PART 306—GENERAL REGULATIONS GOVERNING U.S. SECURITIES Authority: 31 U.S.C. Chapter 31; 5 U.S.C. 301; 12 U.S.C. 391. Source: 38 FR 7078, Mar. 15, 1973, unless otherwise noted. Subpart A—General Information § 306.0 Applicability of regulations. These regulations apply to all U.S. transferable and nontransferable securities, 1 1 § 306.1 Official agencies. The Bureau of the Fiscal Service of the Department of the Treasury is charged with matters relating to transactions in securities. Correspondence concerning transactions in securities and requests for appropriate forms may be addressed to the Division of Customer Service, Parkersburg, WV 26102. [64 FR 38125, July 15, 1999] § 306.2 Definitions of words and terms as used in these regulations. (a) Advance refunding offer (b) A bearer bearer. coupon (c) Bureau refers to the Bureau of the Fiscal Service, Division of Customer Service, Parkersburg, WV 26102. (d) Call date date of call Federal Register (e) Court (f) Department (g) Depository institution depository institution (1) Any insured bank as defined in 12 U.S.C. 1813 or any bank which is eligible to make application to become an insured bank under 12 U.S.C. 1815; (2) Any mutual savings bank as defined in 12 U.S.C. 1813 or any bank which is eligible to make application to become an insured bank under 12 U.S.C. 1815; (3) Any savings bank as defined in 12 U.S.C. 1813 or any bank which is eligible to make application to become an insured bank under 12 U.S.C. 1815; (4) Any insured credit union as defined in 12 U.S.C. 1752 or any credit union which is eligible to make application to become an insured credit union under 12 U.S.C. 1781; (5) Any member as defined in 12 U.S.C. 1422; and (6) Any savings association (as defined in 12 U.S.C. 1813) which is an insured depository institution, as defined in the Federal Deposit Insurance Act, 12 U.S.C. 1811 et seq., (h) Face maturity date (i) Incompetent (j) Joint owner joint ownership (k) Nontransferable securities (l) Payment redemption, (m) Prerefunding offer (n) Redemption-exchange (o) A registered (p) Securities assigned in blank securities so assigned as to become in effect payable to bearer The Secretary of the Treasury The Secretary of the Treasury for exchange for the current Series EA or EO Treasury notes (q) Signature guarantee program (r) Taxpayer identifying number (s) Transferable securities, (t) Treasury securities, Treasury bonds, Treasury notes, Treasury certificates of indebtedness, Treasury bills, securities, bonds, notes, certificates, bills, (u) Voluntary representative [38 FR 7078, Mar. 15, 1973, as amended at 59 FR 59036, Nov. 15, 1994; 64 FR 38125, July 15, 1999; 70 FR 57429, Sept. 30, 2005] § 306.3 Transportation charges and risks in the shipment of securities. The following guidelines apply to the transportation of reissued securities or securities presented for authorized transactions: (a) The securities may be presented in person by the owner or the owner's agent. (b) If securities are not presented in person, shipment of the securities is at the owner's risk and expense. (c) Reissued securities will be delivered by certified mail or by other means, at the risk of the registered owner and at the expense of the Department. [64 FR 38125, July 15, 1999] Subpart B—Registration § 306.10 General. The registration used must express the actual ownership of a security and may not include any restriction on the authority of the owner to dispose of it in any manner, except as otherwise specifically provided in these regulations. The Treasury Department reserves the right to treat the registration as conclusive of ownership. Requests for registration should be clear, accurate, and complete, conform with one of the forms set forth in this subpart, and include appropriate taxpayer identifying numbers. 2 2 § 306.11 Forms of registration for transferable securities. The forms of registration described below are authorized for transferable securities: (a) Natural persons in their own right. (1) One person. John A. Doe (123-45-6789). Mrs. Mary C. Doe. (123-45-6789). Miss Elizabeth Jane Doe (123-45-6789). An individual who is sole proprietor of a business conducted under a trade name may include a reference to the trade name. Examples: John A. Doe, doing business as Doe's Home Appliance Store (123-45-6789). or John A. Doe (123-45-6789), doing business as Doe's Home Appliance Store. (2) Two or more persons—general. 3 or either of them 3 4-6 (i) With right of survivorship. John A. Doe (123-45-6789) or Mrs. Mary C. Doe or the survivor. John A. Doe (123-45-6789) or Mrs. Mary C. Doe or Miss Mary Ann Doe or the survivors or survivor. John A. Doe (123-45-6789) or Mrs. Mary C. Doe. John A. Doe (123-45-6789) and Mrs. Mary C. Doe. John A. Doe (123-45-6789) and Mrs. Mary C. Doe as joint tenants with right of survivorship and not as tenants in common. Limited to husband and wife: John A. Doe (123-45-6789) and Mrs. Mary C. Doe, as tenants by the entireties. (ii) Without right of survivorship. John A. Doe (123-45-6789) and William B. Doe as tenants in common. John A. Jones as natural guardian of Henry B. Jones, a minor, and Robert C. Jones (123-45-6789), without right of survivorship. Limited to husband and wife: Charles H. Brown (123-45-6789) and Ann R. Brown, as partners in community. (b) Minors and incompetents Natural guardians of minors. John R. Jones as natural guardian of Henry M. Jones, a minor (123-45-6789). 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 and will be considered a fiduciary. Registration in the name of a minor in his own right as owner or as joint owner is not authorized. Securities so registered, upon qualification of the natural guardian, will be treated as though registered in the name of the natural guardian in that capacity. (2) Custodian under statute authorizing gifts to minors. William C. Jones, as custodian for John A. Smith, a minor (123-45-6789), under the California Uniform Gifts to Minors Act. Robert C. Smith, as custodian for Henry L. Brown, a minor (123-45-6789), under the laws of Georgia; Chapter 48-3, Code of Ga. Anno. (3) Incompetents not under guardianship. John A. Brown, an incompetent (123-45-6789), under voluntary guardianship, (c) Executors, administrators, guardians, and similar representatives or fiduciaries. John Smith, executor of will (or administrator of estate) of Henry J. Jones, deceased (12-3456789). William C. Jones, guardian (or conservator, etc.) of estate of James D. Brown, a minor (or an incompetent) (123-45-6789). (d) Life tenant under will. Anne B. Smith, life tenant under the will of Adam A. Smith, deceased (12-3456789). The life tenant will be considered a fiduciary. (e) Private trust estates. John Jones and Blank Trust Co., Albany, NY, trustees under will of Sarah Jones, deceased (12-3456789). John Doe and Richard Roe, trustees under agreement with Henry Jones dated February 9, 1970 (12-3456789). The names of all trustees, in the form used in the trust instrument, must be included in the registration, except as follows: (1) If there are several trustees designated as a board or authorized to act as a unit, their names should be omitted and the words Board of Trustees trustees. Board of Trustees of Blank Co. Retirement Fund, under collective bargaining agreement dated June 30, 1970 (12-3456789). (2) If the trustees do not constitute a board or otherwise act as a unit, and are either too numerous to be designated in the inscription by names and title, or serve for limited terms, some or all of the names may be omitted. Examples: John Smith, Henry Jones, et al., trustees under will of Henry J. Smith, deceased (12-3456789). Trustees under will of Henry J. Smith, deceased (12-3456789). Trustees of Retirement Fund of Industrial Manufacturing Co., under directors' resolution of June 30, 1950 (12-3456789). (f) Private organizations (corporations, unincorporated associations and partnerships). (1) A corporation. corporation Inc. Smith Manufacturing Co., a corporation (12-3456789). The Standard Manufacturing Corp. (12-3456789). Jones & Brown, Inc.