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F E D E R A L R E S E R V E BA N K
O F NEW YO R K
Fiscal A gen t o f the U nited States
r Circular No. 5 8 3 6 ~l
L
July 20, 1966
J
REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS
First Amendment to Treasury Department Circular No. 530
To Issuing and Paying Agen ts for Series E Savings Bonds
in the Second Federal Reserve D istrict:
Enclosed is a copy of the First Amendment, dated May 24, 1966, to Treasury Department C ir
cular No. 530, Ninth Revision, “ Regulations Governing United States Savings Bonds.” The
amendment makes editorial changes and other changes in the circular, some of which were occa
sioned by the increases in the animal limitations on holdings and the investment yields of Series E
and H savings bonds, and the shortened term to maturity of Series E bonds.
Noted below is a summary of the major changes:
Sec. 315.6. Paragraphs (b ) and (c ) show the conditions under which minors and incompetents fo r
whose estates guardians or similar representatives have been appointed may be named as coowners or bene
ficiaries.
Sec. 315.7. Paragraph (b ) includes examples o f registrations fo r the changes referred to above. Para
graph ( f ) (form erly ( c ) ) no longer implies that a completed g ift is effected upon registering a bond on
which the Treasurer of the United States is designated as coowner or beneficiary. The prohibition against
reissue of a bond so registered, form erly in paragraph ( c ) , now appears in Sections 3 1 5 .6 1 (a )(3 ) and
315.66(e).
Sec. 315.10. Paragraph (a ) reflects the increase in the annual lim itation fo r holdings of Series E
bonds fo r the calendar year 1966 and thereafter from $10,000 to $20,000. Paragraph (b ) reflects the
increase in the limitation fo r Series H bonds from $20,000 to $30,000, and the addition o f a new category
for a special limitation o f $200,000 for gifts o f Series II bonds to exempt organizations under the terms of
Section 5 0 1 (c )( 3 ) of the Internal Revenue Code o f 1954.
Sec. 315.42. Paragraph (b ) adds authorized officers of Federal savings and loan associations and other
member organizations o f the Federal Home Loan Bank System to the list o f those who may act as certify
ing officers.
Sec. 315.50 provides that p roof o f qualification of a representative o f the estate o f a minor, incom pe
tent, etc., must be dated not more than one year prior to presentation o f a bond for payment, if the bond is
not registered to show the name of the representative.
Sec. 315.56. Paragraph (d ) provides that the owner of a bond may obtain reissue in the name of the
trustee of a personal trust estate created by another person if the owner is a beneficiary o f the trust.
Sec. 315.61. Subparagraph (a ) (2 ) now makes it clear that in order fo r coowners of a bond to obtain
reissue in the name of a third person related (as specified in subparagraph (a ) ( 2 ) ) to either coowner, or
in the name of a trustee of a personal trust estate, the coowners must be related to each other. Subpara
graph (a) (2 ) (iii) provides that related coowners o f a bond may obtain reissue in the name o f the trustee
of a personal trust estate created by another person if a coowner is a beneficiary o f the trust.
Sec. 315.66 (form erly paragraph (b ) o f Sec. 315.65). Paragraph (d ) provides that the owner o f a
bond, with the consent of the beneficiary named on the bond or with p ro o f o f the beneficiary’s death, may
obtain reissue in the name o f the trustee of a personal trust estate created by a person other than the owner
if the owner is a beneficiary o f the trust.
Additional copies of the enclosure will be furnished upon request.
A
lfred
H
a y e s
,
President .
REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS
T reasury
D epartm ent
W ash in gton , M a y 21^ 1966.
1966
First Amendment to
Department Circular No. 530,
Ninth Revision, dated
December 23, 1964
Fiscal Service
Bureau of the Public Debt
D epartm ent C ircular No. 530, N inth R evision
(31 C F R Part 3 15 ), dated D ecem ber 23, 1964, is
hereby revised and amended as fo llo w s :
Sec. 315.6. R estriction s on registration .— * * *
(b ) M in o r ity }
(1 ) B on ds purchased b y another person with
fun ds belon gin g to a m inor must be registered in
the name o f the m inor without a coow ner or bene
ficiary. B onds purchased b y a representative o f a
m in or’s estate must be registered in the name o f
the m inor and include in the registration an a p
prop riate reference to the guardianship estate.
B on ds purchased by a representative o f the estates
o f tw o or m ore m inors, even though appointed in a
single proceeding, must be registered in the name
o f each m inor separately, w ith appropriate refer
ence to his guardianship estate.
