19416 Federal Register / Vol. 74, No. 81 / Wednesday, April 29, 2009 / Rules and Regulations 

(20) Proceed generally northwest and 

northeast along the east shoreline of 

Lake Chelan to the point of beginning. 

Signed: February 24, 2009. 

John J. Manfreda, 

Administrator. 

Approved: March 26, 2009. 

Timothy E. Skud, 

Deputy Assistant Secretary, Tax, Trade, and 

Tariff Policy. 

[FR Doc. E9–9847 Filed 4–28–09; 8:45 am] 

BILLING CODE 4810–31–P 

DEPARTMENT OF THE TREASURY 

Fiscal Service 

31 CFR Part 363 

Regulations Governing Securities Held 

in TreasuryDirect 

AGENCY: Bureau of the Public Debt, 

Fiscal Service, Treasury. 

ACTION: Final rule. 

SUMMARY: TreasuryDirect is an accountbased, book-entry, online system for 

purchasing, holding, and conducting 

transactions in Treasury securities. To 

date, TreasuryDirect has only been 

available for individual account owners. 

This final rule will permit certain 

specified entities to open accounts in 

TreasuryDirect. 

DATES: Effective date: April 24, 2009. 

ADDRESSES: You can download this final 

rule at the following Internet addresses: 

http://www.publicdebt.treas.gov or 

http://www.gpoaccess.gov/ecfr. 

FOR FURTHER INFORMATION CONTACT: 

Elisha Whipkey, Director, Division of 

Program Administration, Office of Retail 

Securities, Bureau of the Public Debt, at 

(304) 480–6319 or 

elisha.whipkey@bpd.treas.gov. 

Susan Sharp, Attorney-Adviser, 

Elizabeth Spears, Senior Attorney, 

Edward Gronseth, Deputy Chief 

Counsel, Office of the Chief Counsel, 

Bureau of the Public Debt, at (304) 480– 

8692 or susan.sharp@bpd.treas.gov. 

SUPPLEMENTARY INFORMATION: 

TreasuryDirect is an online accountbased system for individuals to 

purchase, hold, and conduct 

transactions in eligible Treasury 

securities. To date, only individuals 

have been permitted to open a 

TreasuryDirect account. This final rule 

will permit certain specified entities to 

open accounts in TreasuryDirect and 

conduct transactions in eligible 

Treasury securities. A sole 

proprietorship, partnership, 

corporation, limited liability company 

or professional limited liability 

company, trust, decedent’s estate, estate 

of an incompetent individual, and estate 

of a minor will be able to open a 

TreasuryDirect account. Treasury 

believes that these forms of registrations 

will serve most organizations and 

fiduciaries wishing to open a 

TreasuryDirect account. If, in the future, 

there is a demonstrated need for other 

forms of entity registrations, Treasury 

will consider adding additional 

registrations. 

The account must be opened and 

managed by an individual known as an 

entity account manager who is 

authorized to act alone on behalf of the 

entity with regard to this account. Only 

an individual is permitted to act as an 

entity account manager. Initially, the 

entity account manager will be the 

individual who opens the 

TreasuryDirect account. If the entity 

subsequently wishes to change the 

individual who acts as its entity account 

manager, the entity account manager 

may be changed using procedures 

available on the TreasuryDirect Web 

site. Only one individual may act as 

entity account manager at any one time. 

The identity of the entity account 

manager will be verified using an online 

verification service; the identity of the 

entity may be verified using appropriate 

evidence. The entity account manager 

must certify online that he or she has 

the authority to act alone on behalf of 

the entity. 

An entity will not be permitted to 

open a minor linked account. An entity 

cannot purchase gift savings bonds, and 

a gift bond cannot be delivered to an 

entity. However, an entity may transfer 

an existing bond, which is already 

registered in the entity’s name, to 

another account (primary or linked) 

owned by either an individual or an 

entity. An entity may convert a 

definitive savings bond to book-entry 

form if the bond is registered in the 

name of the entity. 

Procedural Requirements 

This final rule does not meet the 

criteria for a ‘‘significant regulatory 

action’’ as defined in Executive Order 

12866. Therefore, a regulatory 

assessment is not required. 

Because this final rule relates to 

matters of public contract and 

procedures for United States securities, 

notice and public procedure and 

delayed effective date requirements are 

inapplicable, pursuant to 5 U.S.C. 

553(a)(2). 

As no notice of proposed rulemaking 

is required, the Regulatory Flexibility 

Act (5 U.S.C. 601 et seq.) does not 

apply. 

We ask for no new collections of 

information in this final rule. Therefore, 

the Paperwork Reduction Act (44 U.S.C. 

3507) does not apply. 

List of Subjects in 31 CFR Part 363 

Bonds, Electronic funds transfer, 

Federal Reserve system, Government 

securities, Securities. 