—Depreciation Acct. (12-3456789). First National Bank of Albemarle (12-3456789). Abco & Co., Inc., a nominee corporation (12-3456789). (2) An unincorporated association. an unincorporated association. American Legion Post No. __, Department of the D.C., an unincorporated association (12-3456789). Local Union No. 100, Brotherhood of Locomotive Engineers, an unincorporated association (12-3456789). Securities should not be registered in the name of an unincorporated association if the legal title to its property in general, or the legal title to the funds with which the securities are to be purchased, is held by trustees. In such a case the securities should be registered in the title of the trustees in accordance with paragraph (e) of this section. The term unincorporated association (3) A partnership. a partnership. Smith & Brown, a partnership (12-3456789). Acme Novelty Co., a limited partnership (12-3456789). Abco & Co., a nominee partnership (12-3456789). (g) States, public bodies, and corporations and public officers. State of Maine. Town of Rye, NY. Maryland State Highway Administration. Treasurer, City of Springfield, IL. Treasurer of Rhode Island—State Forestry Fund. (h) States, public officers, corporations or bodies as trustees. Insurance Commissioner of Pennsylvania, trustee for benefit of policyholders of Blank Insurance Co. (12-3456789), under Sec. __, Pa. Stats. Rhode Island Investment Commission, trustee of General Sinking Fund under Ch. 35, Gen. Laws of RI. State of Colorado in trust for Colorado Surplus Property Agency. [38 FR 7078, Mar. 15, 1973; 38 FR 8153, Mar. 29, 1973] § 306.12 Errors in registration. If an erroneously inscribed security is received, it should not be altered in any respect, but the Bureau should be furnished full particulars concerning the error and asked to furnish instructions. [38 FR 7078, Mar. 15, 1973, as amended at 64 FR 38125, July 15, 1999] § 306.13 Nontransferable securities. Upon authorized reissue, Treasury Bonds, Investment Series B—1975-80, may be registered in the forms set forth in § 306.11. Subpart C—Transfers, Exchanges and Reissues § 306.15 Transfers and exchanges of securities—closed periods. (a) General. (b) Closing of transfer books. (1) Payment of final interest will be made to the registered owner of record on the date the books were closed. (2) Payment of principal will be made to the assignee under a proper assignment of the securities. [38 FR 7078, Mar. 15, 1973, as amended at 64 FR 38125, July 15, 1999] § 306.16 Exchanges of registered securities. No assignments will be required for: (a) Authorized denominational exchanges of registered securities for like securities in the same names and forms of registration and (b) Redemption-exchanges, or prefundings, or advance refundings in the same names and forms as appear in the registration or assignments of the securities surrendered. § 306.17 Exchanges of registered securities for coupon securities. Exchanges of registered securities for bearer securities are not permitted. [64 FR 38126, July 15, 1999] § 306.18 Exchanges of coupon securities for registered securities. Coupon securities presented for exchange for registered securities should have all matured interest coupons detached. All 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 reopened), the next maturing coupons should be detached and held for collection in ordinary course when due. If any coupons which should be attached are missing, the securities must be accompanied by a remittance in an amount equal to the face amount of the missing coupons. The new registered securities will bear interest from the interest payment date next preceding the date on which the exchange is made. § 306.19 Denominational exchanges of coupon securities. Denominational exchanges of bearer securities are not permitted. [64 FR 38126, July 15, 1999] § 306.20 Reissue of registered transferable securities. Assignments are not required for reissue of registered transferable securities in the name(s) of: (a) The surviving joint owner(s) of securities registered in the names of or assigned to two or more persons, unless the registration or assignment includes words which preclude the right of survivorship, (b) A succeeding fiduciary or other lawful successor, (c) A remainderman, upon termination of a life estate, (d) An individual, corporation or unincorporated association whose name has been legally changed, (e) A corporation or unincorporated association which is the lawful successor to another corporation or unincorporated association, and (f) A successor in title to a public officer or body. Evidence of survivorship, succession, or change of name, as appropriate, must be furnished. The appropriate taxpayer identifying number also must be furnished if the registration of the securities submitted does not include such number for the person or organization to be named on the reissued securities. § 306.21 Reissue of nontransferable securities. Treasury Bonds, Investment Series B—1975-80, may be reissued only in the names of: (a) Lawful successors in title, (b) The legal representatives or distributees of a deceased owner's estate, or the distributees of a trust estate, and (c) State supervisory authorities in pursuance of any pledge required of the owner under State law, or upon termination of the pledge in the names of the pledgors or their successors. Bonds presented for reissue must be accompanied by evidence of entitlement. § 306.22 Exchange of Treasury Bonds, Investment Series B-1975-80. Bonds of this series presented for exchange for 1 1/2 3/4 1/2 § 306.23 Securities eligible to be held in the Legacy Treasury Direct® Book-entry Securities System. (a) Eligible issues. Federal Register (b) Conversion of Registered Security to book-entry form to be held in Legacy Treasury Direct. (c) Securities held under subpart O of this part may not be transferred to Legacy Treasury Direct. [76 FR 18063, Apr. 1, 2011] § 306.24 Collection of fees on definitive securities. A fee shall be charged for each registered security, as defined in § 306.115 (a), issued as a result of a transfer, exchange, reissue, withdrawal from book-entry, or the granting of relief on account of loss, theft, destruction, mutilation, or defacement. The applicable fee, and the basis for its determination, will be published by notice in the Federal Register. [60 FR 4377, Jan. 23, 1995, as amended at 64 FR 38126, July 15, 1999] Subpart D—Redemption or Payment § 306.25 Presentation and surrender. (a) General. (b) “Overdue” securities. (1) One month for securities issued for a term of 1 year or less. (2) Three months for securities issued for a term of more than 1 year but not in excess of 7 years. (3) Six months for securities issued for a term of more than 7 years. [38 FR 7078, Mar. 15, 1973; 38 FR 8432, Apr. 2, 1973, as amended at 64 FR 38126, July 15, 1999] § 306.26 Redemption of registered securities at maturity, upon prior call, or for prerefunding or advance refunding. Registered securities presented and surrendered for redemption at maturity or pursuant to a call for redemption before maturity need not be assigned, unless the owner desires that payment be made to some other person, in which case assignments should be made to “The Secretary of the Treasury for redemption for the account of (inserting name and address of person to whom payment is to be made). Specific instructions for the issuance and delivery of the redemption check, signed by the owner or his authorized representative, must accompany the securities, unless included in the assignment. (Form PD 3905 may be used.) Payment of the principal will be made by check drawn on the United States Treasury to the order of the persons entitled and mailed in accordance with the instructions received. Securities presented for prerefunding or advance refunding should be assigned as provided in the prerefunding or advance refunding offer. [64 FR 38126, July 15, 1999] § 306.27 Redemption of bearer securities at maturity, upon prior call, or for advance refunding or prerefunding. All interest coupons due and payable on or before the date of maturity or date fixed in the call