(2 ) B onds purchased w ith funds not b elon gin g
to a m inor m ay be registered to name the m inor as
owner, coow ner or beneficiary, and in this case, the
registration must include an appropriate refer
ence to the guardianship estate, if the m in or’s es
tate is under legal guardianship.
(3 ) B on ds purchased as a g ift to a m inor under
a g ifts to m inors statute in effect in the State in
w hich either the d on or or the m inor resides may
be registered as p rovided in the applicable statute,
w ith a parenthetical reference to the statute i f it is
not clearly identified by the registration. A c o
ow ner or beneficiary m ay not be named.
(4 ) R egistration o f bonds in the name o f a
natural guardian fo r a m inor is not authorized.
(5 ) A m inor m ay name a coow ner or beneficiary
on bonds he purchases with his wages, earnings, or
other funds belon gin g to him and under his
control.
(c ) In co m p eten cy } — B onds may be purchased
with funds belon ging to the estate o f an incom pe
tent fo r whom a guardian or sim ilar representative
1 See examples o f form s o f registration under Sec. 31 5.7(b ) (2 ).
219-106— 66
has been appointed.2 T h e registration must in
clude appropriate reference to such guardianship
or sim ilar fiduciary estate. B on ds purchased w ith
fun ds not b elon gin g to the incom petent m ay be
registered to name the incom petent as owner (w ith
or w ithout a ben eficiary), as coow n er o r as bene
ficiary, with appropriate reference to the gu a rd
ianship or sim ilar fiduciary estate.
Sec. 315.7. A u th o rized fo rm s o f registra tion .—
*
*
*
(b )
F iduciaries ( including legal guardians or
sim ilar represen ta tives, certain custodians, ex ecu
tors, adm inistrators and, tru stees).
(1 ) G en eral.— A bond m ay be registered in the
name o f any person or persons or any organ iza
tion, p u b lic or private, actin g as fiduciary o f a
single d u ly constituted fiduciary estate, but not
where the fiduciary w ould h old the b on d m erely
or p rin cip a lly as security fo r the perform an ce o f
a duty, obligation or service. A coow ner or bene
ficiary m ay not be named in the registration except
under the applicable provisions o f Sec. 315.6 (b )
and ( c ) . A com m on trust fu n d established and
maintained accordin g to law b y a financial institu
tion duly authorized to act as a fiduciary w ill be
considered as a single duly constituted fiduciary
estate w ithin the m eaning o f these regulations.
R egistration must con form to a form authorized
b y this paragraph.
(2 ) Guardians, conservators, sim ilar rep resen t
atives., certain custodians.— A bon d m ay be reg
istered in the name and title or capacity o f the
legally appointed, designated o r authorized repre
sentative o f the estate o f a m inor, incom petent,
aged person, absentee, etc., or in the name o f such
individual, fo llo w e d by an a ppropriate reference
to the estate and show ing the nature o f the d is
ability or referrin g to the applicable statute. A
coow ner or beneficiary m ay be named on ly in ac
cordance w ith the applicable provisions o f Sec.
315.6 (b ) and ( c ) . E xa m p les:
Tenth N ational B ank, guardian (o r conservator,
trustee, etc.) o f the estate o f G eorge M . B row n
123-45-6789, a m inor (o r an incom petent,
aged person, infirm person, or absentee).
2 Bonds should not be registered in the name o f an incom
petent unless there is a representative fo r his estate, except as
provided in Sec. 315.53.
2
G eorge M . B row n 123-45-6789, a m inor (o r an
incom petent, aged person, infirm person, or
absentee) under legal guardianship (o r con
servatorship or trusteeship, etc.) o f Jam es F .
Jones.
Joh n R . Sm ith 1 23 ^ 5-67 89 , an adult under con
servatorship o f H en ry C. Sm ith pursuant to
Sec. 572, 1963 Iow a P robate Code.
James F . B row n 123-45-6789, a m inor (o r an
incom petent) under custodianship b y desig
nation o f the Veterans A dm inistration.
F ran k M . Olsen 123^i5-6789, an incom petent
fo r whom E r ic A . Olsen has been designated
trustee b y the D epartm ent o f the A rm y p u r
suant to 37 U .S .C . 351-354.
A rn o ld A . Am es, as custodian fo r B arry B.
B ryan 123-45-6789, under the C aliforn ia
U n iform G ifts o f Securities to M inors A ct.
A rn old A . A m es, as custodian fo r B arry B.
B ry an 123-45-6789, a m inor, under the laws
o f G eorgia (C h . 4 8-3, C ode o f Ga. A n n .) .