■ Accordingly, for the reasons set out in 

the preamble, 31 CFR Chapter II, 

Subchapter B, is amended as follows: 

PART 363—REGULATIONS 

GOVERNING SECURITIES HELD IN 

TREASURYDIRECT 

■ 1. The authority citation for part 363 

continues to read as follows: 

Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 

U.S.C. 3102, et seq.; 31 U.S.C. 3121, et seq. 

■ 2. Amend § 363.5 by revising 

paragraph (c) to read as follows: 

§ 363.5 How do I contact Public Debt? 

* * * * * 

(c) Letters should be addressed to the 

address provided on our web site at 

http://www.treasurydirect.gov/ 

write.htm. 

■ 3. Amend § 363.6 by: 

■ a. Adding the definitions of ‘‘Entity,’’ 

‘‘Entity account manager,’’ and 

‘‘Incompetent individual or 

Incompentent person’’ in alphabetical 

order; 

■ b. Revising the definitions of 

‘‘Individual,’’ ‘‘Owner,’’ ‘‘Person,’’ and 

‘‘Verification’’ to read as follows: 

§ 363.6 What special terms do I need to 

know to understand this part? 

* * * * * 

Entity means any owner of a 

TreasuryDirect account that is not an 

individual. Entity is a sole 

proprietorship, partnership, 

corporation, limited liability company 

or professional limited liability 

company, trust, the estate of a decedent, 

or the estate of a living person such as 

an incompetent or a minor. 

Entity account manager is the 

individual who initially opens the 

TreasuryDirect account for an entity, or 

his or her replacement; who is 

authorized by the entity to act alone on 

its behalf to open, access, and conduct 

transactions with respect to the account; 

and who certifies that he or she is so 

authorized. 

* * * * * 

Incompetent individual or 

incompetent person means an 

individual who has been declared by a 

court to be legally incompetent, 

incapacitated, or otherwise unable to 

manage his or her financial affairs. 


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Federal Register / Vol. 74, No. 81 / Wednesday, April 29, 2009 / Rules and Regulations 19417 

Individual means a natural person. 

* * * * * 

Owner, when referring to an 

individual, is either the single 

individual named in the registration of 

a security held in the single owner form 

of registration, the first individual 

named on a security held in the owner 

with beneficiary form of registration, the 

first individual named on a security 

held in the primary owner with 

secondary owner form of registration, or 

either individual named on a converted 

savings bond held in the coowner form 

of registration; when referring to an 

entity, the owner is the entity. 

Person means an individual or an 

entity. 

* * * * * 

Verification means confirming the 

identity of an online applicant for a 

TreasuryDirect account at account 

establishment using an online 

verification service or offline 

verification. 

* * * * * 

■ 4. Amend § 363.10 by: 

■ a. Revising paragraph (a), 

■ b. Revising the fifth and sixth 

sentences of and adding a seventh 

sentence to paragraph (b)(1), and 

■ c. Revising the first sentence of and 

adding a new second sentence to 

paragraph (b)(2), to read as follows: 

§ 363.10 What is a TreasuryDirect®

account? 

* * * * * 

(a) Primary Account. The primary 

account is the account that you establish 

when initially opening your 

TreasuryDirect account. The primary 

account may contain the following 

Treasury securities: 

(1) Individual. A primary account for 

an individual may contain Treasury 

securities purchased initially as bookentry securities that are your personal 

holdings registered in single owner, 

owner with beneficiary, and primary 

owner with secondary owner forms of 

registration; gifts of savings bonds that 

have not yet been delivered; and 

converted savings bonds that were 

transferred from the conversion linked 

account. 

(2) Entities. A primary account for an 

entity may contain Treasury securities 

purchased initially as book-entry 

securities registered in the name of the 

entity and converted savings bonds in 

the name of the entity that were 

transferred from the conversion linked 

account. 

(b) * * * 

(1) * * * You, as an individual 

owner, may use your custom account to 

buy, redeem, and transfer securities that 

you own in single owner, owner with 

beneficiary, and primary owner with 

secondary owner forms of registration. 

An individual owner may also buy and 

deliver gift savings bonds from the 

custom account. An entity account 

manager, acting on behalf of an entity, 

may use the entity’s custom account to 

buy, redeem, and transfer securities 

registered in the entity form of 

registration. 

(2) Minor account. A minor account is 

an account established by an individual 

custodian for an individual who has not 

yet reached the age of 18 years. We do 

not permit an entity to open a minor 

account. * * * 

* * * * * 

■ 5. Revise § 363.11 to read as follows: 

§ 363.11 Who is eligible to open a 

TreasuryDirect® account? 

Only an individual or an entity is 

eligible to open a TreasuryDirect 

account. In order to open a 

TreasuryDirect account, an individual 

or entity account manager must have a 

valid social security number (SSN), be 

18 years of age or over, and be legally 

competent. An entity must have a valid 

SSN or employer identification number. 

