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AT CIRCULAR NO.
FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
May 25, 1993
Proper Use of "Special Form of Assignment
for U.S. Registered
Definitive Securities" - PD F 1832
To All Depository Institutions
in the Second Federal Reserve District:
The Department of the Treasury ("Treasury") has
notified the Federal Reserve Banks that Form PD F 1832 "Special
Form of Assignment for U.S. Registered Definitive Securities"
continues to be misused and has requested that information
regarding its proper use and intended purpose be disseminated.
Form PD F 1832 is used primarily to certify assignment
of registered definitive Treasury securities.
It is
appropriately used only when authorized by the Bureau of the
Public Debt or a Federal Reserve Bank acting as Treasury's fiscal
agent, and generally only under the following circumstances:
-
to correct a defective assignment already made on
the back of a registered security,
to accommodate owners required to sign a large
number of securities, or
to obtain the assignment of two or more
geographically separated assignors.
Form PD F 1832 may also be used to certify assignment
of registered definitive Agency securities for those Agencies
that have adopted the General Regulations Governing U.S.
(over)
FEDERAL RESERVE BANK OF NEW YORK
2
Securities (31 CFR 306) if authorized by the Bureau of the Public
Debt or a Federal Reserve Bank.
Form PD F 1832 is not intended for use without an
accompanying registered definitive Treasury or Agency security.
By itself, it does not convey an interest, nor does it imply any
ownership in the securities described on its face.
It should
never be used to assign or establish an interest in book-entry or
bearer securities.
The Bureau of the Public Debt is revising Form PD F
1832 so that it specifically states that the form 1) has no
monetary value, 2) does not evidence ownership of securities, and
3) will not support a transaction unless accompanied by
securities (unless they were previously surrendered).
These
changes should serve to reduce the unauthorized use of the Form.
In the interim, it may be advisable to provide this information
to your branches (domestic and foreign) and customers.
Any questions regarding the validity of a completed
Form PD F 1832 may be directed to Grace Jaiman, Chief, Government
Bond Division (Tel. No. 212-720-8183) or Frank Guerin of that
Division (Tel. No. 212-720-8014).
Whitney R. Irwin
Vice President
@FedFRASER