only at maturity or upon prior call by
position is desired, actual reissue will be unnecessary and
the Secretary for redemption. IJefore maturity or call fo r re
the bonds may be assigned by the natural guardian in
demption a transferable bond may be “ cashed-’ by sale, either
accordance with the provisions o f subsection (b) o f this
through a bank or broker or direct to a purchaser. In either case
section. Bonds so registered in the name of a minor
the bond must be assigned in accordance with these regulations.
15
before the effective date o f these regulations may be
assigned by a natural guardian o f the minor only for the
purposes and under the conditions described below :
(1) For exchange or redemption, if the total face
amount o f the Treasury bonds so registered does not
exceed $ 1 ,0 0 0 , and if satisfactory proof is furnished
that the proceeds o f the bonds are necessary and will
be used for the support or education o f the minor.
(2) For redemption, if the total face amount of
called or matured Treasury bonds so registered does not
exceed $500 and the minor registered owner is not of
sufficient age and competency to sign his name to the
assignments and understand the nature o f the trans
action.
(3) F or redemption for reinvestment in other
transferable bonds to be registered in the minor's
name, if the total face amount o f bonds so registered
exceeds $500 or if such amount does not exceed $500
but the minor is not o f sufficient age and competency
to sign his name and understand the nature of the
transaction.
F or cases arising under (1 ), (2) or (3) above, Form
P D 2481 should be used.
(b ) Assignments by natural guardians o f bonds reg
istered in their names.— Iionds registered after the effec
tive date o f these regulations in the name o f a natural
guardian o f a minor may be assigned by the designated
natural guardian for any authorized transaction except
one for the apparent benefit o f the natural guardian.
The signature to the assignment should be written as
the bonds are inscribed, for example, “ John Jones as
natural guardian o f Henry Jones, a minor.” I f the nat
ural guardian in whose name the bonds are registered is
deceased or is no longer qualified to act as natural guar
dian, the bonds may be assigned by the person then act
ing as natural guardian. The assignment by the new
natural guardian must be supported by proof o f the
death or disqualification o f the former natural guardian
and bj* satisfactory proof o f his own status as natural
guardian. P roof o f such status may be established
through the use o f Form P D 2481. No assignment by a
natural guardian will be accepted after receipt o f notice
o f the minor’s attainment o f majority or removal o f his
disability o f minority, the disqualification o f the natural
guardian to act as such, the appointment o f a legal
guardian by a proper court, or the death o f the minor.
(c) Assignments by minors.— Bonds registered, before
the effective date o f these regulations, in the name o f a
minor for whose estate no guardian or similar repre
sentative has been appointed by a proper court or is
otherwise legally qualified, may be assigned by the minor
at maturity or call for redemption or redemption-ex
change for new bonds to be registered in his name, if the
total face amount o f matured or called bonds so reg
istered does not exceed $500, and if the minor, in the
opinion o f the witnessing officer, it o f sufficient age and
s
competency to sign his name to the assignments and
understand the nature o f the transaction. Payment will
be made by check drawn to the order o f the minor.
(d )
Assignments by legal guardians.—Bonds reg
istered in the name o f a minor (whether alone or with
a natural guardian) for whose estate a legal guardian or
similar representative has been appointed by a proper
court or is otherwise legally qualified may be assigned
by the representative for any authorized transaction.
The assignment must be supported by a court certificate
or a certified copy o f the letters of appointment issued
by the court making the appointment, under its seal, ex
cept that an assignment by the representative for his own
apparent benefit must b? supported by the evidence re
quired in Sec. 30G.80. The certificate or certification
must be dated not more than one year before the date o f
the assignment and must contain a statement that the
appointment is in full force unless ( 1 ) it shows that the
appointment was made not more than one year before
the date o f the assignment or ( 2 ) the representative or a
corepresentative is a corporation. A ll corepresentatives
must join in any assignment, except as provided in Sec.
30G.79. An assignment by the representative will not
be accepted after receipt o f notice o f the termination of
the guardianship, except for transfer to the former ward.
Sec. 30G.58. Incompetents.
(a) D cfnition.— F or the purposes o f this section an
incompetent is defined as a person under any legal dis
ability except minority.
(b ) Assignments by legal guardians.— Bonds reg
istered in the name o f an incompetent for whose estate
a legal guardian or similar representative has been ap
pointed by a proper court or is otherwise legally quali
fied may be assigned by the representative for any
authorized transaction. The assignment must be sup
ported by a court certificate or a certified copy o f the let
ters o f appointment issued by the court making the
appointment, under its seal, except that an assignment
by the representative for bis own apparent benefit must
be supported by the evidence required in Sec. 30G.80.
The certificate or certification must be dated not more
than one year before the date o f the assignment and must
contain a statement that the appointment is in full force,
unless ( 1 ) it shows that the appointment was made not
more than one year before the date o f the assignment or
( 2 ) the representative or a corepresentative is a corpo
ration. A ll corepresentatives must join in any assign
ment, except as provided in Sec. 30G.79. A n assignment
by the representative will not be accepted after receipt
o f notice o f termination o f the guardianship, except fo r
transfer to the former ward.
(c) Assignments by voluntary guardians.— Bonds
registered in the name o f an incompetent for whose estate
no legal guardian or similar representative has been ap
pointed by a proper court or is otherwise legally quali
fied may be assigned by the relative responsible for his
16
care and support or some other proper person as volun
tary guardian:
(1 ) F o r exchange or redemption i f the total face
amount o f United States bonds so registered does not
exceed $ 1 , 0 0 0 and the proceeds o f the bonds are neces
sary and will be used for the care or support o f the
incompetent or for the support o f his legal dependents;
or
(2) F or redemption if the bonds are matured or
have been called and the proceeds are to be reinvested
in oilier securities to be registered in the incompetent's
name followed by that o f his voluntary guardian in
the form “A , an incompetent under voluntary guard
ianship o f B ” and if after completion o f the trans
action, the total face amount o f United States bonds
registered in the name o f the incompetent on which
interest is paid currently would not exceed $5,000.
An application on Form P D 1461 by the person seeking
authority to act as voluntary guardian will be required.
Sec. 306.59. Attorneys in fact.—Assignments by at
torneys in fact for individual owners or coowners will
be recognized if supported bjr adequate powers o f attor
ney. The use o f Form P D 1001 or 1002 is suggested but
any form sufficient in substance may be used. Every
power must be executed in the presence o f an officer au
thorized to witness assignments o f the bonds for the de
sired transactions. A power may be either general or
specific, depending on whether tlie owner desires to au
thorize execution o f assignments o f all his bonds assign
able under these regulations or to limit the authority to
bonds of designated issues or to certain designated bonds.
The original power must be filed with the Treasury De
partment, except that a photocopy certified by an officer
o f a Federal Reserve Bank or Branch, or by an officer
o f a bank or trust company under its corporate seal, will
be accepted, if the seal on the original power is legible
on the copy or is copied by the certifying officer. An
assignment by a substituted attorney in fact must be sup
ported by an appropriate power o f substitution, which
must be supported in turn by an appropriate authorizing
power o f attorney. The use o f Form P D 1005, 1006,
1007 or 1008 (the particular form depending on whether
the power is to be general or specific and whether an
individual or a corporation is to be named as attorney
in fact) is suggested but any form sufficient in substance
may be used. A n assignment by an attorney in fact or
a substituted attorney in fact for the apparent benefit of
either will be accepted only i f expressly authorized in
both the power o f attorney and power o f substitution. A
power o f attorney or o f substitution will be recognized
until, but not after (unless the power is coupled with an
interest) the Bureau o f the Public Debt, Division o f
Loans and Currency, Washington 25, D. C., receives proof
o f revocation or proof o f the grantor’s death or incom
petency, except that a pending transaction will be tem
porarily suspended on receipt o f a request from the
grantor o f the power, by wire or otherwise, and except
further that the Secretary o f the Treasury may require
evidence in any case that a power is still in full force at
the time the Department is requested to act under it. I f
there are two or more joint attorneys in fact or substitutes
all must unite in the assignment unless the power author
izes less than all to act or the bond has matured or been
called, in which case less than all may assign for redemp
tion for the account o f the bond owner or for redemp
tion and application o f the proceeds in payment for new
bonds offered in exchange to be registered in the name
o f tlie owner.
S e c . 306.60. NontransferaUle securities.— The pro
visions o f this subpart, except those o f Secs. 306.56 (a ),
306.57 (a) (1) and 306.58 (c) relating to transfers,
shall apply to 2% percent Treasury Bonds, Investment
Series B-1975-80, provided, that the term “ exchange” as
used in Secs. 306.56 (a ), 306.57 (a) (1) and 306.58 (c)
( 1 ) shall be deemed to refer to tlie exchange o f these
bonds for tlie current series o f 1y2 percent 5-year Treas
ury notes. The provisions o f this subpart with respect
to assignments o f bonds, except those of Sec. 306.56 and
those o f Secs. 306.57 (a) ( 1 ) and 308.58 (c) ( 1 ) relating
to transfers or exchanges shall apply to requests for pay
ment or reissue of Treasury Savings Notes, provided,
that, the term “ redemption” as used therein shall refer
to redemption at or before maturity and provided further
that the term “ redemption” as used in Secs. 306.57 (a)
(2) and 300.58 (c) (2) shall refer to redemption at
maturity.
SU B P A R T H— A S S IG N M E N T S IN B E H A L F OF
E S T A T E S OF D E C E A S E D R E G I S T E R E D
O W N ERS
S ec . 306.65. In course of administration.—A bond be
longing to the estate of a decedent which is being admin
istered in a proper court by an executor or general
administrator will be accepted for any authorized trans
action upon assignment by the qualified representative
of the estate. (F or temporary or special administra
tors see Sec. 306.66.) Unless the bond is registered in the
name and title of the representative, the assignment
must be supported by a court certificate o f his appoint
ment or a certified copy o f the letters o f appointment,
issued by the court making the appointment, under its
seal, except that an assignment by a representative for
his own apparent benefit must be supported by the evi
dence required in Sec. 306.80. The certificate or certifi
cation, i f required, must be dated not more than six
months before the date of the assignment and must con
tain a statement that the appointment is in full force,
unless ( 1 ) it shows that the appointment was made not
more than one year before the date o f the assignment
or ( 2 ) the representative or a corepresentative is a
corporation. The proper form of signature to an assign
17
ment is, for example, “ John A . Jones, administrator o f
the estate (or, executor o f the w ill) o f Henry W . Jones,
deceased.” A ll corepresentatives must unite in any as
signment except as provided in Sec. 306.79. A bond
registered in the name o f an executor or administrator
may be reissued in the name o f his successor, upon the
request o f the designated representative or his successor,
supported by proof o f successorship, without assignment.