R ich ard A . R oe 123^45-6789, a m inor (o r an in
capacitated adult) beneficiary fo r whom R eva
L . R oe has been designated representative
payee by the Secretary o f H ealth, E ducation ,
and W elfa re, pursuant to 42 U .S.C . 405 ( j ) Tenth N ational B ank, guardian o f the estate o f
G eorge M. B row n, a m inor or H enry L. Green
123 ^ 5-67 89 .
H enry L . Green 123-45-6789 P .O .D . G eorge M .
B row n , a m inor under legal guardianship o f
Tenth N ational Bank.
(3 )
E xecu tors and adm inistrators.— A bond
may be registered in the name o f the representa
tive or representatives appointed by a court or
otherwise legally qualified to act f o r the estate o f
a decedent, or in the name o f an executor author
ized to adm inister a trust under the terms o f a
w ill although he is not named as trustee. T h e
names and capacities o f all the representatives, as
shown in their letters o f appointm ent, must be in
cluded in the registration and be follow ed b y an
adequate id en tify in g reference to the estate.
E x a m p le s :
Joh n H . Sm ith and C alvin N. Jones, executors
o f the will (o r adm inistrators o f the estate) o f
R obert J. Sm ith, deceased 12-3456789.
J oh n H . Sm ith, executor o f the w ill o f R obert J.
Sm ith, deceased, in trust fo r Mrs. Jane L.
Sm ith, with rem ainder over 12-3456789.
(4 ) Trustees or life tenants under w ills, deeds
o f tru st, agreem ents or sim ilar instrum ents.— A
bond m ay be registered in the name and title o f
the trustee (o r trustees) o f a duly constituted trust
estate, or in the name o f a life tenant, fo llo w e d
b y an adequate id e n tify in g reference to the au
th ority govern in g the trust or life tenancy.
E x a m p le s :
Thom as J. W h ite and Tenth N ational B ank,
trustees under the w ill o f R obert J. S m ith,
deceased 12-3456789.
Mrs. Jane M . Sm ith, life tenant under the w ill
o f R obert J. Sm ith, deceased 12-3456789.
T enth N ational Bank, trustee under agreement
w ith Paul E. W h ite, dated 2 /1 /5 5 12-3456789.
C arl A . B la ck and H en ry B. Green, trustees
under agreement w ith Paul E . W h ite, dated
2 /1 /5 5 12-3456789.
I f the trust instrument designates b y title on ly
an officer o f a board or an organization as trustee,
on ly the title o f the officer should be used.
E x a m p le :
Chairm an, B oard o f Trustees, F irst Church o f
Christ, Scientist, o f C hicago, 111., in trust
under the w ill o f R obert J. 'Smith, deceased
12-3456789.
T h e names o f all trustees, in the form used in the
trust instrument, must be included in the regis
tration, except as fo llo w s :
( i) I f there are several trustees designated as
a board or authorized to act as a unit, their names
may be om itted and the w ords “ B oard o f Trustees”
substituted fo r the w ord “ trustees.” E x a m p le :
B oard o f Trustees o f the Im m ediate R e lie f
Trust o f the Federal A id A ssociation , under
trust, indenture dated 2 /1 /5 5 12-3456789.
(ii) I f the trustees d o not constitute a board
and are not authorized to act as a unit, and are
too numerous to be designated in the registration
by names and title, some or all o f the names m ay
be omitted. E x a m p le s:
Joh n A . Sm ith, H en ry B . Jones, et al., trustees
under the will o f E dw in O. M ann, deceased
12-3456789.
Trustees under the w ill o f E dw in A . M ann, de
ceased 12-3456789.
(5 ) P ension, retirem en t or sim ilar fu n d s, or
eligible em p loyees’ savings or sawings and vaca
tion plans.— A bond m ay be registered in the nam e
and title, or title alone, o f the trustee o r trustees o f
3
a pension, retirement or similar fund, or an eligi
ble employees’ savings or savings and vacation
plan. I f the instrument creating the trust pro
vides that the trustees shall serve for a limited
term, their names may be omitted. Examples:
Tenth National Bank, trustee of pension fund
of Safety Manufacturing Co., U /A with said
company dated March 31, 1949 12-3456789.
Trustees of Retirement Fund of Safety Manu
facturing Co., under directors’ resolution
adopted 3/31/49 12-3456789.
County Trust Company, trustee of the Em
ployees’ Savings Plan of Jones Co., Inc., U /A
dated 1/17/59 12-3456789.
Trustees of the Employees’ Savings Plan of
Brown Bros., Inc., IT/A dated January 20,
1964 12-3456789.
(6) Fimds o f lodges, churches, societies, or sim
ilar organizations.—A bond may be registered in
the titles o f the trustees, or a board of trustees,
holding funds in trust for a lodge, church, society,
or similar organization, whether or not incorpo
rated. Examples:
Trustees o f the First Baptist Church, Akron,
Ohio, acting as a Board under Sec. 15 o f its
by-laws 12-3456789.