for redemption before maturity should be detached from coupon securities presented for redemption and should be collected separately in regular course. All coupons bearing dates subsequent to the date fixed in a call for redemption, or offer of prerefunding or advance refunding, should be left attached to the securities. If any such coupons are missing, the full face amount thereof will be deducted from the payment to be made upon redemption or the prerefunding or advance refunding adjustment unless satisfactory evidence of their destruction is submitted. Any amounts so deducted will be held in the Department to provide for adjustments or refunds in the event it should be determined that the missing coupons were subsequently presented or their destruction is later satisfactorily established. In the absence of other instructions, payment or bearer securities will be made by check drawn to the order of the person presenting and surrendering the securities and mailed to him at his address, as given in the advice accompanying the securities. (Form PD 3905 may be used.) Under appropriate circumstances, payment to a financial institution for detached past due coupons may be made by crediting the amount of the proceeds to the account maintained by the financial institution at the Federal Reserve bank of its district. [38 FR 7078, Mar. 15, 1973, as amended at 64 FR 38126, July 15, 1999] Subpart E—Interest § 306.35 Computation of interest. The interest on Treasury securities accrues and is payable on a semiannual basis unless otherwise provided in the circular offering them for sale or exchange. If the period of accrual is an exact 6 months, the interest accrual is an exact one-half year's interest without regard to the number of days in the period. If the period of accrual is less than an exact 6 months, the accrued interest is computed by determining the daily rate of accrual on the basis of the exact number of days in the full interest period and multiplying the daily rate by the exact number of days in the fractional period for which interest has actually accrued. A full interest period does not include the day as of which securities were issued or the day on which the last preceding interest became due, but does include the day on which the next succeeding interest payment is due. A fractional part of an interest period does not include the day as of which the securities were issued or the day on which the last preceding interest payment became due, but does include the day as of which the transaction terminating the accrual of interest is effected. The 29th of February in a leap year is included whenever it falls within either a full interest period or a fractional part thereof. 7 7 § 306.36 Termination of interest. Securities will cease to bear interest on the date of their maturity unless they have been called for redemption before maturity in accordance with their terms, or are presented and surrendered for redemption-exchange or exchange pursuant to an advance refunding or prerefunding offer, in which case they will cease to bear interest on the date of call, or the exchange date, as the case may be. § 306.37 Interest on registered securities. (a) Method of payment. (b) Change of address. 1/4 (c) Collection of interest checks General. (2) By voluntary guardians of incompetents. (d) Nonreceipt, loss, theft, or destruction of interest checks. [38 FR 7078, Mar. 15, 1973, as amended at 64 FR 38126, July 15, 1999] § 306.38 Interest on bearer securities. Unless the offering circular and notice of call provide otherwise, interest on coupon securities is payable in regular course of business upon presentation and surrender of the interest coupons as they mature. Such coupons are payable at participating Federal Reserve banks or by the Bureau. 8 8 [38 FR 7078, Mar. 15, 1973, as amended at 64 FR 38126, July 15, 1999] Appendix to Subpart E of Part 306—Interest—Computation of Interest on Treasury Bonds, Treasury Notes, and Treasury Certificates of Indebtedness, and Computation of Discount on Treasury Bills—Interest Tables computation of interest on annual basis One Day's Interest is 1/365 1/366 Computation of interest on Treasury bonds, notes, and certificates of indebtedness will be made on an annual basis in all cases where interest is payable in one amount for the full term of the security, unless such term is an exact half-year (6 months), and it is provided that interest shall be computed on a semi-annual basis. If the term of the securities is exactly 1 year, the interest is computed for the full period at the specified rate regardless of the number of days in such period. If the term of the securities is less than 1 full year, the annual interest period for purposes of computation is considered to be the full year from but not including the date of issue to and including the anniversary of such date. If the term of the securities is more than 1 full year, computation is made on the basis of one full annual interest period, ending with the maturity date, and a fractional part of the preceding full annual interest period. The computation of interest for any fractional part of an annual interest period is made on the basis of 365 actual days in such period, or 366 days if February 29 falls within such annual period. computation of interest on semiannual basis One Day's Interest is 1/181 1/182 1/183 1/184 1/2 Computation of interest on Treasury bonds, notes, and certificates of indebtedness will be made on a semiannual basis in all cases where interest is payable for one or more full half-year (6 months) periods, or for one or more full half-year periods and a fractional part of a half-year period. A semiannual interest period is an exact half-year or 6 months, for computation purposes, and may comprise 181, 182, 183 or 184 actual days. An exact half-year's interest at the specified rate is computed for each full period of exactly 6 months, irrespective of the actual number of days in the half-year. If the initial interest covers a fractional part of a half-year, computation is made on the basis of the actual number of days in the half-year (exactly 6 months) ending on the day such initial interest becomes due. If the initial interest covers a period in excess of 6 months, computation is made on the basis of one full half-year, ending with the interest due date, and a fractional part of the preceding full half-year period. Interest for any fractional part of a full half-year period is computed on the basis of the exact number of days in the full period, including February 29 whenever it falls within such a period. The number of days in any half-year period is shown in the following table: For the Half-Year Interest period Beginning and ending days are 1st or 15th of months listed under interest period (number of days) Beginning and ending days are last days of months listed under interest period (number of days) Regular year Leap year Regular year Leap year January to July 181 182 181 182 February to August 181 182 184 184 March to September 184 184 183 183 April to October 183 183 184 184 May to November 184 184 183 183 June to December 183 183 184 184 July to January 184 184 184 184 August to February 184 184 181 182 September to March 181 182 182 183 October to April 182 183 181 182 November to May 181 182 182 183 December to June 182 183 181 182 1 year (any 2 consecutive half-years) 365 366 365 366 The following are dates for end-of-the-month interest computations. When interest period ends on— Interest-computation period will be from but will not include— January 31 July 31. February 28 in 365-day year. August 31. February 29 Do. March 30, 31 September 30. April 30 October 31. May 30, 31 November 30. June 30 December 31. July 31 January 31. August 29, 30, or 31 February 28 in 365-day year. February 29 in leap year. September 30 March 31. October 30, 31 April 30. November 30 May 31. December 30, 31 June 30. use of interest tables In the appended tables decimals are set forth for use in computing interest for fractional parts of interest periods. The decimals cover interest on $1,000 for 1 