The account owner must have a United 

States address of record and have an 

account at a United States depository 

financial institution that will accept 

debits and credits using the Automated 

Clearing House method of payment. 

■ 6. Amend § 363.12 by revising 

paragraph (c) to read as follows: 

§ 363.12 Who may purchase and hold 

book-entry securities in TreasuryDirect®? 

* * * * * 

(c) We do not permit a voluntary 

representative to purchase securities on 

behalf of the estate of a decedent. 

* * * * * 

■ 7. Revise § 363.13 to read as follows: 

§ 363.13 How can I open a TreasuryDirect®

account? 

(a) General. You must establish a 

TreasuryDirect account online before 

you purchase a Treasury security to be 

held in your account. Instructions for 

online account establishment may be 

found at the official Public Debt website 

at http://www.treasurydirect.gov, or 

such other Internet address as Public 

Debt may from time to time announce 

by publication in the Federal Register. 

When you have completed the 

application, you will create a password 

to access your account. We will verify 

your identity and send your account 

number to you by e-mail when your 

account application is approved. In 

addition to your password, we may 

require you to use any other form(s) of 

authentication that we consider 

necessary for the protection of your 

account. 

(b) Entities. An individual, referred to 

as an entity account manager, must 

establish an account on behalf of an 

entity. We will verify the identity of the 

entity account manager. We may verify 

the identity of the entity using any 

evidence we deem appropriate. The 

entity account manager must certify that 

he or she is authorized to open and 

access an account for the entity and has 

the authority to act alone on behalf of 

the entity with regard to the account. 

■ 8. Revise § 363.14 to read as follows: 

§ 363.14 How will you verify my identity? 

(a) Individual. When you establish an 

account, we may use a verification 

service to verify your identity using 

information you provide about yourself 

on the online application. At our option, 

we may require offline verification. 

(b) Entity. When an entity account 

manager establishes an online account 

on behalf of an entity, we may use a 

verification service to verify the identity 

of the entity account manager using 

information that the entity account 

manager provides about himself or 

herself on the online application. At our 

option, we may require offline 

verification of the entity account 

manager. At our option, we may require 

any evidence we deem appropriate to 

verify the identity of the entity. 

■ 9. Revise § 363.15 to read as follows: 

§ 363.15 What is the procedure for offline 

verification? 

In the event we require offline 

verification, we will provide a printable 

verification form for the individual 

account owner or entity account 

manager to sign. The signature on the 

form must be certified or guaranteed as 

provided at § 363.43, and the form must 

be mailed to us at the address provided 

in § 363.5. We may require documentary 

verification of an entity as we deem 

appropriate. 

■ 10. Amend § 363.20 by: 

■ a. Revising paragraphs (b) and (c) to 

read as follows; and 

■ b. Removing paragraphs (d) and (e): 

§ 363.20 What do I need to know about the 

forms of registration that are available for 

purchases of securities through my 

TreasuryDirect® account? 

* * * * * 

(b) Forms of registration for 

individuals. The forms of registration 

available for individuals for purchases 

of securities made through your 

TreasuryDirect account are single 

owner, owner with beneficiary, and 

primary owner with secondary owner, 


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19418 Federal Register / Vol. 74, No. 81 / Wednesday, April 29, 2009 / Rules and Regulations 

unless the forms of registration available 

for a security are specifically limited by 

the subpart governing that security. 

(1) Single owner. (i) A single owner is 

the individual named in the registration 

of a book-entry security or a converted 

savings bond without a beneficiary, 

secondary owner, or coowner. 

(ii) A single owner may add a 

beneficiary or secondary owner. 

(iii) A single owner may conduct 

permitted online transactions on 

securities held in his or her account. 

(iv) Upon the death of the single 

owner, his or her estate is entitled to the 

security. In determining entitlement, the 

law of the decedent’s domicile will be 

followed. 

(v) Registration example: ‘‘John Doe, 

SSN 123–45–6789.’’ 

(2) Owner with beneficiary. (i) The 

purchaser must be named as the owner 

with another individual as beneficiary. 

(ii) The owner may remove or change 

the beneficiary without the consent of 

the beneficiary. 

(iii) The owner may conduct 

permitted online transactions on 

securities held in his or her account 

without the consent of the beneficiary. 

(iv) The beneficiary has no ownership 

rights to the security during the owner’s 

lifetime. Upon the death of the owner, 

the security becomes the property of the 

surviving beneficiary, despite any 

attempted testamentary disposition or 

any applicable local law to the contrary. 

(v) If the beneficiary does not survive 

the owner, the security belongs to the 

estate of the owner. 

(vi) If both the owner and the 

beneficiary die under conditions where 

it cannot be established, either by 

presumption of law or otherwise, who 

died first, the security is the property of 

the estate of the owner. 