Trustees o f Jamestown Lodge No. 1,000, Benev
olent and Protective Order o f Elks, under
Sec. 10 of its by-laws 12-3456789.
Board of Trustees of the Lotus Club, Washing
ton, Ind., under Art. 10 o f its constitution
12-3456789.
(7) Investment agents for religious, educa
tional., charitable or nonprofit wganizations.—A
bond may be registered in the name of a bank,
trust company, or other financial institution, or an
individual, as agent under an agreement with a
religious, educational, charitable, or nonprofit or
ganization, whether or not incorporated, if the
agent holds funds for the sole purpose of investing
and reinvesting them and paying the income to the
organization. The name and designation of the
agent must be followed by an adequate identifying
reference to the agreement. Examples:
Tenth National Bank, fiscal agent 12-3456789,
under agreement with The Evangelical Lu
theran Church o f the Holy Trinity, dated
12/28/49.
Sixth Trust, Co., investment agent 12-3456789,
U /A dated September 16, 1962, with Central
City Post, Department of Illinois, American
Legion.
John Jones, investment agent 12-3456789, U /A
dated 9/16/62, with Central City Post, Dept,
o f 111., American Legion.
(8) Funds of school groups or activities.—A
bond may be registered in the title of the principal
or other officer of a public, private, or parochial
school holding funds in trust for a student body
fund or for a class, group, or activity. I f the
amount purchased for any one fund does not ex
ceed $500 (face value), no reference need be made
to a trust instrument. Examples :
Principal, Western High School, in trust for
Class o f 1955 Library Fund 12-3456789.
Director o f Athletics, Western High School, in
trust for Student Activities Association, un
der resolution adopted 5/12/55 12-3456789.
(9) Public corporations, bodies, or officers as
trustees.—A bond may be registered in the name
of a public corporation or a public body, or in the
title of a public officer, acting as trustee under
express authority o f law, followed by an appro
priate reference to the statute creating the trust.
Examples:
Rhode Island Sinking Fund Commission,
trustee of the General Sinking Fund, under
Ch. 35, Gen. Laws of R.I.
Superintendent of the Confederate Home for
Men, in trust for the Benefit Fund under sec
tion 3183, Vernon’s Civil Stats, of Texas
Annot.
(c) Private organizations {corporations, asso
ciations, partnerships).— (1) General.—A bond
may be registered in the name of any private orga
nization in its own right, except that o f a commer
cial bank, which is defined for this purpose as one
accepting demand deposits. The full legal name
of the organization, as set forth in its charter,
articles of incorporation, constitution, partner
ship agreement or other authority from which
its powers are derived, must be included in the
registration and may be followed, if desired, by
a parenthetical reference to a particular account,
other than a trust account, in accordance with the
rules and examples authorized by this paragraph.
(2) Corporations.—A bond may be registered
in the name of a business, fraternal, religious, or
other private corporation. The words “ a corpora
tion” must be included in the registration unless
4
the fa ct o f incorporation is shown in the name.
E x a m p le s :
Sm ith M a n ufactu rin g Co., a corporation
12-3456789.
Green & R edd, Inc., 12-3456789 (D epreciation
A c c t.).
(3 ) U nin corporated
associations.— A
bond
m ay be registered in the name o f a club, lodge,
society, or sim ilar self-governin g association
w hich is not incorporated. T h e w ord s “ an unin
corporated association” must be included in t'he
registration. T h is form o f registration must not
be used fo r a trust fu n d , a board o f trustees, a
partnership, a business conducted under a trade
name or a sole proprietorship. I f the association
is chartered b y or affiliated w ith a parent organ i
zation, the name or designation o f the subordinate
or local organization must be given first, follow ed
by the name o f the parent organization. The
name o f the parent organization m ay be placed
in parentheses and, i f well know n, m ay be ab
breviated. E x a m p le s:
T h e Lotus C lub, an u nincorporated association
12-3456789.
L ocal 447, B roth erh ood o f R ailroad Trainm en,
an unincorporated association 12-3456789.
E ureka L od g e No. 317 (A .F . & A .M .), an unin
corporated association 12-3456789.
(e ) S ta tes, p ublic bodies and corporation s and
p ublic officers.— A bond m ay be registered in the
name o f a State, county, city, tow n, village, school
district or other p olitical entity, p u b lic body or
corp oration established b y law (in clu d in g a board,
com m ission, adm inistration, authority or agency)
w hich is the ow ner o r official custodian o f public
funds, o th er than trust fu n d s, or in the fu ll legal
title o f the p u blic officer h avin g custody o f the
funds. E x a m p le s :
State o f Maine.