day in each possible semiannual (Table I), and annual (Table II) interest period, at all rates of interest, in steps of 1/8 1/8 (1) The date of issue, the dates for the payment of interest, the basis (semiannual or annual) upon which interest is computed, and the rate of interest (percent per annum) may be determined from the text of the security, or from the official circular governing the issue. (2) Determine the interest period of which the fraction is a part, and calculate the number of days in the full period to determine the proper column to be used in selecting the decimal for 1 day's interest. (3) Calculate the actual number of days in the fractional period from but not including the date of issue or the day on which the last preceding interest payment was made, to and including the day on which the next succeeding interest payment is due or the day as of which the transaction which terminates the accrual of additional interest is effected. (4) Multiply the appropriate decimal (1 day's interest on $1,000) by the number of days in the fractional part of the interest period. The appropriate decimal will be found in the appended table for interest payable 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. (For interest on any other amount, multiply the amount of interest on $1,000 by the other amount expressed as a decimal of $1,000.) treasury The methods of 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 of such discount will be made on that basis. The annual period for true discount is 1 full year from but not including the date of issue to and including the anniversary of such date. Computation of true discount for a fractional part of a year will be made on the basis of 365 days in the year, or 366 days if February 29 falls within the year. bank discount The bank discount rate on a Treasury bill may be ascertained by: (1) Subtracting the sale price of the bill from its face value to obtain the amount of discount; (2) dividing the amount of discount by the number of days the bill is to run to obtain the amount of discount per day; (3) multiplying the amount of discount per day by 360 (the number of days in a commercial year of 12 months of 30 days each) to obtain the amount of discount per year; and (4) dividing the amount of discount per year by the face value of the bill to obtain the bank discount rate. For example: 91-day bill: Principal amount—maturity value $100.00 Price at issue—amount received 99.50 Amount of discount .50 $0.50 ÷ 91 × 360 ÷ $100 = .01978 or 1.978 percent true discount The true discount rate on a Treasury bill of not more than one-half year in length may be ascertained by (1 and 2) obtaining the amount of discount per day by following the first two steps described under “Bank Discount”; (3) multiplying the amount of discount per day by the actual number of days in the year from date of issue (365 ordinarily, but 366 if February 29 falls within the year from date of issue) to obtain the amount of discount per year; and (4) dividing the amount of discount per year by the sale price of the bill to obtain the true discount rate. For example: 91-day bill: Principal amount—maturity value $100.00 Price at issue—amount received 99.50 Amount of discount .50 $0.50 ÷ 91 × 365 ÷ $99.50 = .02016 or 2.016 percent Table I—Decimal for 1 Day's Interest on $1,000 at Various Rates of Interest, Payable Semiannually or on a Semiannual Basis, in Regular Years of 365 Days and in Leap Years of 366 Days (to Determine Applicable Number of Days, See “Computation of Interest on Semiannual Basis”) Rate per annum (percent) Half-year of 184 days Half-year of 183 days Half-year of 182 days Half-year of 181 days 1 8 $0.003 396 739 $0.003 415 301 $0.003 434 066 $0.003 453 039 1 4 .006 793 478 .006 830 601 .006 868 132 .006 906 077 3 8 .010 190 217 .010 245 902 .010 302 198 .010 359 116 1 2 .013 586 957 .013 661 202 .013 736 264 .013 812 155 5 8 .016 983 696 .017 076 503 .017 170 330 .017 265 193 3 4 .020 380 435 .020 491 803 .020 604 396 .020 718 232 7 8 .023 777 174 .023 907 104 .024 038 462 .024 171 271 1 .027 173 913 .027 322 404 .027 472 527 .027 624 309 1 1 8 .030 570 652 .030 737 705 .030 906 593 .031 077 348 1 1 4 .033 967 391 .034 153 005 .034 340 659 .034 530 387 1 3 8 .037 364 130 .037 568 306 .037 774 725 .037 983 425 1 1 2 .040 760 870 .040 983 607 .041 208 791 .041 436 464 1 5 8 .044 157 609 .044 398 907 .044 642 857 .044 889 503 1 3 4 .047 554 348 .047 814 208 .048 076 923 .048 342 541 1 7 8 .050 951 087 .051 229 508 .051 510 989 .051 795 580 2 .054 347 826 .054 644 809 .054 945 055 .055 248 619 2 1 8 .057 744 565 .058 060 109 .058 379 121 .058 701 657 2 1 4 .061 141 304 .061 475 410 .061 813 187 .062 154 696 2 3 8 .064 538 043 .064 890 710 .065 247 253 .065 607 735 2 1 2 .067 934 783 .068 306 011 .068 681 319 .069 060 773 2 5 8 .071 331 522 .071 721 311 .072 115 385 .072 513 812 2 3 4 .074 728 261 .075 136 612 .075 549 451 .075 966 851 2 7 8 .078 125 000 .078 551 913 .078 983 516 .079 419 890 3 .081 521 739 .081 967 213 .082 417 582 .082 872 928 3 1 8 .084 918 478 .085 382 514 .085 851 648 .086 325 967 3 1 4 .088 315 217 .088 797 814 .089 285 714 .089 779 006 3 3 8 .091 711 957 .092 213 115 .092 719 780 .093 232 044 3 1 2 .095 108 696 .095 628 415 .096 153 846 .096 685 083 3 5 8 .098 505 435 .099 043 716 .099 021 978 .100 138 122 3 3 4 .101 902 174 .102 459 016 .103 021 978 .103 591 160 3 7 8 .105 298 913 .105 874 317 .106 456 044 .107 044 190 4 .108 695 652 .109 289 617 .109 890 110 .110 497 238 4 1 8 .112 092 391 .112 704 918 .113 324 176 .113 950 236 4 1 4 .115 489 130 .116 120 219 .116 758 242 .117 403 375 4 3 8 .118 885 870 .119 535 519 .120 192 308 .120 856 317 4 1 2 .122 282 609 .122 950 820 .123 626 374 .124 309 394 4 5 8 .125 679 348 .126 366 120 .127 060 440 .127 762 432 4 3 4 .129 076 087 .129 781 421 .130 494 505 .131 215 471 4 7 8 .132 472 826 .133 196 721 .133 928 571 .134 668 500 5 .135 869 565 .136 612 022 .137 362 637 .138 121 548 5 1 8 .139 266 304 .140 027 322 .140 796 703 .141 574 586 5 1 4 .142 663 043 .143 442 623 .144 230 769 .145 027 624 5 3 8 .146 059 783 .146 857 923 .147 664 835 .148 480 663 5 1 2 .149 456 522 .150 273 224 .151 098 901 .151 933 702 5 5 8 .152 853 261 .153 688 525 .154 532 967 .155 386 748 5 3 4 .156 250 000 .157 103 825 .157 967 033 .158 839 706 5 7 8 .159 646 739 .160 519 126 .161 401 099 .162 292 876 6 .163 043 478 .163 934 426 .164 835 165 .165 745 856 6 1 8 166 440 217 .167 349 727 .168 269 231 .169 198 895 6 1 4 .169 836 957 .170 765 027 .171 703 297 .172 651 934 6 3 8 .173 233 696 .174 180 328 .175 137 363 .176 104 972 6 1 2 .176 630 435 .177 595 628 .178 571 429 .179 558 011 6 5 8 .180 027 174 .181 010 929 .182 005 495 .183 011 050 6 3 4 .183 423 913 .184 426 230 .185 439 560 .186 464 088 6 7 8 .186 820 652 .187 841 530 .188 873 626 .189 917 127 7 .190 217 391 .191 256 831 .192 307 692 .193 370 166 7 1 8 .193 614 130 .194 672 131 .195 741 758 .196 823 204 7 1 4 .197 010 870 .198 087 432 .199 175 824 .200 276 243 7 3 8 .200 407 609 .201 502 732 .202 609 890 .203 729 282 7 1 2 .203 804 348 .204 918 033 .206 043 956 .207 182 320 7 5 8 .207 201 087 .208 333 333 .209 478 022 .210 635 359 7 3 4 .210 597 826 .211 748 634 .212 912 088 .214 088 398 7 7 8 .213 994 565 .215 163 934 .216 346 154 .217 541 436 8 .217 391 304 .218 579 235 .219 780 220 .220 994 475 8 1 8 .220 788 043 .221 994 536 .223 214 286 .224 447 514 8 1 4 .224 184 783 .225 409 836 .226 648 352 .227 900 552 8 3 8 .227 581 522 .228 825 137 .230 082 418 .231 353 591 8 1 2 .230 978 261 .232 240 437 .233 516 484 .234 806 630 8 5 8 .234 375 000 .235 655 738 .236 950 549 .238 259 669 8 3 4 .237 771 739 .239 071 038 .240 384 615 .241 712 707 8 7 8 .241 168 478 .242 486 339 .243 818 681 .245 165 746 9 .244 565 217 .245 901 639 .247 252 747 .248 618 785 9 1 8 .247 961 957 .249 316 940 .250 686 813 .252 071 823 9 1 4 .251 358 696 .252 732 240 .254 120 879 .255 524 862 9 3 8 .254 755 435 .256 147 541 .257 554 945 .258 977 901 9 1 2 .258 152 174 .259 562 842 .260 989 011 .262 430 939 9 5 8 .261 548 913 .262 978 142 .264 423 077 .265 883 978 9 3 4 .264 945 652 .266 393 