(vii) In order for the beneficiary to 

obtain the security or the redemption 

proceeds after the death of the owner, 

the beneficiary must provide proof of 

death of the owner. If the beneficiary 

has a TreasuryDirect account, the 

security will be transferred to that 

account. If the beneficiary does not have 

an account, he or she may establish an 

account. Alternatively, a beneficiary 

named on a savings bond may request 

redemption. If the beneficiary requests 

redemption, he or she must provide 

ACH instructions for the payment. 

(viii) Registration example: ‘‘John 

Doe, SSN 123–45–6789 POD (payable 

on death to) Jane Doe, SSN 987–65– 

4321.’’ 

(3) Primary owner with secondary 

owner. (i) The purchaser must be named 

in the registration as the primary owner 

with another individual as secondary 

owner. 

(ii) The primary owner holds the 

securities in his or her account and may 

view or conduct permitted online 

transactions in the securities. 

(iii) The primary owner may remove 

the secondary owner without the 

consent of the secondary owner. 

(iv) The secondary owner has no 

rights to view or conduct transactions in 

any security unless the primary owner 

gives the secondary owner these rights. 

(v) The primary owner may give the 

secondary owner the right to view any 

security or rights to view and conduct 

transactions in any security online from 

the account of the secondary owner. 

(vi) Once the right to conduct 

transactions in a security has been given 

to the secondary owner, the primary 

owner may view and conduct 

transactions in the security from the 

primary owner’s account, and the 

secondary owner may view and conduct 

transactions in the security using the 

secondary owner’s own account. 

(vii) The primary owner may revoke 

any rights previously given to the 

secondary owner at any time. 

(viii) Upon the death of either the 

primary or secondary owner, the 

security becomes the property of the 

survivor, despite any attempted 

testamentary disposition or any 

applicable local law to the contrary. 

(ix) If both the primary and the 

secondary owner die under conditions 

where it cannot be established, either by 

presumption of law or otherwise, who 

died first, the security is the property of 

the estate of the primary owner. 

(x) In order for the secondary owner 

to obtain the security or the security 

proceeds after the death of the primary 

owner, the secondary owner must 

provide proof of death of the primary 

owner. If the secondary owner has a 

TreasuryDirect account, the security 

will be transferred to that account. If the 

secondary owner does not have an 

account, he or she may establish an 

account. Alternatively, a secondary 

owner named on a savings bond may 

request redemption. If the secondary 

owner requests redemption, he or she 

must provide ACH instructions. 

(xi) Registration example: ‘‘John Doe, 

SSN 123–45–6789 with Joseph Doe, 

SSN 987–65–4321.’’ 

(c) Forms of registration for entities. 

The forms of registration available for 

entities are sole proprietorship; 

partnership; corporation; limited 

liability company or professional 

limited liability company (LLC or 

PLLC); trust; decedent’s estate; and 

estate of a living person such as an 

incompetent or a minor. 

(1) Sole proprietorship. A sole 

proprietorship form of registration is 

available for an individual who is doing 

business as a sole proprietor. The entity 

account manager must be the owner of 

the business. Registration example: 

‘‘John Doe DBA Doe Plumbing Supplies, 

EIN 12–3456789, [or SSN 123–45– 

6789].’’ 

(2) Partnership. A partnership form of 

registration is available for two or more 

individuals who are doing business as a 

partnership, including a limited liability 

partnership. Unless the name of a 

partnership includes the word 

‘‘partnership,’’ the registration must 

include descriptive words indicating 

partnership status. The entity account 

manager must be a general partner, and 

must certify that he or she has the 

authority to act alone on behalf of the 

partnership with regard to this account. 

Registration example: ‘‘Smith and Jones 

Construction Company, a partnership, 

EIN 98–7654321, or SSN 987–65–4321.’’ 

(3) Corporation. A corporate form of 

registration is available for an entity that 

has been incorporated pursuant to state 

law. The registration must contain a 

reference to the corporate status. The 

entity account manager must be a 

corporate officer or designated 

employee and must certify that he or 

she has the authority to act alone on 

behalf of the corporation with regard to 

this account. Registration example: 

‘‘ABC Corporation, EIN 23–4567891.’’ 

(4) Limited Liability Company (LLC) 

or Professional Limited Liability 

Company (PLLC). A LLC or PLLC form 

of registration is available for an entity 

that has registered articles of 

organization pursuant to state law. The 

registration must contain a reference to 

the company’s status. The entity 

account manager must be a company 

official or designated employee and 

must certify that he or she has the 

authority to act alone on behalf of the 

company with regard to this account. 

Registration example: ‘‘Paine Dental 

Associates, PLLC, EIN 34–5678912’’ or 

‘‘Summit Consulting Service, LLC, EIN 

12–3456789.’’ 