T ow n o f R ye, N .Y .
(S treet Im provem ent
F u n d ).
M arylan d State H ig h w a y Com mission.
Treasurer, C ity o f Chicago.
( f ) Treasurer o f the U nited S tates as coow ner
o r beneficiary.— A person w ho desires to have a
bond becom e the p rop erty o f the U nited States
upon his death m ay designate the Treasurer o f
the U nited States as coow ner or beneficiary.
E xam ples :
G eorge T . Jones 123-45-6789 o r the Treasurer
o f the U n ited States o f A m erica.
G eorge T . Jones 123-45-6789 P .O .D . the Treas
urer o f the U nited States o f A m erica.
Sec. 315.10. A m ou n t w h ich m a y be held.—
*
*
*
(a ) Series E .— $5,000 (fa ce value) fo r each cal
endar year up to and in clu d in g the calendar year
(4 ) P artnerships.— A bond m ay be registered
1947; $10,000 (fa ce value) fo r the calendar years
in the name o f a partnership, w hich w ill be con
1948 to 1951, inclusive; $20,000 (fa ce value) fo r
sidered as an entity. T h e w ords “ a partnership”
the calendar years 1952 to 1956, in clu siv e; $10,000
must be included in the registration. E xa m p les:
(fa ce value) fo r the calendar years 1957 3 to 1965,
Sm ith & B row n , a partnership 12-3456789.
inclusive; $20,000 (fa ce value) fo r the calendar
A cm e N ovelty Co., a partnership 12-3456789.
year 1966 and each calendar year th ereafter; e x
(d )
In stitu tion s ( churches, hospitals, hom es,
cept that trustees o f an em ployees’ savings plan
sch ools, e tc .).— A bond m ay be registered in the
(as defined in D epartm ent C ircu lar No. 653, cu r
name o f a church, hospital, home, school, or sim i
rent revision, 31 C F R P a rt 316) and trustees o f an
lar institution conducted by a private organization
eligible savings and vacation plan m ay purchase
or b y private trustees, regardless o f the m anner
$2,000 (fa ce value) m ultiplied by the highest num
in w hich it is organized o r governed or title to
ber o f em ployees p articip atin g in the plan at any
its p rop erty is held. D escriptive w ords such as
tim e du rin g the calendar year in which the bonds
“ a corp ora tion ” or “ an unincorporated associa
are issued.
tion ” must not be included in the registration.
(b ) S eries H .
E x a m p le s :
(1 )
G eneral lim itation.— $20,000 (fa ce value)
Shriners’ H osp ital fo r C rip p led C hildren, St.
fo r each calendar year up to and inclu din g the cal
L ou is, M o. 12-3456789.
endar year 1956; $10,000 (fa c e value) fo r the cal
St. M a ry ’s R om an C ath olic C hurch, A lb an y,
endar years 1957 3 to 1961, inclusive; $20,000 (fa ce
N .Y . 12-3456789.
value) fo r the calendar years 1962 to 1965, incluR od ep h Shalom S unday School, Philadelphia,
3 See footnote 5, Department Circular No. 530, Ninth Revision
Pa. 12-3456789.
(31 CFR P art 31 5).
5
sive; $30,000 (fa ce value) fo r the calendar year
1966 and each calendar year thereafter.
(2 ) Sp ecial lim itation.— $200,000 (fa ce value)
fo r the calendar year 1966 and each calendar year
thereafter fo r bonds received as g ifts by an org a
nization w hich at the tim e o f purchase was an
exem pt organization under the terms o f 26 C F R
1.501(c) ( 3 ) - l .
Sec. 315.11. C om putation o f am ount.— * * *
(b ) B onds that m ust be included in com puta
tion.— * * *
(3 ) A ll bonds origin ally registered in the name
o f that person as ow ner or reissued at the request o f
the origin al ow ner to add the name o f that person
as coow ner or to designate him as coow ner instead
o f as beneficiary. H ow ever, the amount o f bonds
o f Series E and H held in coow nership form may
be applied to the h oldings o f either o f the c o
owners or apportioned between them.
(c ) B onds that m ay be exclud ed fro m com puta
tion .— * * *
(3 )
B onds to w hich he has becom e entitled
under Sec. 315.67 as su rvivin g beneficiary upon
the death o f the registered owner, as an heir or
legatee o f the deceased owner, or by virtue o f the
term ination o f a trust or the happening o f any
other event;
*
*
*
*
*
and C urrency B ranch, has been changed b y m ar
(6 )
B onds o f Series E or H reissued under Sec.
