Source: https://www.ecfr.gov/cgi-bin/retrieveECFR?gp=&mc=true&n=sp31.2.315.h&r=SUBPART&ty=HTML
Timestamp: 2020-07-02 22:37:59
Document Index: 645658782

Matched Legal Cases: ['art 315', '§315', '§315', '§315', '§315', '§315', '§315', '§315', '§315', '§315', '§315', 'art 330', '§315', '§315', '§315']

Title 31 → Subtitle B → Chapter II → Subchapter A → Part 315 → Subpart H
§315.36 Payment during life of sole owner.
§315.37 Payment during lives of both coowners.
§315.38 Payment during lifetime of owner of beneficiary bond.
§315.40 Special provisions for payment.
§315.41 Partial redemption.
§315.42 Nonreceipt or loss of check issued in payment.
§315.43 Effective date of request for payment.
§315.44 Withdrawal of request for payment.
A savings bond registered in single ownership form (i.e., without a coowner or beneficiary) will be paid to the owner during his or her lifetime upon surrender with an appropriate request.
A savings bond registered in coownership form will be paid to either coowner upon surrender with an appropriate request, and, upon payment (as determined in §315.43), the other coowner will cease to have any interest in the bond. If both coowners request payment and payment is to be made by check, the check will be drawn in the form, “John A. Jones and Mary C. Jones”.
A savings bond registered in beneficiary form will be paid to the registered owner during his or her lifetime upon surrender with an appropriate request. Upon payment (as determined in §315.43), the beneficiary will cease to have any interest in the bond.
(a) Owner's signature not required. A bond may be paid by a paying agent or a designated Federal Reserve Bank without the owner's signature to the request for payment, if the bond bears the special endorsement of a financial institution specifically qualified to place such an endorsement on savings bonds under the provisions of Department of the Treasury Circular No. 888, current revision (31 CFR part 330).
(b) Signature by mark. A signature by mark (X) must be witnessed by at least one disinterested person and a certifying officer. See subpart J. The witness must attest to the signature by mark substantially as follows: “Witness to signature by mark,” followed by his or her signature and address.
(c) Name change. If the name of the owner, coowner, or other person entitled to payment, as it appears in the registration or in evidence on file in the Bureau of the Fiscal Service, has been changed in any legal manner, the signature to the request for payment must show both names and the manner in which the change was made; for example, “Mary T. Jones Smith (Mary T. J. Smith or Mary T. Smith) changed by marriage from Mary T. Jones,” or “John R. Young, changed by order of court from Hans R. Jung.” See §315.50.
(d) Attorneys-in-fact. A request for payment, reinvestment, or exchange executed by an attorney-in-fact will be recognized if it is accompanied by a copy of the power of attorney that meets the following requirements:
(1) The power of attorney must bear the grantor's signature, properly certified or notarized, in accordance with applicable State law;
(2) The power of attorney must grant, by its terms, authority for the attorney-in-fact to sell or redeem the grantor's securities, sell his or her personal property, or, otherwise contain similar authority; and
(3) In the case of a grantor who has become incapacitated, the power of attorney must conform with pertinent provisions of State law concerning its durability. Generally, in such circumstances, the power of attorney should provide that the authority granted will not be affected by the subsequent incompetence or incapacity of the grantor. Medical evidence or other proof of the grantor's condition may be required in any case.
[45 FR 64091, Sept. 26, 1980, as amended at 57 FR 39602, Sept. 1, 1992; 59 FR 10535, Mar. 4, 1994]
A bond of any series may be redeemed in part at current redemption value, but only in an amount corresponding to one or more authorized denominations, upon surrender of the bond to a designated Federal Reserve Bank or Branch or to the Bureau of the Fiscal Service in accordance with §315.39(b). In any case in which partial redemption is requested, the phrase “to the extent of $__ (face amount) and reissue of the remainder” should be added to the request. Upon partial redemption of the bond, the remainder will be reissued as of the original issue date, as provided in subpart I.
If a Treasury check in payment of a bond surrendered for redemption is not received within a reasonable time or is lost after receipt, notice should be given to the same agency to which the bond was surrendered for payment. The notice should give the date the bond was surrendered for payment, and describe the bond by series, denomination, serial number, and registration, including the taxpayer identifying number of the owner.
The Department of the Treasury will treat the receipt of a bond with an appropiate request for payment by:
(a) A Federal Reserve Bank or Branch,
(b) The Bureau of the Fiscal Service, or
(c) A paying agent authorized to pay that bond, as the date upon which the rights of the parties are fixed for the purpose of payment.
(a) Withdrawal by owner or coowner. An owner or coowner, who has surrendered a bond to a Federal Reserve Bank or Branch or to the Bureau of the Fiscal Service or an authorized paying agent with an appropriate request for payment, may withdraw the request if notice of intent to withdraw is received by the same agency prior to payment either in cash or through the issuance of the redemption check.
(b) Withdrawal on behalf of deceased owner or incompetent. A request for payment may be withdrawn under the same conditions as in paragraph (a) of this section by the executor or administrator of the estate of a deceased owner or by the person or persons who would have been entitled to the bond under subpart L, or by the legal representative of the estate of a person under legal disability, unless surrender of the bond for payment has eliminated the interest of a surviving coowner or beneficiary. See §315.70 (b) and (c).