(5) Trust. A trust form of registration 

is available. The trust form of 

registration is not available for trusts in 

which the trustee is acting on behalf of 

a federal, state, or local government. The 

registration must identify the trust with 

specificity; at a minimum, it must 

include the authority or document 

creating the trust, the date the document 

was executed (except in the case of a 

probated will when the date is not 

necessary), the name of a trustee of the 

trust who is authorized to act alone on 

behalf of the trust with regard to the 

account, and any information that is 

necessary to distinguish the trust from 

any other trust. The registration may 


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also include the names of additional 

trustees and the full name of the trust. 

If one or more of the trustees are 

individuals, and the entity account 

manager is an individual trustee, the 

entity account manager must be named 

in the registration. If an organization 

serving as a trustee of the trust will 

administer this account, the entity 

account manager must be a duly 

authorized employee of that 

organization who has the authority to 

act alone on behalf of the organization 

in its role as trustee of the trust with 

regard to the account, and the 

organization must be named in the 

registration. In either case, the entity 

account manager must certify that he or 

she has the authority to act alone on 

behalf of the trust with regard to the 

account. Registration examples: ‘‘John 

Doe, Trustee under Declaration of Trust 

dated January 1, 2001, SSN 123–45– 

6789;’’ ‘‘First National Bank, Trustee 

under Declaration of Trust dated 

January 1, 2001, EIN 12–3456789;’’ 

‘‘John Doe or Sarah Jones, Trustees 

under Agreement with Jane Doe dated 

January 1, 2001, SSN 123–45–6789;’’ 

‘‘Sarah Jones, Trustee under the Will of 

Matthew Smith, deceased, SSN 123–45– 

6789;’’ ‘‘Jane Doe, Trustee of the Doe 

Family Trust dated January 1, 2001, EIN 

12–3456789.’’ 

(6) The estate of a decedent. The 

decedent’s estate form of registration is 

available for an individual or 

organization that has been appointed by 

a court according to state law to act on 

behalf of the estate of a decedent. This 

form of registration is not available 

where the legal representative is acting 

on behalf of a federal, state, or local 

government. The entity account 

manager must be a court-appointed 

individual legal representative who has 

the authority to act alone with regard to 

the account, or an employee of the 

court-appointed organizational legal 

representative who has the authority to 

act alone with regard to the account on 

behalf of the organization in its role as 

legal representative of the estate. 

Registration example: ‘‘John Doe, Legal 

Representative of the Estate of William 

Jones, a decedent, EIN 12–3456789, or 

SSN 123–45–6789.’’ 

(7) The estate of a living person such 

as an incompetent or a minor. A form 

of registration is available for an 

individual or organization that has been 

appointed according to state law to act 

on behalf of the estate of an incompetent 

person, a minor, or other living person. 

This form of registration is not available 

where the legal guardian is acting on 

behalf of a federal, state, or local 

government. The entity account 

manager must be a court-appointed legal 

guardian who has the authority to act 

alone with regard to the account, or an 

employee of the court-appointed 

organizational legal guardian who has 

the authority to act alone with regard to 

the account on behalf of the 

organization in its role as legal guardian. 

Registration example: ‘‘John Doe, Legal 

Guardian of the estate of William 

Jones.’’ The SSN of the incompetent 

person or the minor will be used. 

■ 11. Revise § 363.21 to read as follows: 

§ 363.21 When may you require offline 

authentication and documentary evidence? 

We may require offline authentication 

and documentary evidence at our 

option. 

■ 12. Amend § 363.22 by: 

■ a. Redesignating paragraph (a) as 

paragraph (a)(1) and revising it; 

■ b. Redesignating paragraph (b) as 

paragraph (a)(2) and paragraphs (c)(1) 

and (2) as paragraphs (a)(3)(i) and (ii); 

■ c. Redesignating paragraph (d) as 

paragraph (b); and 

■ d. Adding a new paragraph (c). 

The revision and addition read as 

follows: 

§ 363.22 Who has the right to conduct 

online transactions in book-entry 

securities? 

(a) Individual. (1) Single owner form 

of registration. A single owner can 

conduct transactions in securities held 

in his or her TreasuryDirect® account. 

* * * * * 

(c) Entity. The entity account manager 

can conduct transactions in the 

securities held within the entity’s 

account. Initially, the entity account 

manager is the individual who opens 

the account. The entity account manager 

may be changed to a different individual 

using procedures available on our Web 

site. The entity account manager must 

certify that he or she is authorized to act 

alone on behalf of the entity in 

accessing and conducting transactions 

on behalf of the entity with regard to the 

entity’s account. 

■ 13. Amend § 363.27 by revising the 

first sentence of paragraph (b)(1) to read 

as follows: 

§ 363.27 What do I need to know about 

accounts for minors who have not had a 

legal guardian appointed by a court? 