3 1 5 .6 1 (a );
5fc
Jfe
H*
g
sfc
(9 )
B on ds o f Series H issued in exchange fo r
bonds o f Series E , F , or J under the provisions
o f D epartm ent C ircular No. 1036 (31 C F R 339)
as in effect at the tim e o f the exchange.
Sec. 315.36. B e fo r e m a tu rity.— * * *
(e )
W ith d raw al o f request f o r redem ption.—•
A n owner or a coow ner w ho has presented and
surrendered a bond to the Treasury Departm ent
or a Federal Reserve B ank or B ranch or to an
authorized payin g agent, with an appropriate re
quest fo r paym ent, may w ithdraw such request
if notice o f intent to w ithdraw is given to and
received by the same agency to which the b on d was
presented fo r paym ent p rior to the issuance o f a
check in payment or p rior to payment by the au
thorized p ayin g agent. Such request m ay be w ith
draw n under the same conditions by the executor
or adm inistrator o f the estate o f a deceased owner,
or by the person or persons w ho w ould have been
entitled to the bond under Su bpart O , or by the
legal representative o f the estate o f a person under
legal disability, unless presentation and surrender
o f the bond have cut off rights o f survivorship
under the provisions o f S u bpart M or Su bpart N.
Sec. 315.38. R equests f o r p a ym en t.— * * *
(c)
Id en tification and signature.— Unless the
bond is presented under provisions o f paragraph
(a ) o f this section or paragraph (b ) o f Sec. 315.39,
the ow ner or a coow ner whose name is inscribed on
the bond, or other person entitled to paym ent
under the provisions o f these regulations, must
appear b efore and establish his identity to an offi
cer authorized to ce rtify requests fo r paym ent (see
Subpart I ) , and in the presence o f such officer sign
the request fo r paym ent in ink, add in g in the space
p rovid ed the address to w hich the check issued in
paym ent is to be mailed. A signature by m ark
( X ) must be witnessed by at least one disinter
ested person in addition to the ce rtify in g officer
and must be attested by endorsement in the blank
space, substantially as f o llo w s : “ W itness to above
signature by m ark,” fo llow ed b y the signature and
address o f the witness. I f the name o f the owner,
coow ner or other person entitled to paym ent as it
appears in the registration or in evidence on file in
the Bureau o f the P u b lic D ebt, D ivision o f Loans
riage or in any other legal manner, the signature
to the request fo r paym ent must show both names
and the m anner in w hich the change was made, fo r
exam ple, “ Mrs. M ary T . Jones Sm ith (M rs. M ary
T . J. Sm ith or Mrs. M ary T . S m ith ) changed by
m arriage fro m M iss M ary T . Jones,” or “ J oh n R .
Y o u n g , changed b y order o f court from H ans R.
J u n g .” (S ee Sec. 315.49.) N o request signed in
beh alf o f the owner, a coow ner or person entitled
to paym ent by an agent or a person acting under
a pow er o f attorney w ill be recognized b y the
Treasury Departm ent, except when the bond has
been pledged in lieu o f surety under Departm ent
C ircu lar N o. 154, current revision (31 C F R , Part
2 2 5 ), as p rovid ed in Sec. 315.16.
Sec. 315.42. Person s w ho m ay c e r tify .— * * *
(b )
A t banks, trust com panies and m em ber or-
ganizations o f the F ed eral H o m e L oa n B an k /Sys
tem.— A n y officer o f any bank or trust com pany
incorporated in the U nited States, its territories or
possessions, or the C om m onw ealth o f P uerto R ico,
6
any Federal Savings and L oan A ssociation or
other organization w hich is a member o f the F e d
eral H om e Loan B ank System , or a dom estic or
foreig n branch o f any such in stitu tion ; any officer
o f a Federal Reserve B ank, Federal L a n d Bank,
or Federal H om e L oan B a n k ; any em ployee o f
any such institution expressly authorized by it fo r
that purpose, who must sign over the title “ D e sig
nated E m p loyee” ; and Federal Reserve A gen ts
and Assistant A gen ts located at the several F e d
eral Reserve Banks. C ertifications b y any o f these
officers or designated em ployees must be authenti
cated b y either a legible im pression o f the co rp o
rate seal o f the institution or, in the case o f org a n i
zations w hich are authorized issuing agents fo r
bonds o f Series E , by a legible im prin t o f the is
suing agent’s dating stamp.
*
*
*
*
*
Sec. 315.50. P a ym en t to rep resen ta tive o f es
tate.— (a ) I f a bon d is registered to show the
owner or a coow ner is a m inor, an incom petent,
aged person, absentee, etc., and shows the name o f
the representative o f his estate, the representative
m ay obtain paym ent o f the b on d w ithout sub
m itting evidence o f his representative capacity.