S e c . 306.66. Temporary and special administrators.—
The Treasury Department will recognize assignments by
temporary or special administrators for any authorized
transaction within the scope o f their authority under
state law or the orders o f the court by which they were
appointed. I f the amount o f bonds presented for any
transaction does not exceed $250, the Department will
presume that it is within the proper scope, and the assign
ments need be supported only by evidence o f the same
nature as that required in support o f assignments by a
general administrator, as set forth in Sec. 306.65. I f
the amount o f bonds presented exceeds $250:
( 1 ) assignments by a temporary administrator for
redemption for his account in his representative capac
ity, or fo r redemption and application o f the proceeds
in payment fo r new securities to be registered in his
name in his representative capacity, must be supported
by a certificate o f court under its seal showing that
the appointment was in full force within 30 days pre
ceding the date o f receipt o f the bonds or the certificate,
whichever is later, except that, i f a corporation is the
temporary administrator or co-administrator, any ac
ceptable court evidence o f appointment may be supple
mented by a statement by the corporation on its letter
head showing that the appointment was in force within
the specified period;
( 2 ) assignments by a temporary administrator for
transfer or exchange (including assignments for re
demption fo r the account o f the temporary adminis
trator individually or that o f any other person in any
capacity) must be supported by a duly certified copy
o f a special order o f court authorizing such action;
(3 ) assignments by a special administrator must be
supported by a duly certified copy o f a special order
o f court authorizing such action, unless it appears
from his letters o f appointment or the statutes under
which the appointment was made that such action
comes within the scope o f his authority, in which case
it must appear from evidence under the seal o f the
court, or from such evidence and a supplemental state
ment by a corporate administrator on its letterhead,
that the appointment was in fu ll force within six
months preceding the date o f receipt o f the securities
or the evidence, whichever is later.
Sec. 306.67. A fte r settlement through court proceed
ings. Bonds belonging to the estate o f a decedent which
has been settled in a proper court will be accepted for
any authorized transaction upon assignments by the per
son or persons entitled, as determined by the court. I f
one person is the sole legatee, or if specific bonds are dis
tributed to any one person, the bonds may be reissued in
the name o f such person upon instructions from him
without assignment. The assignments or instructions
for reissue should be supported by a copy, certified under
court seal, o f the decree o f distribution, the representa
tive's final account as approved by the court, or similar
court records.
S e c . 306.68. Without administration.—When it ap
pears that no legal representative o f the estate to which
bonds belong has been or is to be appointed, the bonds
may be disposed o f in any authorized manner pursuant
to an agreement and assignment by all persons entitled
to share in the bonds under the laws o f the State o f the
decedent's domicile. (Use form P D 1646.) A ll debts
o f the decedent and his estate must be paid or provided
fo r and the interests o f any minors or incompetents in
the estate must be adequately protected to the satisfac
tion of the Secretary of the Treasury.
S e c . 306.69. Special provisions applicable to small
amounts o f securities, interest checks or redemption
checks.— The right to, or the authority to dispose of, a
small amount o f public debt securities and checks issued
in payment thereof or in payment o f interest thereon,
belonging to the estate o f a decedent, may be established
through the use o f certain short forms, according to the
aggregate amount o f securities and checks (excluding
checks representing interest on the securities) involved
in the case, as indicated by the following table:
Amount
(dollars)
25
25
100
250
Circumstances
Form
Estate being admin
istered.
N o administration___
PD
2488
PD
2216
Estate being admin
istered.
Estate settled_______
PD
2488
PD
2458A
T o be
executed by—
Executor or adminis
trator.
Heir or legatee who
paid
burial
ex
penses.
Executor or adminis
trator.
Former executor or
administrator, at
torney or other
qualified person.
S e c . 306.70. Nontransferable securities.— The provi
sions o f this subpart except those of Sec. 306.66 (2) re
lating to transfer shall apply to 2% percent Treasury
Bonds, Investment Series B-1975-80, provided, that the
term “ exchange” shall be deemed to refer to the exchange
o f these bonds for the current series o f iy 2 percent 5-year
Treasury notes. The provisions o f this subpart with
respect to assignments o f bonds shall apply to requests
fo r payment or reissue o f Treasury Savings Notes, pro
vided, that the term “ redemption” , as used in Sec. 306.66
(1 ), shall be deemed to refer to redemption o f Treasury
Savings Notes at maturity, and that the requirements o f
18
Sec. 306.66 (2) shall apply to requests for redemption o f
Treasury Savings Notes before maturity.
S U B P A R T I — A SS IG N M E N T S B Y OR IN BEH A L F OF F ID U C IA R IE S A N D L E G A L R E P
R E S E N T A T IV E S
S ec . 306.75. Individual trustees.— Bonds registered in
the names and titles o f individual trustees, as, for ex
ample, “ Mrs. Mary Smith trustee under the will o f John
Smith, deceased,” or “ Henry J. Williams, Edward C.
Carter and Charles Jones, trustees under agreement
dated October 12, 1954, with Frank H . W oods,” will be
accepted for any authorized transaction upon assignment
by the designated trustees without further proof o f their
appointment and qualification, except that an assignment
by a trustee for his own apparent benefit will be accepted
only as provided in Sec. 306.80. I f one o f the designated
trustees has died or resigned, or is no longer qualified to
act as trustee, and a successor has been appointed, the
bonds must be assigned by the surviving or remaining
trustee or trustees and the successor trustee, and proof
o f the death, resignation, removal or disqualification of
the former trustee and o f the appointment and qualifica
tion o f the successor trustee must be furnished. I f the
appointment o f a successor is not required under the
terms o f the trust instrument or otherwise and is not
contemplated, assignments by the surviving or remaining
trustee or trustees must be supported by ( 1 ) proof of
the death, resignation, removal or disqualification o f the
former trustee and ( 2 ) satisfactory proof that the sur
viving or remaining trustee or trustees are fully qualified
to administer the trust, which may be in the form o f a
certificate by them showing that the appointment o f a
successor has not been applied for, is not contemplated
and is not necessary under the terms o f the trust instru
ment or otherwise. P ro o f o f successorsliip, but no assign
ment, will be required in support o f a request for reissue
to substitute the name o f a succeeding trustee for that
o f a former trustee. Assignments o f bonds registered
in the titles, without the names o f the trustees, as, for
example, “ Trustees o f the George E. W hite Memorial
Scholarship Fund under deed o f trust dated November
11,1940, executed by John W . W hite,” must be supported
by satisfactory proof that the assignors are the qualified
and acting trustees o f the designated trust estate, unless
the trustees are empowered to act as a unit in which case
the provisions o f Sec. 306.76 shall apply. Form P D 2446
may be used to furnish proof o f incumbency o f trustees.
Assignments by trustees o f bonds not registered or as
signed in such manner as to show that they belong to the
trust estate for which the assignors are acting must be
supported by satisfactory evidence that the trust estate is
entitled to the bonds under these regulations, in addition
to any other required evidence. A ll co-trustees must
unite in any assignment except as provided in Sec. 306.79.
306.76. Boards o f trustees and trustees acting as
a unit.—I f the trustees o f any organization or trust
estate, public or private, constitute a board, committee
or other body which is empowered to act as a unit, bonds
registered in its name may be assigned for any author
ized transaction by any member, officer or other person
authorized to act in its behalf. Except as otherwise pro
vided in this section, the assignments must be supported
by a copy o f a resolution o f the board or other body,
certified under its seal, or, if none, sworn to by an officer
having access to its records. (F orm P D 2495 may be
used.) I f the resolution is authenticated by the officer
who assigns the bonds, another officer must join in the
authentication. I f the assigning officer is designated in
the resolution by title only, his incumbency must be certi
fied by another officer o f the board or other body under
its seal, or, if none, sworn to by him. (Form P D 2446
may be used.) N o evidence will be required in support
o f an assignment by an officer for redemption for the
account o f the designated board, committee or other
body, or for redemption and application o f the proceeds
in payment for newT bonds offered in exchange to be
registered in the same name. I f the trustees o f any
organization or trust estate are empowered to act as a
unit, although not designated as a board, committee or
other body, bonds registered in their names as such
trustees, or in their title as such trustees, without their
names, may be assigned by any trustee authorized by the
group to act in its behalf. The assignments must be sup
ported by a sworn copy o f a resolution passed by the
group in accordance with the terms o f the trust instru
ment, and proof o f the authority o f the trustees to act as a
unit may be required, except that an assignment by one
o f the trustees named on the bonds or by one for whom
appropriate proof o f incumbency is furnished, for re
demption for the account o f the trustees (by check drawn
substantially as the bonds are inscribed) or for redemp
tion and application o f the proceeds in payment for new
bonds offered in exchange to be registered in the same
name, need not be supported by any other evidence. As
an alternative, in any case described in this section, as
signments by all the trustees, supported by proof o f their
incumbency, if not named on the bonds, will be accepted.
Sec. 306.77. Individual guardians.— Bonds registered
in the names and titles o f individual legal guardians or
similar representatives o f the estates o f minors or in
competents, may be assigned by the designated repre
sentatives for any authorized transaction without further
proof o f their appointment and qualification, except that
an assignment by any such representative fo r his own
apparent benefit will be accepted only as provided in
Sec. 306.80. Assignments of bonds registered (1) in the
titles, without the names, o f the representatives, ( 2 ) in
the names and titles o f representatives who are no longer
qualified to act or (3) in the names o f minors or incom
petents must be supported by a certificate o f appoint
• S ec .
19
ment for the representatives, or a certified copy o f their
letters o f appointment executed or certified by the clerk
o f the court making the appointment, under its seal.
The certificate or certification must be dated not more
than one year before the date o f the assignment, and
must show that the appointment is in full force, unless
( 1 ) the certificate or certification shows that the appoint
ment was made not more than one year before the date
o f the assignment or ( 2 ) the representative or a corepre
sentative is a corporation. A bond registered in the
name o f a guardian or similar representative may be re
issued in the name o f his successor, upon the request of
the designated representative or his successor, supported
by proof o f successorship, without assignment. A ll joint
guardians must unite in any assignment, except as pro
vided in Sec. 306.79.
S e c . 306.78. Corporate representatives and fiduciar
ies.— A n assignment in behalf o f a corporation acting
alone or with individuals as executor, general adminis
trator, guardian or similar representative, trustee or
attorney in fact, must be supported by the evidence, if
any, required in support o f assignments by correspond
ing individual representatives or fiduciaries, except that
the evidence o f appointment as executor, administrator
or guardian, if required, need not contain a statement
that tlie appointment is in full force nor be dated within
any particular period o f time preceding the date o f the
assignment. Satisfactory evidence o f the authority of
the officer who executes the assignment in behalf o f the
corporation w ill be required, unless the assignment is
( 1 ) for redemption for the account of, or for redemption
and application o f the proceeds in payment for new
bonds offered in exchange to be registered in the name
of, the executors, administrators, guardians, trustees or
grantors, as the case may be or ( 2 ) for redemption at
par before maturity, in accordance with Sec. 306.28.