443 .267 857 143 .269 337 017 9 7 8 .268 342 391 .269 808 743 .271 291 209 .272 790 055 10 .271 739 130 .273 224 044 .274 725 275 .276 243 094 10 1 8 .275 135 870 .276 639 344 .278 159 341 .279 696 133 10 1 4 .278 853 609 .280 054 645 .281 593 407 .283 149 171 10 3 8 .281 929 348 .283 469 945 .285 027 473 .286 602 210 10 1 2 .285 326 087 .286 885 246 .288 461 538 .290 055 249 10 5 8 .288 722 826 .290 300 546 .291 895 604 .293 508 287 10 3 4 .292 119 565 .293 715 847 .295 329 670 .296 961 326 10 7 8 .295 516 304 .297 131 148 .298 763 736 .300 414 365 11 .298 913 043 .300 546 448 .302 197 802 .303 867 403 11 1 8 .302 309 783 .303 961 749 .305 631 868 .307 320 442 11 1 4 .305 706 522 .307 377 049 .309 065 934 .310 773 481 11 3 8 .309 103 261 .310 792 350 .312 500 000 .314 226 519 11 1 2 .312 500 000 .314 207 650 .315 934 066 .317 679 558 11 5 8 .315 896 739 .317 622 951 .319 368 132 .321 132 597 11 3 4 .319 293 478 .321 038 251 .322 802 198 .324 585 635 11 7 8 .322 690 217 .324 453 552 .326 236 264 .328 038 674 12 .326 086 957 .327 868 852 .329 670 330 .331 491 713 Table II—Decimal for 1 Day's Interest on $1,000 at Various Rates of Interest, Payable Annually or on an Annual Basis, in Regular Years of 365 Days and in Leap Years of 366 Days Rate per annum (percent) Regular year, 365 days Leap year, 366 days 1 8 $0.003 424 658 $0.003 415 301 1 4 .006 849 315 .006 830 601 3 8 .010 273 973 .010 245 902 1 2 .013 698 630 .013 661 202 5 8 .017 123 288 .017 076 503 3 4 .020 547 945 .020 491 803 7 8 .023 972 603 .023 907 104 1 .027 397 260 .027 322 404 1 1 8 .030 821 918 .030 737 705 1 1 4 .034 246 575 .034 153 005 1 3 8 .037 671 233 .037 568 306 1 1 2 .041 095 890 .040 983 607 1 5 8 .044 520 548 .044 398 907 1 3 4 .047 945 205 .047 814 208 1 7 8 .051 369 863 .051 229 508 2 .054 794 521 .054 644 809 2 1 8 .058 219 178 .058 060 109 2 1 4 .061 643 836 .061 475 410 2 3 8 .065 068 493 .064 890 710 2 1 2 .068 493 151 .068 306 011 2 5 8 .071 917 808 .071 721 311 2 3 4 .075 342 466 .075 136 612 2 7 8 .078 767 123 .078 551 913 3 .082 191 781 .081 967 213 3 1 8 .085 616 438 .085 382 514 3 1 4 .089 041 096 .088 797 814 3 3 8 .092 465 753 .092 213 115 3 1 2 .095 890 411 .095 628 415 3 5 8 .099 315 068 .099 043 716 3 3 4 .102 739 726 .102 459 016 3 7 8 .106 164 384 .105 874 317 4 .109 589 041 .109 289 617 4 1 8 .113 013 699 .112 704 918 4 1 4 .116 438 356 .116 120 219 4 3 8 .119 863 014 .119 535 519 4 1 2 .123 287 671 .122 950 820 4 5 8 .126 712 329 .126 366 120 4 3 4 .130 136 986 .129 781 421 4 7 8 .133 561 644 .133 196 721 5 .136 986 301 .136 612 022 5 1 8 .140 410 959 .140 027 322 5 1 4 .143 835 616 .143 442 623 5 3 8 .147 260 274 .146 857 923 5 1 2 .150 684 932 .150 273 224 5 5 8 .154 109 589 .153 688 525 5 3 4 .157 534 247 .157 103 825 5 7 8 .160 958 904 .160 519 126 6 .164 383 562 .163 934 426 6 1 8 .167 808 219 .167 349 727 6 1 4 .171 232 877 .170 765 027 6 3 8 .174 657 534 .174 180 328 6 1 2 .178 082 192 .177 595 628 6 5 8 .181 506 849 .181 010 929 6 3 4 .184 931 507 .184 426 230 6 7 8 .188 356 164 .187 841 530 7 .191 780 822 .191 256 831 7 1 8 .195 205 479 .194 672 131 7 1 4 .198 630 137 .198 087 432 7 3 8 .202 054 795 .201 502 732 7 1 2 .205 479 452 .204 918 033 7 5 8 .208 904 110 .208 333 333 7 3 4 .212 328 767 .211 748 634 7 7 8 .215 753 425 .215 163 934 8 .219 178 082 .218 579 235 8 1 8 .222 602 740 .221 994 536 8 1 4 .226 027 397 .225 409 836 8 3 8 .229 452 055 .228 825 137 8 1 2 .232 876 712 .232 240 437 8 5 8 .236 301 370 .235 655 738 8 3 4 .239 726 027 .239 071 038 8 7 8 .243 150 685 .242 486 339 9 .246 575 342 .245 901 639 9 1 8 .250 000 000 .249 316 940 9 1 4 .253 424 658 .252 732 240 9 3 8 .256 849 315 .256 147 541 9 1 2 .260 273 973 .259 562 842 9 5 8 .263 698 630 .262 978 142 9 3 4 .267 123 288 .266 393 443 9 7 8 .270 547 945 .269 808 743 10 .273 972 603 .273 224 044 10 1 8 .277 397 260 .276 639 344 10 1 4 .280 821 918 .280 054 645 10 3 8 .284 246 575 .283 469 945 10 1 2 .287 671 233 .286 885 246 10 5 8 .291 095 890 .290 300 546 10 3 4 .294 520 548 .293 715 847 10 7 8 .297 945 205 .297 131 148 11 .301 369 863 .300 546 448 11 1 8 .304 794 521 .303 961 749 11 1 4 .308 219 178 .307 377 049 11 3 8 .311 643 836 .310 792 350 11 1 2 .315 068 493 .314 207 650 11 5 8 .318 493 151 .317 622 951 11 3 4 .321 917 808 .321 038 251 11 7 8 .325 342 466 .324 453 552 12 .328 767 123 .327 868 852 [38 FR 7078, Mar. 15, 1973; 38 FR 8153, Mar. 29, 1973; 38 FR 10004, Apr. 23, 1973, as amended at 44 FR 34125, June 14, 1979] Subpart F—Assignments of Registered Securities—General § 306.40 Execution of assignments. The assignment of a registered security should be executed by the owner, or his or her authorized representative, in the presence of an individual authorized to certify assignments. All assignments must be made on the backs of the securities, unless otherwise authorized by the Bureau. An assignment by mark (X) must be witnessed not only by a certifying individual, but also by at least one other person, who should add an endorsement substantially as follows: “Witness to signature by mark,” followed by the witness' signature and address. [59 FR 59036, Nov. 15, 1994, as amended by 64 FR 38126, July 15, 1999] § 306.41 Form of assignment. Registered securities may be assigned in blank, to bearer, to a specified transferee, or to the Secretary of the Treasury for redemption or for exchange for other securities offered at maturity, upon call or pursuant to an advance refunding or prerefunding offer. Assignments to “The Secretary of the Treasury,” “The Secretary of the Treasury for transfer,” or “The Secretary of the Treasury for exchange” will not be accepted unless supplemented by specific instructions by or in behalf of the owner. [38 FR 7078, Mar. 15, 1973, as amended at 64 FR 38126, July 15, 1999] § 306.42 Alterations and erasures. If an alteration or erasure has been made in an assignment, the assignor should appear before an authorized certifying officer and execute a new assignment to the same assignee. If the new assignment is to other than the assignee whose name has been altered or erased, a disclaimer from the first-named assignee should be obtained. Otherwise, an affidavit of explanation by the person responsible for the alteration or erasure should be submitted for consideration. § 306.43 Voidance of assignments. An assignment of a security to or for the account of another person, not completed by delivery, may be voided by a disclaimer of interest from that person. This disclaimer should be executed in the presence of an officer authorized to certify assignments of securities. Unless otherwise authorized by the Bureau, the disclaimer must be written, typed, or stamped on the back of the security in substantially the following form: The undersigned as assignee of this security hereby disclaims any interest herein. (Signature) I certify that the above-named person as described, whose identity is well known or proved to me, personally appeared before me the ___ day of ______ (Month and year) at __________ (Place) and signed the above disclaimer of interest. ( seal (Signature and official designation of certifying officer) In the absence of a disclaimer, an affidavit or affidavits should be submitted for consideration explaining why a disclaimer cannot be obtained, reciting all other material facts and circumstances relating to the transaction, including whether or not the security was delivered to the person named as assignee and whether or not the affiants know of any basis for the assignee claiming any right, title, or interest in the security. After an assignment has been voided, in order to dispose of the security, an assignment by or on behalf of the owner will be required. [38 FR 7078, Mar. 15, 1973, as amended at 64 FR 38126, July 15, 1999] § 306.44 Discrepancies in names. The Department will ordinarily require an explanation of discrepancies in the names which appear in inscriptions, assignments, supporting evidence or in the signatures to any assignments. (Form PD 385 may be used for this purpose.) However, where the variations in the name of the registered owner, as inscribed on securities