* * * * * 

(b) Opening an account in the name 

of a minor. (1) A parent or an individual 

who provides the chief financial 

support of a minor may open an account 

for a minor. * * * 

* * * * * 

■ 14. Amend § 363.44 by revising 

paragraph (a) to read as follows: 

§ 363.44 What happens when a 

TreasuryDirect® account owner dies and 

the estate is entitled to securities held in 

the account? 

(a) Estate is being administered. For 

an estate that is being administered, the 

legal representative of the estate must 

open a TreasuryDirect account in the 

name of the estate in order to conduct 

transactions. The legal representative of 

the estate may then conduct any 

transactions that are available to an 

individual account owner. We will 

require appropriate proof of 

appointment for the legal representative 

of the estate. Letters of appointment 

must be dated not more than one year 

prior to the date of submission of the 

letters of appointment. 

* * * * * 

■ 15. Amend § 363.50 by revising 

paragraph (b)(1) to read as follows: 

§ 363.50 What Treasury securities does 

this subpart govern? 

* * * * * 

(b) * * * 

(1) The single owner or entity form of 

registration of any series, 

* * * * * 

■ 16. Amend § 363.55 by: 

■ a. Revising the first sentence of 

paragraph (a) and 

■ b. Revising paragraph (c) to read as 

follows: 

§ 363.55 May I transfer my book-entry 

savings bonds to another person? 

(a) You may transfer a savings bond 

or a portion of a savings bond to the 

TreasuryDirect® account of another 

person in a minimum amount of $25. 

* * * 

* * * * * 

(c) If the bond is being transferred to 

an individual, the bond will be 

transferred in the single owner form of 

registration. If the bond is being 

transferred to an entity, the bond will be 

transferred in the entity form of 

registration. 

* * * * * 

■ 17. Amend § 363.95 by revising the 

heading and paragraphs (a) and (b) to 

read as follows: 

§ 363.95 How may I give, and who can 

receive, a book-entry savings bond as a 

gift? 

* * * * * 

(a) An individual may purchase a 

book-entry savings bond online as a gift 

and give it to an individual; or 

(b) A person who owns a bond may 

transfer that bond to another person as 

a gift with immediate delivery. 

■ 18. Amend § 363.96 by: 


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■ a. Redesignating paragraphs (a) 

through (d) as paragraphs (b) through 

(e), and 

■ b. Adding a new paragraph (a) to read 

as follows: 

§ 363.96 What do I need to know if I 

initially purchase a savings bond as a gift? 

(a) An entity may not purchase a gift 

savings bond. 

* * * * * 

■ 19. Amend § 363.97 by revising 

paragraphs (b) and (d) to read as 

follows: 

§ 363.97 What do I need to know if I 

transfer a book-entry savings bond to 

another person as a gift? 

* * * * * 

(b) You must provide the SSN or EIN 

of the recipient. 

* * * * * 

(d) The bond will be transferred in the 

single owner form of registration for 

individual account owners, and in the 

entity form of registration for account 

owners that are entities. 

■ 20. Revise § 363.137 to read as 

follows: 

§ 363.137 What do I need to know about 

the registration of a certificate of 

indebtedness? 

A certificate of indebtedness is 

automatically registered in the name of 

the TreasuryDirect® account owner. 

■ 21. Amend § 363.160 by revising 

paragraph (b)(1) to read as follows: 

§ 363.160 What subparts govern the 

conversion of definitive savings bonds? 

(b) * * * 

(1) Converted savings bonds of any 

series registered in the single owner or 

entity form of registration; 

* * * * * 

■ 22. Revise § 363.161 to read as 

follows: 

§ 363.161 What definitive savings bonds 

are eligible to be converted to book-entry 

bonds? 

Series E, Series EE, and Series I 

savings bonds issued in denominations 

of $25 or greater are eligible for 

conversion to book-entry bonds in 

TreasuryDirect®. 

■ 23. Revise § 363.162 to read as 

follows: 

§ 363.162 Who may convert a definitive 

savings bond? 

The owner of a TreasuryDirect®

primary account may convert a 

definitive savings bond. 

(a) Bond that is registered to the 

account owner. The following persons 

may convert a definitive savings bond of 

an eligible series to a book-entry bond 

to be held in the person’s 

TreasuryDirect account: 

(1) The owner of a definitive savings 

bond registered in the single owner or 

entity form of registration; 

(2) Either co-owner of a bond 

registered in the coowner form of 

registration; and 

(3) The owner of a bond registered in 

the owner with beneficiary form of 

registration. 

(b) Bond that is registered to someone 

other than the account owner. We will 

convert an eligible definitive savings 

bond submitted by an individual 

account owner who is not the registered 

owner of the savings bond. See the 

special rules in section 363.166. 

■ 24. Revise § 363.165 to read as 

follows: 

§ 363.165 What happens when I convert a 

savings bond that is registered in my name 

as a single owner, either coowner, an owner 

with a beneficiary, or an entity? 