The evidence o f the officer’s authority, if required, must
be in substantially the same form as that required in
support o f an assignment o f a bond registered in the
name o f the corporation in its own right, as set forth in
Sec. 306.85, except that the evidence must refer to bonds
held in a representative or fiduciary capacity and that
reference should be made to Forms P I) 1011 and P D
1012 rather than Forms P D 1009 and P D 1010, respec
tively.
Sec. 306.79. Joint representatives or fiduciaries.— I f
there are tw o o r m ore join t executors, administrators,
guardians o r sim ilar representatives, or trustees o f an
estate, all must unite in the assignment o f any bonds
belonging to the estate, unless
( 1 ) an express statute, a decree o f court, or the in
strument under which they are acting provides other
wise or
( 2 ) the bonds have matured or been called, in which
rase one or more o f the representatives or fiduciaries
may assign for redemxition for the account of, or for
redemption and application of the proceeds in payment
fo r new bonds otlerecl in exchange to be registered in
the names of, all acting executors, administrators,
guardians or similar representatives or trustees. For
assignments by joint attorneys in fact, see Sec. 306.59.
Sec. 306.80. Assignments by representatives or fidu
ciaries fo r their own benefit.—Unless there are two or
more representatives or fiduciaries acting and all unite
in the assignment, an assignment by an executor, admin
istrator, guardian or similar representative, trustee, or
other representative or fiduciary for his own apparent
benefit, including an assignment for transfer to himself
individually or an assignment for redemption for his
individual account, must be supported by one o f the
following documents, in addition to any other evidence
required under these regulations:
(1) A duly certified copy o f an order o f a proper
court, clearly authorizing the assignment.
(2) In the case o f a fiduciary who is not acting under
the supervision o f a court, a duly certified copy o f tlie
governing instrument and any other evidence which
may be necessary to show that lie is entitled to the
bond in his own right.
(3) The consent o f all persons having any interest
in the bonds, provided they can be identified and are
not under any legal disability.
(4) In the case o f an executor, administrator or
trustee, a duly certified statement on Form P D 2480
or in substantially the same form, satisfactorily estab
lishing that he is entitled to the bond or the proceeds
thereof in his own right.
S ec . 306.81. Attorneys in fact fo r fiduciaries.— A s
signments by attorneys in fact for legal representatives
or fiduciaries must be supported by adequate powers o f
attorney in addition to any evidence necessary to support
assignments by the representatives or fiduciaries.
Form P D 1002 or P I) 1004 may be used, depending on
whether the representative or fiduciary is an individual
or a corporation. Powers in other forms may be ac
cepted, but all powers must be executed in the presence
o f an officer authorized to witness assignments o f the
bonds. Powers must specifically designate the bonds to
be assigned. The original must be filed with the Depart
ment, except that a photocopy certified by an officer o f
a Federal Reserve Bank or Branch, or by an officer of
a bank or trust company under the corporate seal, will
be accepted, if the seal on the original power is legible
on the copy or is copied by the certifying officer. An
assignment by a substituted attorney in fact must be
supported by an appropriate power o f substitution,
which must be supported in turn by an appropriate
power o f attorney, and by proof o f the representative's
or fiduciary’s authority, if necessary. Form P D 1006
or P D 1008, whichever is appropriate, may be used for
the appointment o f a substitute. A n assignment by an
attorney in fact or a substituted attorney in fact for his
20
own apparent benefit will be accepted only i f expressly
authorized in the power o f attorney or power o f sub
stitution, respectively. A n assignment by a substituted
attorney in fact fo r the apparent benefit o f the attorney
in fact will be accepted only if expressly authorized in
both the power o f attorney and the power o f substitution.
A power o f attorney or a power o f substitution will be
recognized until, but not after, the Bureau o f the Public
Debt, Division o f Loans and Currency, Washington 25,
D. C., receives p roof o f revocation, unless the power is
coupled with an interest, except that a pending trans
action will be temporarily suspended on receipt o f a
request from the grantor o f the power, by wire or other
wise, and except further that the Secretary o f the Treas
ury may require evidence in any case that a power is
still in full force at the time the Department is requested
to act under it.
S ec. 306.82. Nontransferable securities.— The provi
sions o f this subpart with respect to assignments are
applicable to assignments o f 2% percent Treasury Bonds,
Investment Series B-1975-80, and to requests for pay
ment or reissue o f Treasury Savings Notes, except those
o f Sec. 306.78 requiring evidence o f authority o f the
assigning officers to support assignment for an author
ized transfer, and as applied to Treasury Savings Notes
.relate to requests fo r redemption before maturity as
well as at maturity.
S U B P A R T J— A SS IG N M E N T S IN B E H A L F OF
P U B L IC OR P R IV A T E O R G A N IZA T IO N S
S ec. 306.85. Private corporations and unincorporated
associations.— Bonds registered in the name o f a private
corporation or unincorporated association in its own
right (not a partnership or a business owned by one
individual, whether or not operated under a trade name,
or an activity conducted by a trustee or trustees) may
be assigned in its behalf, for any authorized transaction
by any duly authorized officer or officers. Satisfactory
evidence that the assigning officers were duly authorized
to assign and sell or otherwise dispose o f the bonds will
be accepted in support o f an assignment for any pur
pose, except that i f the assignment is fo r their own
apparent benefit the evidence must expressly authorize
such disposition. No evidence will be required in sup
port o f assignments for redemption for the account o f
the corporation or association or for redemption and
application o f the proceeds in payment for new bonds
offered in exchange to be registered in the name o f the
corporation or association. The evidence, if required,
should ordinarily be in the form o f a resolution o f the
governing body (usually, for a corporation, the board o f
directors, or for an unincorporated association, the mem
bers or a board o f trustees). A resolution adopted by
an executive committee or other body which is not ob
viously the governing body must be supplemented by a
duly certified copy o f the charter, constitution or bylaws,
or an extract therefrom, showing the authority o f the
body to act fo r the organization. In any case the resolu
tion may relate to any or all registered bonds owned by
the organization, to bonds o f any particular loan or issue,
or to a particular bond or bonds. A copy o f a resolution
conferring general authority may be furnished on Form
P D 1009, and one conferring limited authority may be
furnished on Form P D 1010, or may be in any substan
tially similar form. In any case the copy must be certi
fied or sworn to in accordance with the instruction on
the applicable form. I f the officer or officers derive their
authority direct from the charter, constitution or bylaws,
a copy or a pertinent extract therefrom, certified under
the seal o f the organization, or, i f it has no seal, sworn
to by another officer who has access to its records, will
be required in lieu o f a resolution. I f the resolution or
other supporting document shows only the title o f the
authorized officer, without his name, it must be supple
mented by a certificate o f incumbency certified under the
seal o f the organization, or, if it has no seal, sworn to by
another officer who has access to its records. (F orm P D
1014 may be used.) The signature to the assignment
must be in the following form, for example:
“ The Model Manufacturing Co., a corporation (or,
an unincorporated association), by (signed) John
W . Henderson, Treasurer.”
The officer in charge o f the records and seal o f a corpo
ration may properly add the word “ attest,” followed by
his signature and title and an impression o f the seal, to
the left o f the corporate signature, when the organiza
tion's requirements so provide, but such endorsement is
not required, and will not be accepted in lieu o f an
authorized witnessing officer's certificate.
S ec. 306.86. M erger, consolidation, conversion, rein
corporation and change o f name o f private organiza
tions.— I f a private corporation is succeeded by another
corporation by merger, consolidation, conversion or rein
corporation (which do not include a general assignment
o f assets without legal suecessorsliip), its bonds may be
assigned for any authorized transaction in behalf o f
the successor by an authorized officer in accordance with
the provisions o f the preceding section, or may be re
issued in the name o f the successor without assignment
upon such successor’s request and submission o f satisfac
tory evidence o f successorsliip. The evidence must be in
the form o f a certificate, under seal, by the public offi
cial, board or commission authorized by law1 to approve
the action, or if none, by direct proof o f compliance with
statutory or other legal requirements, usually in the
form o f certified copies o f resolutions by governing bodies
and by stockholders or members, and proof o f filing as
required by law. The certification o f a resolution must
show that due notice o f the meeting was given, that a
quorum was present, and that the resolution was adopted
by the necessary majority, and must be signed, under the
21
seal o f the corporation, by an officer having access to its
records, or, if it has no seal, must be sworn to by such o f
ficer. The signature to any necessary assignment must
be in the follow ing form, for exam ple:
“ The Twin Cities Printing Corporation, successor
to the St. Paul Printing Company, a corporation,
by (signed) Carl Johansen, President.”
Similar evidence o f the mere change o f name o f a corpo
ration will be required to support a request in its behalf
fo r reissue in its new name without assignment or an
assignment in its behalf for any authorized transaction.
The signature to an assignment after change o f name
should be in the following form, for exam ple:
“ The National Bank and Trust Company o f _______,
form erly the National Bank o f ________ , by
(signed) Theodore R . Stevenson, Vice Presi
dent.”
I f an unincorporated association changes its name, or is
succeeded by another organization, similar evidence, so
far as applicable, will be required in support o f a request
fo r reissue in the new name 0 1 * in the name o f the succes
sor, an assignment in behalf o f the association under its
new name, or an assignment by the successor. I f the
association (such as a local lodge or chapter) exists by
reason o f a charter issued by another organization, a
certificate by the officer in charge o f the records o f the
latter organization, under its seal, to the effect that the
subordinate association has reorganized or changed its
name in accordance with the constitution and bylaws o f
the parent organization, will be accepted in lieu o f direct
evidence o f such action.
Sec. 306.87. A ttorney in fact fo r a corporation or un
incorporated association.— Bonds registered in the name
o f a corporation or an unincorporated association may be
assigned in its behalf for any authorized transaction by
a duly authorized person as attorney in fact. Such as
signments must be supported by one o f the following
documents certified under the seal o f the organization, or,
if it has 1 1 0 seal, sworn to by another officer who lias access
to its records:
(1) A copy o f a resolution o f its governing body
authorizing an officer o f the organization to appoint an
attorney in fact to assign and sell or otherwise dispose
o f the bonds, as provided in Sec. 306.85, and o f a gen
eral or specific power o f attorney by the officer so
authorized, executed in the presence o f an officer
authorized to witness assignments o f the bonds for the
desired transactions, for which purpose Form P D
1003 or P D 1004 may be used;
(2) A copy o f a resolution o f its governing body
directly appointing an attorney in fact for this pur
pose; 0 1 *
(3) A copy o f the charter, constitution or bylaws,
or a pertinent extract therefrom, showing the author
ity o f an officer to appoint an attorney in fact, and of
a general 0 1 * specific power o f attorney by the officer
so authorized, executed as provided in ( 1 ) above.