of 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 of identity will be required if the assignments are signed exactly as the securities are inscribed and are duly certified by the same certifying officer. § 306.45 Certifying individuals. (a) General. (1) Officers and employees of depository institutions, corporate central credit unions, and institutions that are members of Treasury-recognized signature guarantee programs who have been authorized: (i) Generally to bind their respective institutions by their acts; (ii) Unqualifiedly to guarantee signatures to assignments of securities; or (iii) To certify assignments of securities. (2) Officers and authorized employees of Federal Reserve Banks and branches. (3) Officers of Federal Land Banks, Federal Intermediate Credit Banks and Banks for Cooperatives, and Federal Home Loan Banks. (4) Commissioned officers and warrant officers of the Armed Forces of the United States but only with respect to signatures executed by Armed Forces personnel, civilian field employees, and members of their families. (5) U.S. Attorneys, Collectors of Customs, and Regional Commissioners, District Directors, and Service Center Directors, Internal Revenue Service. (6) Judges and Clerks of U.S. Courts. (7) Such other persons as the Commissioner of the Fiscal Service or his designee may authorize. (b) Foreign countries. (1) United States diplomatic or consular officials. (2) Managers and officers of foreign branches of depository institutions and institutions that are members of Treasury-recognized signature guarantee programs. (3) Notaries public and other officers authorized to administer oaths, provided their official position and authority are certified by a United States diplomatic or consular official under seal of the office. (c) Duties and liabilities of certifying individuals General. (2) Signature guaranteed. (3) Absence of signature guaranteed by depository institution. (d) Evidence of certifying individual's authority. (1) Officers and employees of depository institutions. (2) Officers and authorized employees of institutions that are members of Treasury-recognized signature guarantee programs. (3) Officers and authorized employees of Federal Reserve Banks. (4) Officers and employees of corporate central credit unions and other entities listed in paragraph (a)(3) of this section. (5) Notaries public, diplomatic or consular officials. (6) Commissioned or warrant officers of the United States Armed Forces. (7) A judge or clerk of the court. (8) Any other certifying individual. (e) Interested persons not to act as certifying individual. [59 FR 59037, Nov. 15, 1994] Subpart G—Assignments by or in Behalf of Individuals § 306.55 Signatures, minor errors and change of name. The owner's signature to an assignment should be in the form in which the security is inscribed or assigned, unless such inscription or assignment is incorrect or the name has since been changed. In case of a change of name, the signature to the assignment should show both names and the manner in which the change was made, for example, “John Young, changed by order of court from Hans Jung.” Evidence of the change will be required. However, no evidence is required to support an assignment if the change resulted from marriage and the signature, which must be duly certified by an authorized officer, is written to show that fact, for example, “Mrs. Mary J. Brown, changed by marriage from Miss Mary Jones.” § 306.56 Assignment of securities registered in the names of or assigned to two or more persons. (a) Transfer or exchange. 9 9 (b) Advance refunding or prerefunding offers. (c) Redemption or redemption-exchange Alternative registration or assignment. (2) Joint registration or assignment. 9 [38 FR 7078, Mar. 15, 1973, as amended at 64 FR 38126, July 15, 1999] § 306.57 Minors and incompetents. (a) Assignments by natural guardian of securities registered in name of minor. (b) Assignments of securities registered in name of natural guardian of minor. (c) Assignments by voluntary guardian of incompetents. (1) For redemption, if the proceeds of the securities are needed to pay expenses already incurred, or to be incurred during any 90-day period, for the care and support of the incompetent or his legal dependents. (2) For redemption-exchange, if the securities are matured or have been called, or pursuant to an advance refunding or prerefunding offer, for reinvestment in other securities to be registered in the form “A, an incompetent (123-45-6789) under voluntary guardianship.” An application on Form PD 1461 by the person seeking authority to act as voluntary guardian will be required. (d) Assignments by legal guardians of minors or incompetents. [38 FR 7078, Mar. 15, 1973, as amended at 64 FR 38126, July 15, 1999] § 306.58 Nontransferable securities. The provisions of this subpart, so far as applicable, govern transactions in Treasury Bonds, Investment Series B-1975-80. Subpart H—Assignments in Behalf of Estates of Deceased Owners § 306.65 Decedent's estate. (a) Estate is being administered. (2) Appropriate proof of appointment for the legal representative of the estate is required. Letters of appointment must be dated not more than one year prior to the date of submission of the letters of appointment. (b) Estate has been settled previously. (c) Special provisions under the law of the jurisdiction of the decedent's domicile. (d) When administration is required. (e) Voluntary representative for small estates that are not being otherwise administered General. (i) There has been no administration, no administration is contemplated, and no summary or small estate procedures under applicable local law have been used; (ii) The total redemption value of the Treasury securities and held payments, if any, held directly on our records that are the property of the decedent's estate is $100,000 or less as of the date of death; and (iii) There is a person eligible to serve as the voluntary representative according to paragraph (e)(3) of this section. (2) Authority of voluntary representative. (i) Request payment of the decedent's matured securities on behalf of the persons entitled by the law of the jurisdiction in which the decedent was domiciled at the date of death; (ii) Assign the decedent's securities to the persons entitled by the law of the jurisdiction in which the decedent was domiciled at the date of death. (3) Order of precedence for voluntary representative. (4) Liability. (f) Creditor. [70 FR 57429, Sept. 30, 2005] §§ 306.66-306.67 [Reserved] § 306.68 Nontransferable securities. The provisions of this subpart, so far as applicable, govern transactions in Treasury Bonds, Investment Series B-1975-80. Subpart I—Assignments by or in Behalf of Trustees and Similar Fiduciaries § 306.75 Individual fiduciaries. (a) General. (1) Proof of the death, resignation, removal or disqualification of the former fiduciary and (2) Evidence that the surviving or remaining fiduciary or fiduciaries are fully qualified to administer the fiduciary estate, which may be in the form of a certificate by them showing the appointment of a successor has not been applied for, is not contemplated and is not necessary under the terms of the trust instrument or otherwise. Assignments of securities registered in the titles, without the names of the fiduciaries, for example, “Trustees of the George E. White Memorial Scholarship Fund under deed of trust dated 11/10/40, executed by John W. White,” must be supported by proof that the assignors are the qualified and acting trustees of the designated trust estate, unless they are empowered to act as a unit in which case the provisions of § 306.76 shall apply. (Form PD 2446 may be used to furnish proof of incumbency of fiduciaries.) Assignments by fiduciaries of securities not registered or assigned in such manner as to show that they belong to the estate for which the assignors are acting must also be supported by evidence that the estate is entitled to the securities. (b) Life tenants. § 306.76 Fiduciaries acting as a unit. Securities registered in the name of or assigned to a