(a) Unmatured savings bond. When 

the conversion is approved, an 

unmatured savings bond that is 

registered in the name of the 

TreasuryDirect® account owner as a 

single owner, either coowner, an owner 

with beneficiary, or an entity, will be 

released to the account owner’s 

conversion linked account. 

(b) Matured savings bond. A savings 

bond that has reached final maturity 

and is registered in the name of the 

TreasuryDirect account owner as a 

single owner, either coowner, an owner 

with beneficiary, or an entity, will be 

converted to a book-entry savings bond 

and automatically redeemed. The 

redemption proceeds will be used to 

purchase a certificate of indebtedness in 

the account owner’s name in the 

primary account. 

■ 25. Amend § 363.166 by revising the 

introductory paragraph to read as 

follows: 

§ 363.166 What happens when I convert a 

savings bond that is not registered in my 

name as a single owner, either coowner, or 

an owner with beneficiary (including a bond 

registered in the name of a minor)? 

We will presume that a savings bond 

registered in the name of someone other 

than the TreasuryDirect® account owner 

(including a bond registered in the name 

of a minor) was purchased by the 

account owner as a gift for the registered 

owner. We will not permit an entity to 

convert a savings bond that is not 

registered in the name of the entity. 

* * * * * 

■ 26. Amend § 363.168 by revising 

paragraph (a) to read as follows: 

§ 363.168 What rules regarding 

registration apply to a converted savings 

bond? 

(a) Savings bond of any series 

registered in the single owner or entity 

form of registration. By converting a 

definitive bond of any eligible series 

registered in the single owner or entity 

form of registration to book-entry in 

TreasuryDirect®, the owner has 

consented to the bond being governed 

by the rules regarding registration 

contained in subpart C of this part. 

* * * * * 

■ 27. Amend § 363.169 by: 

■ a. Revising the heading; 

■ b. Revising paragraph (a); and 

■ c. Revising the first sentence of 

paragraph (b), to read as follows: 

§ 363.169 What transactions can I conduct 

in a converted savings bond on which I am 

registered as the single owner, either 

coowner, the owner with a beneficiary, or 

an entity? 

(a) Savings bond of any series 

registered in the single owner or entity 

form of registration. By converting a 

definitive savings bond of any series 

registered in the single owner or entity 

form of registration to a book-entry 

bond, you have consented to the bond 

being treated as if it were originally 

issued as a book-entry bond in 

TreasuryDirect®. The bond will be 

subject to the provisions of subpart C of 

this part. Any transaction available for 

a book-entry bond originally issued in 

the TreasuryDirect system is available 

for a converted bond registered in single 

owner or entity form of registration. 

(b) Savings bond of Series EE and 

Series I registered in the owner with 

beneficiary form of registration. By 

converting a definitive savings bond 

registered in the owner with beneficiary 

form of registration to a book-entry 

bond, you have consented to the bond 

being treated as if it were originally 

issued as a book-entry bond in 

TreasuryDirect. * * * 

* * * * * 

■ 28. Amend § 363.171 by: 

■ a. Revising paragraph (a)(1) and the 

first sentence of paragraph (a)(2); and 

■ b. Revising paragraph (b)(1) to read as 

follows: 

§ 363.171 How do I redeem a converted 

savings bond? 

(a) Before final maturity—(1) Savings 

bond of any series registered in the 

single owner, owner with beneficiary, or 

entity form of registration. You may 

redeem your converted savings bond of 

any series registered either in the single 

owner, owner with beneficiary, or entity 

form of registration any time prior to 

final maturity after the minimum 


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Federal Register / Vol. 74, No. 81 / Wednesday, April 29, 2009 / Rules and Regulations 19421 

holding period through your 

TreasuryDirect® account. 

(2) Savings bond of any series 

registered in the coowner form of 

registration. The converting coowner 

may redeem the converted savings bond 

of any series registered in the coowner 

form of registration at any time prior to 

final maturity after the minimum 

holding period through his or her 

TreasuryDirect account. * * * 

(b) Upon final maturity—(1) Savings 

bond of any series registered in the 

single owner, owner with beneficiary, 

coowner, or entity forms of registration. 

If you have not previously redeemed or 

transferred your converted savings bond 

of any series registered in the single 

owner, owner with beneficiary, 

coowner, or entity forms of registration, 

it will be automatically redeemed for 

you at final maturity. 

* * * * * 

■ 29. Amend § 363.206 by revising 

paragraph (c) to read as follows: 

§ 363.206 How can I transfer my 

marketable Treasury security into my 

TreasuryDirect® account from another 

book-entry system? 