In any case the power may not be broader than the au
thorizing resolution 0 1 * other authority and a general
power in behalf o f a public corporation will be recog
nized only i f authorized by statute. I f the power or
resolution authorizes the attorney in fact to appoint a
substitute attorney in fact, an assignment by the sub-:
stitute must be further supported by a power o f substi
tution by the attorney in fact, executed in the manner
prescribed fo r the execution o f the power o f attorney.
(Form P I) 1005, P D 1006, P D 1007 or P D 1008, which
ever is appropriate, may be used for this purpose.) I f
the resolution or other supporting document shows only
the title o f the authorized officer, without his name, it
must be supplemented by a certificate o f incumbency
certified under the seal o f the organization, or, if it has
1 1 0 seal, sworn to by another officer who lias access to its
records. (Form P D 1014 may be used.)
S ec . 306.88. Political entities and public corpora
tions.— Bonds registered in the name o f a state, county,
or other political entity, or in the name o f an incorporated
city, town, village, school district 0 1 * other public corpo
ration or body, may be assigned for any authorized
transaction by a duly authorized officer or officers in ac
cordance with the provisions o f Sec. 306.85 so far as
applicable, except as otherwise provided herein. I f evi
dence o f authority derived from a municipal ordinance,
charter o f a public corporation, or special act o f a state
legislature is required, a copy o f the pertinent provision
must be certified to the Department by the proper public
officer under official seal. I f evidence o f authority de
rived from a state constitution or from a public law is
required, the pertinent provision must be cited. I f a
certificate o f incumbency is required, it must be executed
by the proper public officer under official seal.
S e c . 306.89. Public officers.— Bonds registered in the
title o f a public officer who is the official custodian o f
public funds, for example, “ Treasurer, State o f North
Carolina,” may be assigned by the designated officer.
No evidence will be required in support o f an assignment
for redemption for the officer's official account or for
redemption and application o f the proceeds in payment
fo r new bonds offered in exchange to be registered in his
official title or in the name o f the political entity or public
corporation for which he is acting. A ny other assign
ment must be supported by satisfactory evidence that the
assignor is the incumbent o f the designated office, except
that an assignment for his individual benefit will not be
recognized. The evidence must be in the form o f a
certificate o f incumbency executed by the proper public
officer under official seal.
S ec . 306.90. Partnerships.— An assignment o f a bond
registered in the name o f a partnership must be executed
by a general partner in the form, for example:
22
“ Smith and Jones, a partnership
by (signed) John Jones, a partner.”
A n assignment fo r the benefit o f one o f the partners in
dividually must be executed by another partner. U pon
the death o f a partner and the resulting dissolution of
the partnership, assignment by all the surviving partners
and by the persons entitled to assign in behalf o f the
decedent's estate will be required, unless the laws o f the
particular jurisdiction authorize the surviving partners
to assign without regard to the decedent's estate. Upon
voluntary dissolution o f a partnership, an assignment by
a liquidating partner, as such, must be supported by a
duly executed agreement among the partners appointing
the liquidating partner.
S f.c . 306.91. Nontransferable securities.— The provi
sions o f this subpart shall apply to Treasury Bonds,
Investment Series B-1975-80, and to requests for pay
ment or reissue o f Treasury Savings Notes, except those
o f Sec. 306.85 requiring evidence o f authority o f the
assigning officers to support assignment fo r an authorized
transfer, and as applied to Treasury Savings Notes,
relate to requests fo r payment before maturity as well as
at maturity.
S U B P A R T K — C O N FLIC TIN G C LA IM S
Responsibility o f Treasury Department.
(a ) General.— The Treasury Department assumes no
responsibility fo r the protection o f the interest o f any
person in securities not in his possession, and neither the
Department nor any o f its agencies will accept notice of
any claim or o f pending judicial proceedings by any such
person, except as specifically provided in these regu
lations. (See Subpart L for information in regard to
the conditions under which caveats may be entered
against transactions in securities o f certain classes and
relief granted on account o f the loss, theft or destruction
thereof.) These limitations are based on the fact that
the ready marketability o f the securities depends in part
upon the promptness and freedom with which trans
actions therein may be effected.
(b) Bearer securities.—Bearer securities comprise
more than 90 percent o f the outstanding marketable G ov
ernment obligations, and transactions therein are con
centrated in the twelve Federal Reserve Banks and their
Branches, and the Treasury Department, The volume
o f these transactions is so great that the necessity of
consulting lists o f bearer securities against which caveats
(stoppages) may be requested as the result o f loss, theft
or destruction before maturity would cause extensive de
lays in completing such transactions. Moreover, under
generally recognized principles o f law, good title to un
matured bearer securities will pass by delivery to a
purchaser in good faith and for value. Therefore, the
entry o f caveats against transactions in these securities,
upon receipt o f reports o f loss, theft or destruction, would
S ec . 30 6.95 .
be wholly without practical benefit. 7 A s purchasers o f
bearer securities which have been lost or stolen after face,
maturity would not acquire good title thereto as against
the true owners, reports o f losses or thefts occurring
after face maturity will be recorded and efforts will be
made to detect any such securities upon receipt by the
Department or a Federal Reserve Bank, with a view to
giving the owner an opportunity to establish his right
to them. However, such efforts may be unsuccessful, on
account o f circumstances over which the Department
has no control, in which case the Department’s responsi
bility will be limited to notifying the person who re
ported the loss or theft o f the source from which the
securities were received, in so far as the information is
available.
(c)
Registered securities.— Both assignment and de
livery are necessary to pass good title to marketable
securities in registered form. Therefore, the Depart
ment will afford registered owners appropriate protec
tion against loss through forged assignments, and so far
as possible, against loss through assignments affected by
fraud. (See Secs. 306.98 and 306.99.) Very little protec
tion can be given owners who lose possession o f their
bonds after assigning them in blank or for exchange for
coupon bonds without restrictions on the delivery o f the
coupon bonds, as bonds so assigned are, in effect, payable
to bearer.
(cl) Interest coupons.—Interest coupons are payable
to bearer; therefore, the Department can assume no re
sponsibility whatever with respect to detached coupons
which have been lost, stolen or destroyed, and will not
enter any caveats (stoppages) against payment thereof
or undertake to determine whether any particular cou
pons have been paid.
S ec . 306.96. Circumstances under which the ownership
o f securities payable to bearer may be questioned.— A
bearer security or a registered security so assigned as to
become, in effect, payable to bearer which has been re
ported lost or stolen may be detected by the Treasury
Department upon presentation fo r payment or other
transaction only as the result of ( 1 ) the entry o f a caveat,
in the case o f a security reported lost or stolen after
TOn April 27, 1867, tlie Secretary o f the Treasury issued the
follow ing statem ent:
“ In consequence o f the increasing trouble, wholly without prac
tical benefit, arising from notices which are constantly receive*!
at the Department respecting the loss o f coupon bonds, which
are payable to bearer, and o f Treasury notes issued and remain
ing in blank at the time o f loss, it becomes necessary to give this
public notice, that the Government can not protect, and will not
undertake to protect, the owners o f such bonds and notes against
the consequences o f their own fault or misfortune.
“ Hereafter all bonds, notes, and coupons, payable to bearer,
and Treasury notes issued and remaining in blank, w ill be paid
to tlie party presenting them in pursuance o f the regulations o f
the Department, in the course o f regular business; and no at
tention w ill be paid to caveats which may be filed for the purpose
o f preventing such payment.”
23
maturity, as provided in Sec. 306.108, ( 2 ) the require
ment o f proof o f ownership, in the case o f a mutilated
security or one which is presented for payment more
than a reasonable length o f time after maturity, as pro
vided in Sec. 306.25 or (3) presentation by a person
claiming to be a finder. I f the security is so detected, the
Department will call upon the presenter and the person
who reported the loss or theft to substantiate their re
spective claims. I f the evidence submitted by either
claimant establishes conclusively that he is the owner of
the security, payment will be made to him, except that
the Department, before making payment, may require
a bond o f indemnity or other security to protect the
United States from any liability to any other person.
I f payment may not be made under these conditions, the
Department w ill hold the security until the case is settled
by agreement or as the result o f judicial proceedings in
accordance with Sec. 306.97.
S f.c . 306.97. Judicial ■proceedings.— The Treasury De
partment will recognize any valid judicial proceedings
in a proper court affecting the ownership o f or interest
in registered securities upon presentation o f the securi
ties to the Department bearing appropriate assignments
and accompanied by satisfactory proof o f the proceed
ings. I f the bonds are registered in the names o f two
or more persons, the extent o f their respective interests
in the bonds must be determined by the court in proceed
ings to which they are parties or must otherwise be
validly established. The following evidence will be
required in the types o f cases designated:
(1) Judicial transfers.— A n assignment by a trans
feree through judicial proceedings, as in the case o f a
divorce decree awarding to one party to the proceed
ings a bond registered in the name o f the other, or
any case in which a bond registered in the name of
one person is found to be the property o f another
person, must be supported by a copy o f the final judg
ment or decree and o f the record o f any necessary
supplemental proceedings, duly certified by the clerk
o f the court under its seal, and, i f the judgment or
decree was entered more than 6 months prior to the
assignment, by a certificate, under court seal, by the
clerk, dated within 6 months o f the assignment, show
ing that the judgment or decree is in full force. The
signature to the assignment should be in the following
fo rm :
“ (registered owner) |
)V
_
person entitled through judicial proceedings.”
(2 ) Sales under court orders.— A n assignment by a
sheriff, marshal or other court officer for the purpose
o f carrying out a sale ordered by the court to satisfy,
or apply on, a money judgment must be supported by
copies o f the court order (w rit o f execution) and the
officer's return thereon, in addition to copies in the
judgment and the record o f supplemental proceedings,
all certified by the clerk o f the court under its seal.
In the case o f a security which has matured or become
redeemable pursuant to a call for redemption, in lieu
o f sale in the usual manner, the officer to whom the
order is directed may assign the security to the Secre
tary o f the Treasury fo r redemption and receive pay
ment thereof in his official capacity. The signature to
the assignment should be in the follow ing form :
« (Signature and official title) . an officer o f the
__________ Court o f (County and State). j n the
matter o f __________________________
(3) Bankruptcy proceedings.— A n assignment by a
trustee in bankruptcy must be supported hy the ref
eree's certificate o f the trustee's election and qualifi
cation, and the incumbency and signature o f the ref
eree must be certified by the clerk o f the court under
its seal. The signature to the assignment should be
in the following fo rm :
“ ----------------------- , Trustee in Bankruptcy o f the
estate o f _________________________
(4) Receivers.—A n assignment o f a registered bond
by a receiver o f the property o f the owner, or by a
similar officer, must be supported by a copy o f an
order o f court certified by the clerk o f the court under
its seal, authorizing the assignment and sale or trans
fer o f the bond, except that, in the case o f a statutory
officer, the assignment must be supported by proof o f
compliance with the statutory requirements. The
signature to the assignment should be in the following
fo rm :
« (Registered owner) ? b y _____________________
Receiver (or other official title), under order o f the
______________ Court o f (County and State) •
in the matter o f ____________________ .”