I f the representative’s name is not shown, a cer
tificate, or a certified cop y o f the letters o f ap p oin t
ment, from the court m aking the appointm ent,
under court seal, or other p r o o f o f qualification
i f not appointed by a court, must be submitted.
E xcep t in the case o f corporate fiduciaries, such
evidence must show that the appointm ent is in fu ll
force and be dated not m ore than one year p rior
to presentation o f the bond fo r paym ent. A fte r
the death o f a m inor, an incom petent, aged person,
absentee, etc., the representative o f the estate at
any time p rior to his discharge w ill be entitled
to obtain paym ent o f a bond to w hich the ward
was solely entitled. T h e request fo r paym ent a p
pearing on the back o f a bond must be signed b y
the representative as such, fo r exam ple, “ J oh n S.
Jones, guardian (com m ittee) o f the estate o f
H en ry W . Sm ith, a m inor (an in com p eten t).”
(b )
I f the form o f registration does not in d i
cate there is a representative o f the estate o f a
m inor ow ner or coow ner, a notice that there is such
a representative w ill not be accepted fo r the p u r
pose o f preventing paym ent to the m inor o r to a
parent or other person on b eh a lf o f the m inor, as
provided in Secs. 315.51 and 315.52.
Sec. 315.56. R eissue f o r
*
*
certain purposes.—
*
( c ) C ertain d egrees o f relationship.— T o name
as registered ow ner a person related to the owner
as set forth in Sec. 315.61 (a ) ( 2 ) , with a beneficiary
or coow ner, i f so desired. (F o rm P D 3360 m ay
be used.)
(d ) Trustees.— T o name the trustee o f (1 ) a
personal trust estate created by the owner, or (2 )
a personal trust estate created by other than the
owner p rovided ( i) the ow ner is a beneficiary o f
the trust, or (ii) a beneficiary o f the trust and the
owner are related as set forth in Sec. 315.61 (a ) (2 ).
(F o rm P D 1851 m ay be used.)
Sec. 315.61. R eissue during the lives o f both
coo'wners.—
(a )
General.— A bond registered in coow n er
ship form m ay be reissued upon its presentation
and surrender durin g the lifetim e and com petency
o f both coow ners, upon the request o f both, under
the fo llo w in g con d ition s:
(1 ) M a rriage, d ivorce, or annulm ent o f m ar
riage.— I f one o f the coow ners marries, or i f they
are d ivorced or legally separated fro m each other,
or their m arriage to each other is annulled after
issue o f the bond, the bond m ay be reissued in the
name o f either coow ner alone, or w ith a new c o
owner or beneficiary.
(2 ) R ela ted coow ners.— I f the coow ners are re
lated as: husband, w ife ; parent, child (in clu din g
s te p c h ild ); brother, sister (in clu din g the h alf
blood, stepbrother, stepsister, or brother or sister
through a d o p tio n ); grandparent, gra n d ch ild ;
great grandparent, great g ra n d ch ild ; uncle, aunt,
nephew, niece (in clu din g a ch ild o f a brother or
sister o f the present spouse) ; granduncle, grandaunt, grandnephew , gran dn iece; father-in-law ,
m other-in-law ,
son-in-law ,
daugh ter-in -law ;
brother-in-law , sister-in-law — the bond may be
issued in the name o f :
( i) E ith er coow n er alone, or with a new co
ow ner or ben eficiary;
(ii) A th ird person related to either coow ner in
any o f the fo re g o in g degrees o f relationship, with
a coow ner or beneficiary if so d esired ;
(F o rm P D 1938 m ay be used fo r any o f the above
classes.) or
(iii) T h e trustee o f (a ) a personal trust estate
created by either o f them, or (b ) a personal trust
estate created by some other person p rovid ed (1 )
7
either coow ner is a beneficiary o f the trust, o r (2 )
a beneficiary o f the trust is related to either c o
ow ner in any o f the fo re g o in g degrees o f relation
ship. (F o rm P D 1851 m ay be used.)
(3 )
T h e provisions o f this section do n ot apply
to bonds on w hich the Treasurer o f the U nited
States is named as coow ner.
*
*
*
*
lated as set fo rth in Sec. 3 1 5 .6 1 (a )(2 ).
T h e request o f the ow ner must be sup
ported by the duly certified consent o f
the beneficiary, or by p r o o f o f his death.