board, committee or other body authorized to act as a unit for any public or private trust estate may be assigned for any authorized transaction by anyone authorized to act in behalf of such body. Except as otherwise provided in this section, the assignments must be supported by a copy of a resolution adopted by the body, properly certified under its seal, or, if none, sworn to by a member of the body having access to its records. (Form PD 2495 may be used.) If the person assigning is designated in the resolution by title only, his incumbency must be duly certified by another member of the body. (Form PD 2446 may be used.) If the fiduciaries of any trust estate are empowered to act as a unit, although not designated as a board, committee or other body, securities registered in their names or assigned to them as such, or in their titles without their names, may be assigned by anyone authorized by the group to act in its behalf. Such assignments may be supported by a sworn copy of a resolution adopted by the group in accordance with the terms of the trust instrument, and proof of their authority to act as a unit may be required. As an alternative, assignments by all the fiduciaries, supported by proof of their incumbency, if not named on the securities, will be accepted. [38 FR 7078, Mar. 15, 1973; 38 FR 10004, Apr. 23, 1973] § 306.77 Corepresentatives and fiduciaries. If there are two or more executors, administrators, guardians or similar representatives, or trustees of an estate, all must unite in the assignment of any securities belonging to the estate. However, when a statute, a decree of court, or the instrument under which the representatives or fiduciaries are acting provides otherwise, assignments in accordance with their authority will be accepted. If the securities have matured or been called and are submitted for redemption for the account of all, or for redemption-exchange or pursuant to an advance refunding or prerefunding offer, and the securities offered in exchange are to be registered in the names of all, no assignment is required. § 306.78 Nontransferable securities. The provisions of this subpart, so far as applicable, govern assignments of Treasury Bonds, Investment Series B-1975-80. Subpart J—Assignments in Behalf of Private or Public Organizations § 306.85 Private corporations and unincorporated associations (including nominees). Securities registered in the name of, or assigned to, an unincorporated association, or a private corporation in its own right or in a representative or fiduciary capacity, or as nominee, may be assigned in its behalf for any authorized transaction by any duly authorized officer or officers. Evidence, in the form of a resolution of the governing body, authorizing the assigning officer to assign, or to sell, or to otherwise dispose of the securities will ordinarily be required. Resolutions may relate to any or all registered securities owned by the organization or held by it in a representative or fiduciary capacity. (Form PD 1010, or any substantially similar form, may be used when the authority relates to specific securities; Form PD 1011, or any substantially similar form, may be used for securities generally.) If the officer derives his authority from a charter, constitution or bylaws, a copy, or a pertinent extract therefrom, properly certified, will be required in lieu of a resolution. If the resolution or other supporting document shows the title of an authorized officer, without his name, it must be supplemented by a certificate of incumbency. (Form PD 1014 may be used.) § 306.86 Change of name and succession of private organizations. If a private corporation or unincorporated association changes its name or is lawfully succeeded by another corporation or unincorporated association, its securities may be assigned in behalf of the organization in its new name or that of its successor by an authorized officer in accordance with § 306.85. The assignment must be supported by evidence of the change of name or successorship. § 306.87 Partnerships (including nominee partnerships). An assignment of a security registered in the name of or assigned to a partnership must be executed by a general partner. Upon dissolution of a partnership, assignment by all living partners and by the persons entitled to assign in behalf of any deceased partner's estate will be required unless the laws of the jurisdiction authorize a general partner to bind the partnership by any act appropriate for winding up partnership affairs. In those cases where assignments by or in behalf of all partners are required this fact must be shown in the assignment; otherwise, an affidavit by a former general partner must be furnished identifying all the persons who had been partners immediately prior to dissolution. Upon voluntary dissolution, for any jurisdiction where a general partner may not act in winding up partnership affairs, an assignment by a liquidating partner, as such, must be supported by a duly executed agreement among the partners appointing the liquidating partner. § 306.88 Political entities and public corporations. Securities registered in the name of, or assigned to, a State, county, city, town, village, school district or other political entity, public body or corporation, may be assigned by a duly authorized officer, supported by evidence of his authority. § 306.89 Public officers. Securities registered in the name of, or assigned to, a public officer designated by title may be assigned by such officer, supported by evidence of incumbency. Assignments for the officer's own apparent individual benefit will not be recognized. § 306.90 Nontransferable securities. The provisions of this subpart apply to Treasury Bonds, Investment Series B-1975-80. Subpart K—Attorneys in Fact § 306.95 Attorneys in fact. (a) General. (b) For legal representatives and fiduciaries. (c) For corporations or unincorporated associations. (1) A copy of the resolution of the governing body authorizing an officer to appoint an attorney in fact, with power of substitution, if pertinent, to assign, or to sell, or to otherwise dispose of, the securities, or (2) A copy of the charter, constitution, or bylaws, or a pertinent extract therefrom, showing the authority of an officer to appoint an attorney in fact, or (3) A copy of the resolution of the governing body directly appointing an attorney in fact. If the resolution or other supporting document shows only the title of the authorized officer, without his name, a certificate of incumbency must also be furnished. (Form PD 1014 may be used.) The power may not be broader than the resolution or other authority. (d) For public corporations. § 306.96 Nontransferable securities. The provisions of this subpart shall apply to nontransferable securities, subject only to the limitations imposed by the terms of the particular issues. Subpart L—Transfer Through Judicial Proceedings § 306.100 Transferable securities. The Department will recognize valid judicial proceedings affecting the ownership of or interest in transferable securities, upon presentation of the securities together with evidence of the proceedings. In the case of securities registered in the names of two or more persons, the extent of their respective interests in the securities must be determined by the court in proceedings to which they are parties or must otherwise be validly established. 