The Department will also recognize a determination by
a proper court with respect to the ownership or right to
possession o f securities in either registered or bearer
form which may be held by the Department subject to
such determination. The evidence required will be
similar to that prescribed in paragraph ( 1 ) o f this
section.
S e c . 306.98. Assignments affected by fraud.— I f a reg
istered bond has been transferred, exchanged or re
deemed in reliance upon an apparently valid assignment,
and a claim that the assignment was obtained by fraud
is subsequently received, the Treasury Department can
grant no relief. I f a claim o f this kind is received before
the bond is transferred, exchanged or redeemed, the
Department will call upon the registered owner to sub
stantiate liis claim, and if he does so the Department will
enter a caveat (stoppage) against the bond. When a
bond against which a caveat has been so entered is re
ceived, the Department will call upon the presenter to
explain the circumstances under which he acquired the
bond. I f it appears from all the evidence submitted that
the presenter acquired the bond in good faith, for value,
24
without notice or knowledge o f the alleged fraud, the
Department will then give the registered owner a reason
able period o f time in which to institute judicial p ro
ceedings against the presenter to establish his right to
the bond in accordance with Sec. 806.97; if he fails to
institute appropriate proceedings within the prescribed
period o f time or is not successful, the Department w ill
recognize the assignment. I f it does not appear that
the presenter acquired the bond in good faith, fo r value,
without notice or knowledge o f the alleged fraud, the
Department will take the position o f a stakeholder with
respect to the bond until the case is settled by a dis
claimer o f interest by one o f the parties, by an agreement
between them, or by judicial proceedings between them
in accordance with Sec. 306.97. In any case in which
the transfer, exchange or redemption o f a bond is with
held pending the receipt o f evidence requested or the
outcome o f judicial proceedings, or while the Depart
ment is acting as a stakeholder with respect to the bond,
any interest to which the presenter might be entitled
will be withheld, and when the case is settled any interest
so withheld w ill be paid to the person found to be en
titled to the bond, unless otherwise determined by
agreement o f the parties or by the court.
S e c . 306.99. F orged assignments.— N o title can be
acquired through a forged assignment o f a registered
bond, even by a purchaser in good faith, fo r value,
without notice or knowledge o f the forgery. A n assign
ment o f a registered bond against which a caveat (stop
page) has been entered in accordance with Sec. 30G.108
will not be accepted unless it is determined that the
assignment is genuine. I f the assignment is found to be
a forgery, the Treasury Department will grant appro
priate relief to the true owner. I f an assignment has
been honored before the receipt o f notice o f the loss or
theft o f the bond, and it is found upon investigation
that the assignment i 3 a forgery, the Department will
grant appropriate relief to the true owner and proceed
against those responsible for the loss resulting from the
first transaction, including ( 1 ) the person committing
the forgery, ( 2 ) the witnessing officer or the corporation
o f which lie is an officer (see Sec. 306.44) and (3 ) tbe
person presenting the bond to the Department or a Fed
eral Reserve Bank fo r transfer, exchange, or payment,
who thereby gives an implied warranty o f title to the
United States.
S ec . 306.100. Nontransferable securities.—The provi
sions o f this subpart, with the exception o f those o f
Secs. 306.95, 306.96 and 306.98, shall apply to Treasury
Bonds, Investment Series B-1975-80, provided, that the
reference in Sec, 306.97 (2 ) to assignment by a sheriff,
marshal or other court officer, a trustee in bankruptcy
or a receiver or similar officer, other than for redemption,
shall be deemed to refer to assignment o f the bonds for
exchange for 1y% percent 5-year Treasury Notes o f E A
or EO series, and that the reference in Sec. 306.99 relat
ing to transfer o f title and to an implied warranty o f a
presenter is not applicable. The provisions o f this sub
part, with the exception o f those o f Secs. 306.95, 306.96
and 306.98, shall apply to Treasury Savings Notes, pro
vided, that reference to assignment in Sec. 306.97 as used
in ( 1 ) shall be deemed to refer to a request for payment
or reissue, and as used in (2 ), (3) and (4) shall be
deemed to refer to a request fo r payment only, and that
the reference in Sec. 306.99 relating to transfer o f title
and to an implied warranty o f title by the presenter is
not applicable.
S U B P A R T L— R E L IE F ON A C C O U N T O F LOSS,
T H E F T , D E S T R U C T IO N , M U T IL A T IO N OR
DEFACEM ENT
Sec. 306.105. Statutory authority and requirements.—
Section 8 o f the A ct o f July 8 , 1937 (50 Stat. 481), as
amended (31 U. S. C. 738a), provides for relief, under
certain conditions, on account o f the loss, theft, destruc
tion, mutilation or defacement o f United States interestbearing securities. The statute defines interest-bearing
securities as direct obligations o f the United States issued
pursuant to law fo r valuable consideration which by
their terms bear interest or are issued on a discount
basis, but includes Excess Profits Tax Eefund Bonds
which bear no interest. T o obtain relief the securities
must be identified by description and number, and the
pertinent facts must be clearly proved to the satisfaction
o f the Secretary o f the Treasury. Except in certain
specified types o f cases or under certain specified circum
stances, the law requires a bond o f indemnity in such
form and amount and with such surety, sureties, or secu
rity as the Secretary shall require. F or detailed infor
mation concerning bonds o f indemnity see Sec. 306.113.
I f relief is authorized on account o f a security which has
not matured or become redeemable pursuant to a call, a
substitute security bearing the same issue date, marked
“ Duplicate” and showing the serial number o f the orig
inal security, will be issued; i f relief is authorized on
account o f a security which lias matured or become re
deemable pursuant to a call, payment w ill be made.
S ec . 306.106. Securities to u'hich this subpart ap
plies.— This subpart applies to all securities for which
relief may be given under authority o f the statute cited
in Sec. 306.105 (except United States Savings Bonds,
which are governed by separate regulations) or under the
authority o f any government or any organization o f the
United States fo r which the Treasury Department acts
as transfer agency.
S ec . 306.107. Reports o f disappearance or recovery.—
The loss, theft or destruction o f a security should be
reported to the Bureau o f the Public Debt, Division o f
Loans and Currency, Washington 25, D. C., as promptly
as possible, except that if Treasury Savings Notes are
involved the report should be sent to the issuing agency.
25
The report must include the following information or as
much thereof as possible: ( 1 ) the identification o f the
security by the complete title o f the loan including the
interest rate, date o f issue and series, and by the serial
number and denomination, and, in the case o f registered
securities, the exact form o f inscription and a full de
scription o f any assignment, endorsement or other writ
ing thereon; ( 2 ) the name and present address o f the
owner, and his address at the time the securities were
issued, and, if the report is made by any other person,
the capacity in which he represents the owner; and (3)
a brief statement o f the circumstances under which the
security disappeared. U pon receipt o f the report an
appropriate form for use in applying for relief will be
furnished. The receipt o f a report o f loss, theft or de
struction o f a registered security on which interest is
payable periodically will not affect the payment o f the
interest. I f any report o f loss, theft or destruction is
found to have been made in error, or if any security re
ported as lost or stolen is recovered before relief lias
been authorized, the Bureau o f the Public Debt should be
notified to that effect, with references to the description
o f the security and the date o f the original report. ] f
ail}’ security for which relief has been granted is recov
ered, it must be surrendered as tlie property o f the
United States to the Bureau o f the Public Debt, Division
o f Loans and Currency, Washington 25,1). C.
Sec. 30G.108. Caveats (Stoppages).— Upon receipt o f
a report o f the loss, theft or possible destruction, o f a
registered security, a caveat (stoppage) will be entered
to suspend any transaction therein not specifically au
thorized by the owner, except in the case o f a transferable
security which ( 1 ) had been assigned to bearer or so
assigned as to become, in effect, payable to bearer (as
explained in Sec. 306.42) and (2) had been lost, stolen
or possibly destroyed before its face maturity. In the
case o f a bearer security or a registered transferable
security which had been assigned to bearer or so assigned
as to become, in effect, payable to bearer, a caveat will
be entered only in the event it satisfactorily appears that
the loss, theft or possible destruction occurred after the
face maturity o f the security (see Sec. 300.95). H ow
ever, if Department records show that tlie security has
already been presented and honored, the owner or his
authorized representative will be advised to that effect
and furnished such information as may be available
regarding the source o f receipt. I f , after the receipt of
an application for relief on account o f the loss, theft or
possible destruction o f a bearer security, or a registered
security assigned to bearer or so assigned as to become,
in effect, payable to bearer, it is determined that the
security has been presented and honored, the applicant
will be similarly informed.
Sec. 306.109. Destruction or partial destruction of
bearer securities.— An application fo r relief on account
o f the partial or total destruction o f a bearer security
should be made on Form P D 1022. A ny portion or
portions not destro} ed must be submitted to the Treasury
Department in support of the application; if in a charred
or fragile condition, they should be packed in cotton to
prevent further damage in transit. When a substitute
is issued to replace a coupon security which has not
matured or become redeemable pursuant to a call for
redemption, it will be o f the same loan and date of issue
and have attached coupons corresponding with those
shown to have been attached to the security at the time
it was destroyed or partially destroyed, except that any
coupons which have matured will be paid by .check.
"When relief is granted on account o f a security which
has become redeemable pursuant to a call, the redemption
check will not include payment for any coupons dated
after the redemption date.
S ec. 306.110. Loss or theft (including possible de
struction) of bearer securities or registered securities
so assigned as to become, in effect, payable to bearer.—
R elief may be granted on account o f the loss or theft o f a
bearer security, or o f a registered security assigned to
bearer or so assigned as to become, in effect, payable to
bearer, if it was lost or stolen under such circumstances,
and has been missing for such period o f time after it
matured or became redeemable pursuant to a call for
redemption, as in the judgment o f the Secretary of the
Treasury would indicate that the security ( 1 ) has been
destroyed or has become irretrievably lost, ( 2 ) is not held
by any person as his own property and (3) will never
become the basis o f a valid claim against the United
States. The application for relief should be made on
Form P I) 1022 in the case of bearer securities and on
Form P D 1025 in the case o f registered securities. I f
relief is granted the redemption check will not include
payment for any interest coupons claimed to have been
attached to the security.
S e c . 306.111. Loss or theft of registered securities not
so assigned as to become, in effect, payable to bearer.—
A n application for relief on account o f the loss or theft
o f a registered security not assigned to bearer or not so
assigned as to become, in effect, payable to bearer should
be made on Form P D 1025. I f the security was lost cr
stolen after it had been assigned and delivered by tlie
registered owner to a transferee, the application must
be executed by the transferee and must be supported by
an assignment by the registered owner. The Treasuray
Department will supply an appropriate form for this
purpose. The fact that a security alleged to have been
lost or stolen is in the possession o f a known person who
refuses to surrender it will be considered as evidence that
the security is held by such person as his own property.