*
Sec. 315.65. P a ym en t during the lifetim e o f the,
registered ow ner.— A savings bond registered in
beneficiary form , fo r exam ple, “ Joh n A . Jones
payable on death to Mrs. M ary C. Jones,” w ill be
paid to the registered ow ner durin g his lifetim e
upon his p rop erly executed request as though no
beneficiary had been nam ed in the registration.
The presentation and surrender o f the bond by the
registered ow ner fo r paym ent establishes his ex
clusive righ t to the proceeds o f the bond, and i f he
should die b efore the transaction is com pleted,
paym ent w ill be m ade to the legal representative
o f, or the persons entitled to, his estate upon receipt
o f p ro o f o f appointm ent and qualification o f the
representative or the identity o f the persons en
titled, in accordance w ith the provisions o f S u b
part O.
Sec. 315.66. Reissue during the lifetb n e o f the
registered ow ner.— A savings bond registered in
beneficiary form m ay be reissued upon its presen
tation and surrender durin g the lifetim e o f the
registered owner, upon his request, as fo llo w s :
(a ) T o name the beneficiary designated on
the bond as coow ner. (F orm P D 1787
may be used.)
(b ) T o elim inate his name as ow ner and to
name as ow ner a custodian fo r the bene
ficiary, i f a m inor, under a statute au
th orizin g g ifts to minors.
(F o rm P D
3360 m ay be used.)
(c ) T o eliminate the beneficiary, to substitute
another person as beneficiary, or to name
another person as coow ner. T he request
o f the owner must be supported by the
duly certified consent o f the beneficiary
to elim ination o f his name, or by p r o o f o f
his death. (F o rm P D 1787 m ay be used.)
(d ) T o eliminate his name as ow ner and to
name as ow ner the trustee o f (1 ) a p er
sonal trust estate created by the owner, or
(2 ) a personal trust estate created by
other than the ow ner i f ( i) the ow ner is
a beneficiary o f the trust, o r (ii) a benefi
ciary o f the trust and the ow ner are re
(F o rm P D 1851 m ay be used.)
(e ) T h e provisions o f this section d o not a p
p ly to bonds on w hich the Treasurer o f
the U nited States is named as beneficiary.
Sec. 315.67. A f t e r the death o f the registered
owner.— I f the registered ow ner dies w ithout the
bond h aving been presented and surrendered fo r
paym ent or authorized reissue and is survived by
the
beneficiary, upon
p roof
of
death
of
the
owner the beneficiary w ill be recognized as the
sole and absolute owner, and paym ent or reissue
w ill be made as though the bond were registered
in his name alone (see Su bpart L ) .
JOHN K. CARLOCK
F iscal A ssistan t S ecreta ry o f the Treasury.
F ootnotes 2 and 7 to 31 C F R
amended and revised, as fo llo w s :
P a rt 315 are
2 Taxpayer identifying numbers must be included in Series H
bond registrations, except fo r persons and organizations exempt
from furnishing such numbers under regulations o f the Internal
Revenue Service. Bonds inscribed in the name o f an individual,
with or w ithout a beneficiary, must show the individual’s social
security account number. The number o f either coow ner may be
shown on bonds registered in coownership form . However, if the
coowners are husband and wife, the husband’s number should be
shown. If the coowners are a minor and an adult, the adult’ s
number should be shown.
(See examples in Sec. 315.7.)
A t present it is not m andatory that taxpayer identifying num
bers be included in registrations o f Series E bonds. Issuing
agents fo r Series E bonds issued under any payroll savings plans
desiring to place the numbers on bonds should obtain instructions
from the Bureau of the Public Debt, W ashington, D.C. 20220.
7 Series E bonds issued on or before A pril 30, 1952, increased
in redemption value at the beginning o f the second year after
issue date and at the beginning of each successive half-year
period thereafter to original m aturity. Series E bonds issued
on and after May 1, 1952, and Series J bonds, the sale o f which
term inated on A pril 30, 1957, increased in redemption value at
the beginning o f each successive half-year period after issue date.
A t original m aturity the last increase in redem ption value of
Series E bonds issued on or after May 1, 1952, covers these
p eriod s: 2 months, from 9 % years through 9 years, 8 months,
fo r bonds issued before February 1, 1 9 57; 5 months, from 8%
years through 8 years, 11 months, fo r bonds issued on or after
February 1, 1957, but before June 1, 1 9 59; 3 months, from
7 % years through 7 years, 9 months, fo r bonds issued on and
after June 1, 1959, but before December 1, 1965 ; and 6 months,
from 6 y2 years through 7 years fo r bonds issued on and after
December 1, 1965.
Delete footn ote 10.
U .S. GOVERNMENT PRINTING O FFIC E: 19 6 6
O — 2 19 -10 6
@FedFRASER