10 10 § 306.101 Evidence required. Copies of a final judgment, decree, or order of court and of any necessary supplementary proceedings must be submitted. Assignments by a trustee in bankruptcy or a receiver of an insolvent's estate must be supported by evidence of his qualification. Assignments by a receiver in equity or a similar court officer must be supported by a copy of an order authorizing him to assign, or to sell, or to otherwise dispose of, the securities. Where the documents are dated more than 6 months prior to presentation of the securities, there must also be submitted a certificate dated within 6 months of presentation of the securities, showing the judgment, decree, or order, or evidence of qualification, is in full force. Any such evidence must be certified under court seal. § 306.102 Nontransferable securities. The provisions of this subpart shall apply to Treasury Bonds, Investment Series B-1975-80, except that prior to maturity any reference to assignments shall be deemed to refer to assignments of the bonds for exchange for the current series of 1 1/2 Subpart M—Requests for Suspension of Transactions § 306.105 Requests for suspension of transactions in registered securities. (a) Timely notice. (1) The security was lost, stolen, or destroyed and that it was unassigned, or not so assigned as to have become in effect payable to bearer, or (2) The assignment was affected by fraud, the transaction for which the security was received will be suspended. The interested parties will be given a reasonable period of time in which to effect settlement of their interests by agreement, or to institute judicial proceedings. (b) Late notice. (c) Forged assignments. § 306.106 Requests for suspension of transactions in bearer securities. (a) Securities not overdue. 11 11 “In consequence of the increasing trouble, wholly without practical benefit, arising from notices which are constantly received at the Department respecting the loss of coupon bonds, which are payable to bearer, and of Treasury notes issued and remaining in blank at the time of loss, it becomes necessary to give this public notice, that the Government cannot protect and will not undertake to protect the owners of such bonds and notes against the consequences of their own fault or misfortune.” “Hereafter all bonds, notes, and coupons, payable to bearer, and Treasury notes issued and remaining in blank, will be paid to the party presenting them in pursuance of the regulations of the Department, in the course of regular business; and no attention will be paid to caveats which may be filed for the purpose of preventing such payment.” (b) Overdue securities. Subpart N—Relief for Loss, Theft, Destruction, Mutilation, or Defacement of Securities § 306.110 Statutory authority and requirements. Relief is authorized, under certain conditions, for the loss, theft, destruction, mutilation or defacement of U.S. securities, whether before, at, or after maturity. A bond of indemnity, in such form and with such surety, sureties or security as may be required to protect the interests of the United States, is required as a condition of relief on account of any bearer security or any registered security assigned in blank or so assigned as to become in effect payable to bearer, and is ordinarily required in the case of unassigned registered securities. § 306.111 Procedure for applying for relief. Prompt report of the loss, theft, destruction, mutilation or defacement of a security should be made to the Bureau. The report should include: (a) The name and present address of the owner and his address at the time the security was issued, and, if the report is made by some other person, the capacity in which he represents the owner. (b) The identity of the security by title of loan, issue date, interest rate, serial number and denomination, and in the case of a registered security, the exact form of inscription and a full description of any assignment, endorsement or other writing. (c) A full statement of the circumstances. All available portions of a mutilated, defaced or partially destroyed security must also be submitted. § 306.112 Type of relief granted. (a) Prior to call or maturity. (b) At or after call or maturity. (c) Interest coupons. § 306.113 Cases not requiring bonds of indemnity. A bond of indemnity will not be required as a condition of relief for the loss, theft, destruction, mutilation, or defacement of registered securities in any of the following classes of cases unless the Secretary of the Treasury deems it essential in the public interest: (a) If the loss, theft, destruction, mutilation, or defacement, as the case may be, occurred while the security was in the custody or control of the United States, or a duly authorized agent thereof (not including the Postal Service when acting solely in its capacity as public carrier of the mails), or while in the course of shipment effected under regulations issued pursuant to the Government Losses in Shipment Act (parts 260, 261, and 262 of this chapter). (b) If substantially the entire security is presented and surrendered and the Security of the Treasury is satisfied as to the identity of the security and that any missing portions are not sufficient to form the basis of a valid claim against the United States. (c) If the security is one which by the provisions of law or by the terms of its issue is nontransferable or is transferable only by operation of law. (d) If the owner or holder is the United States, a Federal Reserve bank, a Federal Government corporation, a State, the District of Columbia, a territory or possession of the United States, a municipal corporation, or, if applicable, a political subdivision of any of the foregoing, or a foreign government. Subpart O—Book-Entry Procedure § 306.115 Definition of terms. For the purposes of this subpart, the definitions provided in 31 CFR 357.3 are applicable, with the following additions: Definitive Treasury security Eligible book-entry Treasury security [61 FR 43637, Aug. 23, 1996] § 306.116 Scope and effect of book-entry procedure. (a) Except as provided in § 306.117, the provisions of 31 CFR part 357, subparts A, B, and D apply. (b) This subpart is effective January 1, 1997. [61 FR 43637, Aug. 23, 1996] § 306.117 Withdrawal of eligible book-entry Treasury securities for conversion to registered form. (a) Eligible book-entry Treasury securities may be withdrawn from TRADES by requesting delivery of like definitive Treasury securities. (b) Fiscal Service shall, upon receipt of appropriate instructions to withdraw eligible book-entry Treasury securities from book-entry form in TRADES, convert such securities into registered Treasury securities and deliver them in accordance with such instructions; no such conversion shall affect existing interests in such Treasury securities. (c) All requests for withdrawal of eligible book-entry Treasury securities must be made prior to the maturity or date of call of the securities. (d) Treasury securities which are to be delivered upon withdrawal may be issued in registered form, to the extent permitted by the applicable offering circular. [61 FR 43637, Aug. 23, 1996; 64 FR 38126, July 15, 1999] Subpart P—Miscellaneous Provisions § 306.125 Additional requirements. In any case or any class of cases arising under these regulations the Secretary of the Treasury may require such additional evidence and a bond of indemnity, with or without surety, as may in his judgment be necessary for the protection of the interests of the United States. § 306.126 Waiver of regulations. The Secretary of the Treasury reserves the right, in his discretion, to waive or modify any provision or provisions of these regulations in any particular case or class of cases for the convenience of the United States or in order to relieve any person or persons of unnecessary hardship, if such action is not inconsistent with law, does not impair any existing rights, and he is satisfied that such action would not subject the United States to any substantial expense or liability. § 306.127 Preservation of existing rights. Nothing contained in these regulations shall limit or restrict existing rights which holders of securities heretofore issued may have acquired under the circulars offering such securities for sale or under the regulations in force at the time of acquisition. § 306.128 Supplements, amendments or revisions. The Secretary of the Treasury may at any time, or from time to time, prescribe additional supplemental, amendatory or revised regulations with respect to U.S. securities. The Secretary also may lower the minimum and multiple requirements for stripping marketable Treasury notes and bonds issued prior to March 1, 1993, through an announcement as provided in § 356.31 of this title. [65 FR 66175, Nov. 3, 2000]