Jn the case o f lost or stolen Treasury Savings Xotes,
which are not assignable, application for relief should be
made on Form P D 2382. Relief will not be granted in
any case before the expiration o f six months from the
date o f loss or theft.
26
S e c . 306.112. Destruction or partial destruction of reg
istered securities.— A n application for relief on account
o f the destruction o f a registered security, whether or
not assigned in any manner, should be made on Form
P D 1025. I f the security was destroyed after it had been
assigned and delivered by the registered owner to a trans
feree, the application must be executed by the transferee
and must be supported by an assignment by the reg
istered owner. The Treasury Department will sup
ply an appropriate form for this purpose. In case o f
partial destruction the portion or portions not destroyed
must be submitted to the Department in support o f the
application; if in a charred or fragile condition they
should be carefully packed in cotton to prevent further
damage in transit. In the case o f destroyed Treasury
Savings Notes, which are not assignable, application for
relief should be made on Form P D 2382.
suant to and in accordance with the regulations issued
under the provisions o f the Government Losses in
Shipment A c t ;
(2) I f substantially the entire security is presented
and surrendered by the owner and the Secretary of
the Treasury is satisfied as to the identity of the secu
rity presented and that any missing portions are not
sufficient to form the basis o f a valid claim against the
United States;
(3) I f the lost, stolen, destroyed, mutilated or defaced security is one which by the provisions o f law
or by the terms o f its issue is transferable only by
operation o f la w ;
(4) I f the owner or holder is the United States or an
officer or employee thereof in his official capacity, a
State, the District o f Columbia, a Territory or posses
sion o f the United States, a municipal corporation or
S ec. 306.113. Bonds of indemnity.
political subdivision o f any o f the foregoing, a cor
(a) When required.— A satisfactory bond o f indem
poration the whole o f whose capital is owned by the
nity in an amount sufficient to cover any loss which the
United States, a foreign government, or a Federal
United States may incur as the result o f granting relief
Reserve Bank.
will be required before relief may be granted, except as
S ec . 306.114. Mutilated or defaced securities.—I f a
specifically provided in this section. Upon approval o f
mutilated or defaced security is presented to the Treasury
the application fo r relief, subject to the submission of a
Department for any authorized transaction and the Sec
bond o f indemnity, the Treasury Department will supply
retary o f the Treasury is satisfied as to the ownership
an appropriate form fo r this purpose. A bond o f in
and identity o f the security and that any missing por
demnity executed on any other form will not be accepted.
tions are not sufficient to form the basis o f a valid claim
In the case o f bearer securities or registered securities
against the United States, its value to the owner will not
assigned to bearer or so assigned as to become, in effect,
be cdhsidered as impaired, and it will be honored accord
payable to bearer, the destruction o f which has not been
ingly* Mutilated or defaced securities should be fo r
proved, and fo r which relief may be granted under the
warded to the Bureau o f the Public Debt, Division of
provisions o f Sec. 306.110, a bond o f indemnity with a
Loans and Currency, Washington 25, D. C. N o allow
corporate surety qualified under the provisions o f the
ance will be made for missing interest coupons. I f the
A ct o f July 30,1947, chapter 390, section 1 (61 Stat. 646;
security has been mutilated or defaced to the extent that
6 U. S. C. 6-13) will be required.
A bond o f indemnity
its value to the owner must be considered impaired, relief
with either a corporate surety so qualified or two satis
may be possible under Sec. 306.109 or Sec. 306.112.
factory individual sureties will be required in the case
S e c . 306.115. Loss, theft, destruction, mutilation or
o f securities for which relief may be granted under the
defacement of detached interest coupons.—There is no
provisions o f Sec. 306.109, 306.111 or 306.112, unless in
the case o f unassigned registered securities or destroyed authority o f law for relief on account of the loss, theft,
bearer securities the Secretary o f the Treasury is satisfied or destruction o f detached interest coupons. Paid inter
that the interests o f the United States may otherwise be est coupons are not assorted or recorded by the serial
numbers o f the bonds to which they relate. Accordingly,
adequately protected.
(b) When not required.— A bond o f indemnity will the Treasury Department can not enter any stoppages
not be required in any o f the follow ing classes o f cases, against payment o f lost, stolen, or destroyed detached
unless the Secretary o f the Treasury deems it essential coupons, and can not undertake to advise the owner
whether any such coupons have been paid. In cases
to the public interest in any particular case:
(1)
I f the Secretary o f the Treasury is satisfied where interest coupons have been partially destroyed,
mutilated, or defaced, but the remaining portions can be
that the loss, theft, destruction, mutilation or deface
ment, as the case may be, occurred without fault o f the fully identified by loan, interest, due date and amount,
owner and while the security was in the custody or the and the missing fragments could not by any possibility
control o f the United States (not including the Postal form the basis o f a valid claim against the United States,
Service when acting solely in its capacity as the public relief may be granted upon the surrender o f the remain
carrier o f the m ails), or o f a person thereunto duly ing portions o f the coupons to the Treasurer o f the
authorized as lawful agent o f the United States, or United States, Washington 25, D. C., accompanied by
while it was in the course o f shipment effected pur satisfactory proof as to the ownership o f the coupons.
27
S e c . 306.116. Loss, theft or destruction of restrictively
endorsed bearer securities.—R elief on account o f the loss,
theft or destruction o f bearer securities which have been
restrictively endorsed by banks strictly in accordance
with the provisions o f the regulations in Department
Circular No. 853 8 (31 C FR , 1954 Supp., 328) will be
given pursuant to an application therefor on Form PD
2211. Banks, as therein defined, are authorized to place
restrictive endorsements on tlie face o f bearer securities
owned by themselves or their customers but only in con
nection with the presentation thereof to a Federal Re
serve Bank or the Treasury Department for payment
at maturity or pursuant to a call for redemption or for
exchange pursuant to an optional exchange offering. A
bond o f indemnity will be required as a condition of
relief on account o f the loss, theft, or destruction o f the
securities, but surety thereon will ordinarily be dispensed
with if the bond is executed by, the presenting bank.
S ec . 306.117. Nontransferdbles.— The provisions of
this subpart, with the exception o f those o f Secs. 306.109,
306.110, 306.115 and 306.116, shall apply to Treasury
Bonds, Investment Series, and to Treasury Savings
Notes, provided, that the references in Secs. 306.111 and
306.112 relating to transfer and delivery are not appli
cable and the references to assignment as applied to
2 1 / 2 percent Treasury Bonds, Investment Series A-1965,
and to Treasury Savings Notes shall be deemed to refer
to a request for payment or authorized reissue, and
provided further, that Sec. 306.113 (b) (3) does not
apply to Treasury Bonds, Investment Series B.
S U B P A R T M—M ISC E L L A N E O U S PR O V ISIO N S
strued to apply to any forms which may hereafter be
provided for the same purposes.
S e c . 306.123. Acceptance of securities of the United
States as security for 'public purposes.—Regulations pre
scribed pursuant to law governing the acceptance of
designated classes o f securities o f the United States by
public officers o f the United States for certain purposes
are set forth in other Treasury Department Circulars,
as follow s:
(1) A s security fo r special deposits o f public
moneys, in Circular No. 92 (revised).
( 2 ) A s security for deposits o f public moneys in
general depositaries and limited depositaries, in Cir
cular No. 176, as amended.
(3) In lieu o f surety or sureties on penal bonds
required by the laws of the United States, in Circular
No. 154 (revised).
S ec . 306.124. Repeal of previous circulars subject to
existing rights.—Treasury Department Circular No. 300,
dated July 31, 1923, as amended and supplemented, and
Department Circular No. 6 6 6 , dated July 21, 1941, are
hereby repealed and superseded, except that nothing
contained in these regulations shall be construed to limit
or restrict any existing rights which holders o f securities
heretofore issued may have acquired under the circulars
offering such securities for sale or under the regulations
in force at the time o f acquisition.
S ec . 306.125. Supplements, am
endm or revisions.—•
ents
The Secretary o f the Treasury may at any time, or from
time to time prescribe additional, supplemental, amenda
tory or revised rules and regulations with respect to
United States securities.
W . R a n d o l p h B u rg ess ,
S e c . 306.120. Additional requirements.— In any case
arising under these regulations the Secretary of the
Treasury may require such proof, additional proof, or
bond o f indemnity with satisfactory surety, as may in
his judgment be necessary for the protection o f the
interests o f the United States.
S ec . 306.121. Waiver of regulations.—The Secretary
of the Treasury reserves the right, in his discretion, to
waive or m odify any provision or provisions o f these
regulations in any particular case or class o f cases for
the convenience o f (he United States or in order to
relieve any person or persons o f unnecessary hardship, if
such action would not be inconsistent with law, would
not impair any existing rights, and if he is satisfied that
such action would not subject the United States to any
substantial expense or liabilit}T
.
S e c . 306.122. Forms.— The forms mentioned in these
regulations are those currently provided for the purposes
specified. The references to certain forms shall be con' These regulations have no application whatever to registered
securities.
Acting Secretary of the Treasury.
A ppendix.— Computation o f Interest on Treasury
Bonds, Treasury N otesr and Treasury Certificates
o f Indebtedness, and Computation o f Discount on
Treasury B ills
T
reasury
B
onds,
T r e a s u r y N o te s ,
C e r t if ic a t e s
of
I
and
T
reasury
n d e b t e d n e ss
C O M P U T A T IO N OF IN T E R E S T O N A N A N N U A L B A S IS
O N E D A Y 'S IN T E R E S T IS l / 3 0 5 OR l / 3 G G O F 1 Y E A R 'S IN T E R E S T
Computation o f interest will be made 0 1 1 an annual
basis in all cases where interest is payable in one amount
for the full term o f the security, unless such term is an
exact quarter-year (3 months) or an exact half-year
( 6 months), when it is provided that interest shall be
computed 0 1 1 a quarterly or semiannual basis, respec
tively.
I f the term o f the securities is exactly one year, the
interest is computed for the full period at the specified
rate, regardless o f the number of days in such period.
I f the term o f the securities is less than one full year, the
28
annual interest period for purposes o f computation is
considered to be the' full year from but not including the
date o f issue to and including the anniversary o f such
date.
I f the term o f the securities is more than one full year,
computation is made on the basis o f one full annual
interest period, ending with the maturity date, and a
fractional part o f the preceding full annual interest
period.
The computation o f interest for any fractional part o f
an annual interest period is made on the basis o f 305
actual days in any such period, or 300 days if February
29 falls within such annual period.