* * * * * 

(c)(1) Individuals. When a security is 

transferred into the TreasuryDirect 

account of an individual, it will be 

transferred in the name of the 

individual account owner in the single 

owner form of registration, regardless of 

the form of registration prior to the 

transfer. After the transfer is completed, 

you can change the registration to any 

form of registration permitted by these 

regulations. 

(2) Entities. When a security is 

transferred into the TreasuryDirect 

account of an entity, the security will be 

transferred in the name of the entity, 

regardless of the form of registration 

prior to the transfer. 

* * * * * 

Dated: April 22, 2009. 

Kenneth E. Carfine, 

Fiscal Assistant Secretary. 

[FR Doc. E9–9630 Filed 4–24–09; 11:15 am] 

BILLING CODE 4810–39–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[USCG–2009–0210] 

Drawbridge Operation Regulations; 

Hackensack River, Jersey City, NJ, 

Maintenance 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of temporary deviation 

from regulations. 

SUMMARY: The Commander, First Coast 

Guard District, has issued a temporary 

deviation from the regulation governing 

the operation of the Witt Penn Bridge 

across the Hackensack River at mile 3.1, 

and the Lower Hack Bridge at mile 3.4, 

across the Hackensack River, at Jersey 

City, New Jersey. Under this temporary 

deviation the Lower Hack Bridge will be 

allowed to provide a maximum opening 

of only 110 feet at mean high water for 

a period of 30-days and both bridges 

will be allowed to remain in the closed 

position for a period of 45-days to 

facilitate major bridge maintenance. 

Vessels that can pass under the draws 

without a bridge opening may do so at 

all times. 

DATES: This deviation is effective from 

May 9, 2009 through July 22, 2009. 

ADDRESSES: Documents indicated in this 

preamble as being available in the 

docket are part of docket USCG–2009– 

0210 and are available online at 

www.regulations.gov, selecting the 

Advanced Docket Search Option on the 

right side of the screen, inserting USCG– 

2009–0210 in the Docket ID box, 

pressing Enter, and then clicking on the 

item in the Docket ID column. This 

material is also available for inspection 

or copying at the Docket Management 

Facility (M–30), U.S. Department of 

Transportation, West Building Ground 

Floor, Room W12–140, 1200 New Jersey 

Avenue, SE., Washington, DC 20590, 

between 9 a.m. and 5 p.m., Monday 

through Friday, except Federal holidays. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this rule, call 

Zachary Strauss, Project Officer, First 

Coast Guard District, telephone 212– 

668–7165. If you have questions on 

viewing the docket, call Renee V. 

Wright, Program Manager, Docket 

Operations, telephone 202–366–9826. 

SUPPLEMENTARY INFORMATION: The Witt 

Penn Bridge, across the Hackensack 

River at mile 3.1 has a vertical clearance 

in the closed position of 35 feet at mean 

high water and 40 feet at mean low 

water. 

The Lower Hack Bridge at mile 3.4 

has a vertical clearance in the closed 

position of 40 feet above mean high 

water and 45 feet above low water. The 

existing drawbridge operation 

regulations are listed at 33 CFR 117.723. 

The waterway has seasonal 

recreational vessels, and commercial 

vessels of various sizes. 

The owner of the bridges, New Jersey 

Department of Transportation, (Witt 

Penn Bridge) and New Jersey Transit 

(Lower Hack Bridge) requested a 

temporary deviation to facilitate the 

replacement of sheaves and wire ropes 

at both the Witt Penn and Lower Hack 

bridges and asbestos removal at the 

Lower Hack Bridge only. 

The asbestos removal at the Lower 

Hack Bridge will prevent the bridge 

from fully opening during the removal 

process. 

The asbestos removal is scheduled to 

commence 30-days before the bridge 

closures to replace the sheaves and wire 

ropes at the bridges. 

The Lower Hack Bridge will only be 

able to open to 110 feet above mean 

high water and 115 feet at mean low 

water from May 9, 2009 through June 7, 

2009, during the asbestos removal. 

Therefore, under this temporary 

deviation the Lower Hack Bridge may 

open to only 110 feet above mean high 

water instead of the normal 135 feet 

above mean high water from May 9, 

2009 through June 7, 2009. From June 

8, 2009 through July 22, 2009, the Witt 

Penn Bridge, mile 3.1, and the Lower 

Hack Bridge, mile 3.4, across the 

Hackensack River may remain in the 

closed position for bridge maintenance. 

Vessels that can pass under the bridge 

without a bridge opening may do so at 

all times. 

In accordance with 33 CFR 117.35(e), 

the bridge must return to its regular 

operating schedule immediately at the 

end of the designated time period. This 

deviation from the operating regulations 

is authorized under 33 CFR 117.35. 

Dated: April 13, 2009. 

Gary Kassof, 

Bridge Program Manager, First Coast Guard 

District. 

[FR Doc. E9–9717 Filed 4–28–09; 8:45 am] 

BILLING CODE 4910–15–P 


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