C O M P U T A T IO N OF IN T E R E S T O X A S E M I A N N U A L B A S IS
O N E D A Y *S IN T E R E S T I S l / l S l , l / l 8 2 , l / l S 3
OR l / l 8 4
OF l / 2
y e a r 's in t e r e s t
Computation o f interest will be made on a semiannual
basis in all cases where interest is payable for one or more
full half-year ( 0 months) periods, or for one or more
full half-year periods and a fractional part o f a halfyear period. A semiannual interest period is an exact
half-year or G months, for computation purposes, and
may comprise 181,182,183 or 184 actual days.
A n exact half-year’s interest at the specified rate is
computed for each full period o f exactly G months, ir
respective o f the actual number o f days in the half-year.
I f the initial interest covers a fractional part o f a
half-year, computation is made on the basis o f the actual
number o f days in the half-year (exactly G months) end
ing on the day such initial interest becomes due. I f the
initial interest covers a period in excess o f G months,
computation is made on the basis o f one full half-year
period, ending with the interest due date, and a fractional
part o f the preceding full half-year period.
Interest for any fractional part o f a full half-year
period is computed on the basis o f the exact number o f
days in the full period, including February 29 whenever
it falls within such a period.
The number o f days in any half-year period is shown
in the following table:
For the lialf-ypar
Beginning from the
1st or 15th day of—
M av__________ ____ ___
June_______________ ___
Julv_____________ ____ _
August_____ . . . __ . . . .
Ending on the
1st or loth day of—
D ecem b er.___________
O c t o b e r _____________ _
N ovem ber__________ _
One year (any 2 consecutive h a lf-y ears).._____ _
Number of days
Regular
year
Leap
year
181
181
184
183
184
183
184
184
181
182
181
182
182
183
182
183
365
3G6
182
1S2
184
183
184
183
184
184
C O M P U T A T IO N OF IN T E R E S T O N A Q U A R T E R L Y B A S IS
O N E D A Y ’ S IN T E R E S T I S
l/8 9 ,
y e a r ’s
l/0 0 ,
l/o i,
OR l / 9 2
OF l / 4
IN T E R E S T
Computation o f interest will be made on a quarterly
basis in all cases where interest is payable for one or
more full quarter-year periods, or for one or more full
quarter-year periods and a fractional part o f a quarteryear period.
A quarter-year interest period is an exact quarter-year
o f three months, and may comprise 89, 90, 91 or 92 days.
A n exact quarter-year's interest is computed for each
full quarter-year period irrespective o f the actual num
ber o f days in the quarter-year. F or a fractional part
o f any quarter-year computation is on the basis o f the
actual number o f days in such quarter-year (February
29 being included if it falls within any such quarteryear). I f the initial interest covers a fractional part o f
a quarter-year (preceding a full quarter-year period),
computation is on the basis o f the actual number o f days
in the quarter-year (exactly 3 months) ending on the
day such initial interest becomes due; if the final interest
covers a fractional part o f a quarter-year (follow ing a
full quarter-year period), computation is on the basis o f
the actual number o f days in the quarter-year beginning
on the day such final interest begins to accrue and ending
exactly three months thereafter. The number o f days in
any quarter-year period is shoAvn in the following table:
For the quarter-year
Beginning from t he
1st or 15th day of—
Number of days
Ending on the
1st or 15th day of—
Regular
year
.
Julv...................................
September____________
July____ ______________ .
,
„
.
.
.
_
.
,
One vear (any 4 consecutive quarters)__________
Leap
year
90
80
02
01
02
02
02
02
01
02
02
00
91
90
02
01
02
02
02
02
01
02
02
91
305
3G3
Use o f Interest Tables
In the appended tables decimals are set forth for use
in computing interest for fractional parts o f interest
periods. The decimals cover interest on $1,000 for one
day in each possible quarterly (table I ) , semiannual
(table I I ) , and annual (table I I I ) interest period, at
all rates o f interest, in steps o f Vs percent, from % to
0 percent. The amount o f interest accruing on any date
(fo r a fractional part o f an interest period) on $ 1 , 0 0 0
face amount o f any issue o f Treasury bonds, Treasury
notes, or Treasury certificates o f indebtedness may bs
ascertained in the following w a y :
29
(1) The date o f issue, the dates for the payment o f
interest, the basis (quarterly, semiannual or annual)
upon which interest is computed, and the rate o f
interest (percent per annum) may be determined from
the text o f the security, or from the official circular
governing the issue.
(2) Determine the interest period o f which the frac
tion is a part, and calculate the number o f days in the
full period to determine the proper column to be used
in selecting the decimal for one day’s interest.
(3) Calculate the actual number o f days in the frac
tional period from but not including the date o f issue
or the day on which the last preceding interest pay
ment was made, to and including the day on which
the next succeeding interest payment is due or the day
as o f which the transaction which terminates the ac
crual o f additional interest is effected.
(4) M ultiply the appropriate decimal (one day’s
interest on $ 1 ,0 0 0 ) by the number o f days in the frac
tional part o f the interest period. The appropriate
decimal will be found in the appended table for interest
payable quarterly, semiannually, or annually, as the
case may be, opposite the rate borne by the security,
and in the column showing the full interest period of
which the fractional period is a part. (F or interest
on any other amount, multiply the amount o f interest
on $ 1 , 0 0 0 by the other amount expressed as a decimal
of $ 1 ,0 0 0 .)
T R E A S U R Y B IL L S
The methods o f computing discount rates on U-. S.
Treasury Bills are given below :
Computation will be made on an annual basis in all
cases. The annual period for bank discount is a year of
360 days, and all computations o f such discount for a
fractional part o f a year will be made on that basis.
The annual period for true discount is one full year from
but not including the date o f issue to and including the
anniversary o f such date. Computation o f true discount
for a fractional part o f a year will be made on the basis
o f 365 days in the year, or 366 days if February 29 falls
within the year.
B A N K D IS C O U N T
The bank discount rate on a Treasury bill may be ascer
tained by ( 1 ) subtracting the sale price of the bill from
its face value to obtain the amount of discount; ( 2 )
dividing the amount o f discount by the number of days
the bill is to run to obtain the amount o f discount per
day; (3) multiplying the amount of discount per day by
360 (the number of days in a commercial year o f 12
months o f 30 days each) to obtain the amount o f dis
count per year; and (4) dividing the amount o f dis
count per year by the face value o f the bill to obtain the
bank discount rate.
For exam ple:
93-day bill— dated April 1, 1954— due July 1, 1954:
Principal amount— maturity value____________ $100. 00
Trice at issue— amount received______________
09. 50
Amount o f discount________________________ _
*0.50-91 X 360 : $100=1.978 percent.
. 50
T R U E D IS C O U N T
The true discount rate on a Treasury bill may be as
certained by ( 1 and 2 ) obtaining the amount o f discount
per day by following the first two steps described under
“ Bank Discount” ; (3) multiplying the amount o f dis
count per day by the actual number o f days in the year
from date o f issue (365 ordinarily, but 366 if February
29th of a leap year falls within the year from date of
issue) to obtain the amount o f discount per year; and (4)
dividing the amount o f discount per year by the sale
price o f the bill to obtain the true discount rate.
For example:
91-day bill—daled April 1, 1954—due July 1, 1954:
P r in c ip a l a m o u n t— m a t u r it y
v a l u e ________________$ 1 0 0 . CO
Price at issue— amount received_______________
99. 50
Amount o f discount__________________________
$0.50 :-91X3(55 : $99.50=2.016 percent.
-50
30
T a b le
I.— Decimal for 1 day's interest on $1,000 at various rales o f interest, payable quarterly, or on a quarterly basis, in regular years o f
S65 days and in leap years o f 366 days
Interest period ending on the 1st or 15th of—
Rate per annum
Quarter-year of 92 days Quarter-year of 91 days
Quarter-year of 90 days
Regular year
Regular year
January
Regular year
Quarter-yoar of 89 days
July
February
March
December
June
April
Regular year
August
M ay
Leap year
September
Leap year
March
October
May
April
November
Percent
7 * -—
tt
ys—
i—
i
VA-.
IX m -
l* /s -
lft~
2 . . .
2 yt ..
2 Vi..
2 % ..
2'A 2 % ..
2 % ..
2JL.
3 ...
3}L .
3
3H-.
3> 4_.
3%_.
3 tf_ .
3/i.
4. . .
4!4..
4W_.
4H-.
4'A4 5 4 ..
4 * .
4J65 ...
5#.
CH5% .
5>/t.
5H 5 54.
/
5J',_
C ...
$0. 003
. 006
.01 0
. 013
.0 1 6
. 020
.0 2 3
. 027
. 030
.03 3
.0 3 7
.04 0
. 044
.0 4 7
.05 0
.05 4
. 057
. 001
.0 6 4
. 007
.071
. 07-4
.0 7 8
. 081
. 084
. 088
. 091
. 005
.0 0 8
. 101
. 105
. 108
. 112
. 115
. 118
. 122
. 125
. 120
. 132
. 135
. 139
. 142
. 146
. 140
. 152
. 156
. 150
. 163
306
703
100
586
083
380
777
173
570
067
364
760
157
554
051
347
744
141
538
934
331
728
125
521
918
315
711
108
505
002
2118
605
002
480
885
282
670
076
472
869
266
663
059
456
853
250
646
043
739
478
217
957
696
435
174
913
652
391
130
870
€09
348
087
826
565
304
043
783
522
261
000
730
478
217
057
606
435
174
913
652
391
130
870
(>00
348
087
826
565
304
043
783
522
261
000
730
478
$0. 003
. 006
.01 0
.01 3
.0 1 7
. 020
.02 4
.02 7
. 030
.03 4
.03 7
.041
.0 4 4
. 048
.051
.05 4
.0 5 8
.061
.06 5
.0 6 8
.0 7 2
.0 7 5
.0 7 8
.0 8 2
.0 8 5
. 080
.00 2
.00 6
. 000
. 103
. 106
. 109
. 113
. 116
. 120
. 123
. 127
. 130
. 133
. 137
. 140
. 144
. 147
. 151
. 154
. 157
. 161
. 164
434
868
302
736
170
604
038
472
006
340
774
208
642
076
510
945
379
813
247
681
115
549
983
417
851
285
719
153
587
021
456
800
324
758
102
626
060
404
028
362
706
230
664
008
532
967
401
835
066
132
108
2(14
330
306
462
527
593
659
725
791
857
923
989
055
121
187
253
310
385
451
516
582
648
714
780
846
912
978
044
110
176
242
308
374
440
505
571
637
703
760
835
901
967
033
099
165
$0. 003
.0 0 6
.0 1 0
.01 3
.01 7
.0 2 0
.02 4
.02 7
.03 1
.03 4
.0 3 8
.041
.0 1 5
.0 4 8
.0 5 2
.0 5 5
. 059
.0 6 2
.06 5
.0 6 0
.07 2
.0 7 6
.0 7 0
.08 3
.0 8 6
.0 0 0
. 003
.00 7
. 100
. 104
. 107
.111
. 114
. 118
. 121
. 125
. 128
. 131
. 135
. 138
. 142
. 145
. 140
. 152
. 156
. 150
. 163
. 166
472
044
416
888
361
833
305
777
250
722
104
666
138
611
083
555
027
500
072
444
016
388
861
333
805
277
750
222
604
166
638
111
583
055
527
000
472
044
416
888
361
833
305
777
250
722
104
666
222
444
667
880
lit
333
556
778
000
222
444
667
880
111
333
556
778
(M )
M
222
444
667
880
111
333
556
778
(M )
M
222
444
667
889
111
oo *
»
ouo
556
778
(M )
M
222
444
667
880
111
333
556
778
(K )
M
222
444
667
$0. 003
. 007
.0 1 0
.01 4
.01 7
. 021
.02 4
.0 2 8
.031
.03 5
.0 3 8
.04 2
.0 4 5
.0 4 0
.0 5 2
.0 5 6
.0 5 0
.06 3
.06 6
.07 0
.07 3
.07 7
.0 8 0
.0 8 4
.08 7
.001
.0 0 4
. 008
. 101
. 105
. 108
.1 1 2
.1 1 5
. 110
. 122
. 126
. 120
. 133
. 136
. 140
. 143
. 147
. 150
. 154
. 158
. 161
. 165
. 168
511
022
533
044
556
067
578
089
601
112
623
134
646
157
668
179
691
202
713
224
735
247
758
260
780
292
803
314
825
337
848
350
870
382
803
404
015
426
038
440
0(50
471
083
404
005
516
028
530
236
472
708
944
180
416
652
888
124
360
596
831
067
303
539
775
011
247
483
719
055
191
427
663
809
135
371
607
843
070
315
551
787
022
258
404
730
066
202
4!’,8
674
010
146
382
618
854
000
326
31
T
able
II. — Decimal for 1 day's interest on $1,000 at various rates o f interest, payable semiannually or on a semiannual basis, in regular
years o f 365 days and in leap years o f 366 days
Interest period ending on the, 1st or 15th of—
Half-year of 184 days
Rate per annum
Regular year
January
February
September
November
Half-year of 183 days
Regular year
October
December
Half-year of 182 days
Regular year
April
June
Leap year
April
J une
Leap year
.March
May
July
August
$0. 003 415 301
. 006 830 601
.0 1 0 245 902
. 013 661 202
.0 1 7 076 503
. 020 491 803
. 023 907 104
.0 2 7 322 404
. 030 737 705
. 034 153 005
. 037 568 306
.0 4 0 983 607
.0 4 4 398 907
.0 4 7 814 208
.051 229 508
.0 5 4 644 809
. 058 060 109
.061 475 410
. 064 890 710
. 068 306 011
.071 721 311
.07 5 136 612
. 078 551 913
.081 967 213
.08 5 382 514
.0 8 8 797 814
.0 9 2 213 115
. 095 628 415
. 099 043 716
. 102 459 016
. 105 874 317
. 109 289 617
. 112 704 918
.1 1 6 120 219
.1 1 9 535 519
. 122 950 820
. 126 366 120
. 129 781 421
.13 3 196 721
. 136 612 022
. 140 027 322
. 143 442 623
. 146 857 923
. 150 273 224
. 153 688 525
. 157 103 825
. 160 519 126
. 163 934 426
$0. 003 434 066
.0 0 6 868 132
. 010 302 198
. 013 736 264
.0 1 7 170 330
. 020 604 396
. 024 038 462
.0 2 7 472 527
. 030 906 593
. 034 340 659
. 037 774 725
.041 208 791
.0 4 4 642 857
. 048 076 923
. 051 510 989
. 054 945 055
.0 5 8 379 121
.06 1 813 187
.0 6 5 247 253
. 068 681 319
.0 7 2 115 385
. 075 549 451
.0 7 8 983 516
. 082 417 582
.08 5 851 648
. 089 285 714
.0 9 2 719 780
.0 9 6 153 846
.0 9 9 587 912
. 103 021 978
. 106 456 044
. 109 890 110
. 113 324 176
. 116 758 242
.1 2 0 192 308
. 123 626 374
. 127 060 440
. 130 494 505
. 133 928 571
. 137 362 637
. 140 796 703
. 144 230 769
. 147 664 835
.151 098 901
. 154 532 967
. 157 967 033
.161 401 099
. 164 835 165
Half-year of 181 days
Regular year
March
M ay
July
August
Percent
%________________
% k
L _______ ________________
%--------------------------------------%_________________________
%_________________________
1__________________________
1 %________________________
l'A—
1% _
v/2________________________
l %------------------------------------i% ---------------------------------------------i %---------------------------------------------2__.
2 / ________________________
2%________________________
2 % _______________________
2 % _______ _______________
23 ________________________
/
2%_______________ ____ _____
3 _ _______
_______
3% .
3J4_______________ __________3% ______________________________
3V
£
354________________________
3% . . . - _________ __________
37s________________________
/
4.
. _________________________
4/s__________ _ . . .
4/
4%------------------------------------4 y2________________________
4 % _________
_
4% „
4Ji............ ...............................
5
5'/s . .
5’/
4____ ____ __ ___________
5%_______
________
___________
5Vi_______ .
5%________________ ________
5%____ __
_
______
5Ji________________________
6 __________________________
$0. 003 306 739
. 006 793 478
. 010 190 217
.0 1 3 586 957
.0 1 6 983 696
. 020 380 435
. 023 777 174
.0 2 7 173 913
. 030 570 652
.0 3 3 967 391
. 037 364 130
.0 4 0 760 870
. 044 157 609
.0 4 7 554 348
. 050 951 087
. 054 347 826
. 057 744 565
. 061 141 304
. 064 538 043
. 067 934 783
.071 331 522
. 074 728 261
. 078 125 000
.08 1 521 739
. 084 918 478
.0 8 8 315 217
.091 711 957
.0 9 5 108 696
.0 9 8 505 435
.10 1 902 174
. 105 298 913
. 108 695 652
.1 1 2 092 391
.1 1 5 489 130
.1 1 8 885 870
. 122 282 609
. 125 679 348
. 129 076 087
. 132 472 826
. 135 869 565
. 139 266 304
.1 4 2 663 043
. 146 059 783
. 149 456 522
. 152 853 261
. 156 250 000
. 159 646 739
. 163 043 478
$0. 003
. 006
. 010
. 013
.01 7
. 020
. 024
.02 7
. 031
. 034
. 037
.041
. 044
. 048
. 051
. 055
.0 5 8
. 062
. 065
. 069
.0 7 2
.0 7 5
. 079
.0 8 2
. 086
.0 8 9
. 093
. 096
. 100
. 103
. 107
. 110
. 113
. 117
. 120
. 124
. 127
. 131
. 134
. 138
. 141
. 145
. 148
. 151
. 155
. 158
. 162
. 165
453
906
359
812
265
718
171
624
077
530
983
436
889
342
795
248
701
154
607
060
513
966
419
872
325
779
232
685
138
591
044
497
950
403
856
309
762
215
668
121
574
027
480
933
386
839
292
745
O9
r?
077
116
155
193
232
271
309
348
387
425
464
503
541
580
619
657
696
735
773
812
851
890
928
967
006
044
083
122
160
199
238
276
315
354
392
431
470
508
547
586
624
663
702
740
779
818
856
32
T a r le I I I .—D ecim al fo r 1 day's interest on $1,000 at various
rates o f interest, payable annually or on an annual basis, in
regular years o f 365 days and in leap years o f 366 days
Rate per annum
Regular year, 365 days
Leap year, 366days
Percent
%---------------------------------------Vt---------- -----------------------------%__________________________
% ---------------------------------------1___________________________
iy s----------------- ---------- ---------l %__________ _______________
1%---------- -------- ------------------m _________________________
P/s_________________________
1 % .--------------- -------- -----------17s................................. .......... 2__.............................................
2i/s----------------- ----------------- 2!4_________________________
2/8--------------------------------- —
2 ! 2_________________________
2 % . . ...................... ...................
2>A------------------------------------2 %................ - ............ - ..........
3___________________________
3J4------------- ------------ -----------354............ .................................
3% -------------------------------------31*.............. — .........................
3% -------------------------------------3?4______ _____ ____________
378- — .................... ................
4 ___________________________
4>/8_______ _____ ___________
4'4............................. ............ ..
4/3------------------------------------ 4H ___________ __________ _
4r£............ ................ .................
;
43/4--------------------------------5 ___________________________
5 /i-------------------------------------5 y4____________ ________—
5% ------------------------------------ 5 ^ _____________ ___________
5% ..............................................
5 %_________________________
57s-_____ __________________
G___________________________
$0. 003
. 006
.0 1 0
.0 1 3
.0 1 7
. 020
.0 2 3
. 027
. 030
.0 3 4
. 037
. 041
. 044
. 047
. 051
. 054
. 058
.06 1
. 065
. 068
. 071
. 075
. 078
.08 2
. 085
.0 8 9
. 092
.0 9 5
. 099
. 102
. 106
. 109
. 113
.1 1 6
. 119
. 123
.1 2 6
. 130
.1 3 3
.1 3 6
. 140
. 143
.1 4 7
. 150
. 154
. 157
. 160
. 164
424
849
273
698
123
547
972
397
821
246
671
095
520
945
369
794
219
643
068
493
917
342
707
191
616
041
465
890
315
739
164
589
013
438
863
287
712
136
501
986
410
835
260
684
109
534
958
383
G58
315
973
630
288
945
603
260
918
575
233
890
548
205
863
521
178
836
493
151
808
466
123
781
438
096
753
411
068
726
384
041
699
356
014
671
329
980
644
301
959
616
274
932
589
247
904
562
$0. 003
. 006
. 010
.0 1 3
.017
. 020
.023
.0 2 7
.0 3 0
.0 3 4
.0 3 7
.0 4 0
.0 4 4
.0 4 7
.05 1
.0 5 4
.0 5 8
.06 1
.0 6 4
.0 6 8
.071
.0 7 5
.0 7 8
.08 1
. 085
. 088
.09 2
.0 9 5
. 099
. 102
. 105
. 109
.1 1 2
.1 1 6
. 119
.1 2 2
.1 2 6
.1 2 9
.13 3
»136
.1 4 0
.14 3
.1 4 6
.1 5 0
. 153
. 157
. 160
.1 0 3
415
830
245
661
076
491
907
322
737
153
568
983
398
814
229
644
060
475
890
306
721
136
551
967
382
797
213
628
043
459
874
289
704
120
535
950
366
781
196
612
027
442
857
273
688
103
519
934
301
601
902
202
503
803
104
404
705
005
306
607
907
208
508
809
109
410
710
O il
311
612
913
213
514
814
115
415
716
016
317
617
918
219
519
820
120
421
721
022
322
623
923
224
525
825
120
420
U . S. G O V E R N M E N T P R IN T IN G O F F I C E : 1355
@FedFRASER