PART 315—REGULATIONS GOVERNING U.S. SAVINGS BONDS, SERIES A, B, C, D, E, F, G, H, J, AND K, AND U.S. SAVINGS NOTES Authority: 31 U.S.C. 3105 and 5 U.S.C. 301. Source: 45 FR 64091, Sept. 26, 1980, unless otherwise noted. Subpart A—General Information § 315.0 Applicability. The regulations in this circular, Department of the Treasury Circular No. 530, and the provisions of the respective offering circulars, govern— (a) Definitive (paper) United States Savings Bonds of Series E that have not been converted to book-entry savings bonds in New Treasury Direct, and Series H and United States Savings Notes, and (b) United States Savings Bonds of Series A, B, C, D, F, G, J, and K, all of which have matured and are no longer earning interest. The regulations in Department of the Treasury Circular, Fiscal Service Series No. 3-80 (31 CFR, part 353), govern United States Savings Bonds of Series EE and Series HH. [45 FR 64091, Sept. 26, 1980, as amended at 70 FR 14941, Mar. 23, 2005] § 315.1 Official agencies. (a) The Bureau of the Fiscal Service of the Department of the Treasury is responsible for administering the Savings Bonds Program. Authority to process most transactions has been delegated to Federal Reserve Banks and Branches in the list below, as fiscal agents of the United States. (b) Communications concerning transactions and requests for forms should be addressed to: (1) A Federal Reserve Bank or Branch in the list below; the Bureau of the Fiscal Service. 200 Third Street, Parkersburg, WV 26101; or the Bureau of the Fiscal Service, Washington, DC 20226. (2)(i) The following Federal Reserve Offices have been designated to provide savings bond services: Servicing office Reserve districts served Geographic area served Federal Reserve Bank, Buffalo Branch, P.O. Box 961, Buffalo, NY 14240 New York, Boston CT, MA, ME, NH, NJ (northern half), NY (City & State), RI, Vt, Puerto Rico and Virgin Islands. Federal Reserve Bank, Pittsburgh Branch, P.O. Box 867, Pittsburgh, PA 15230 Cleveland, Philadelphia DE, KY (eastern half), NJ (southern half), OH, PA, WV (northern panhandle). Federal Reserve Bank of Richmond, P.O. Box 27622, Richmond, VA 23261 Richmond, Atlanta AL, DC, FL, LA (southern half), MD, MS (southern half), NC, SC, TN (eastern half), VA, WV (except northern panhandle). Federal Reserve Bank of Minneapolis, 250 Marquette Avenue, Minneapolis, MN 55480 Minneapolis, Chicago IA, IL (northern half), IN (northern half), MN, MT, ND, SD, WI. Federal Reserve Bank of Kansas City, 925 Grand Avenue, Kansas City, MO 64198 Dallas, San Francisco, Kansas City, St. Louis AK, AR, AZ, CA, CO, HI, ID, IL (southern half), IN (southern half), KS, KY (western half), LA (northern half), MO, MS (northern half), NE, NM, NV, OK, OR, TN (western half), TX, WA, WY, UT and GU. (ii) Until March 1, 1996, other Federal Reserve Offices may continue to provide some savings bond services, but such services will be phased out over the period prior to that date. [45 FR 64091, Sept. 26, 1980, as amended at 59 FR 10534, Mar. 4, 1994] § 315.2 Definitions. As used in these regulations— (a) Bond (b) Converted bond (c) Extended maturity period (d) Extended maturity value (e) Final extended maturity date (f) Incompetent (g) Inscription (h) Issuing agent (i) Original maturity date (j) Paying agent (k) Payment (l) Person (m) Personal trust estates (n) Registration (o) Reissue (p) Representative of the estate of a minor, incompetent, aged person, absentee, et al. (q) Surrender (r) Taxpayer identifying number (s) Voluntary guardian (t) Voluntary representative [45 FR 64091, Sept. 26, 1980, as amended at 70 FR 14941, Mar. 23, 2005; 70 FR 57430, Sept. 30, 2005; 71 FR 46856, Aug. 15, 2006] § 315.3 Converting definitive savings bonds to book-entry bonds in New Treasury Direct. Series E savings bonds that were originally issued as definitive bonds may be converted to book-entry bonds through New Treasury Direct, an online system for holding Treasury securities. The Web address for New Treasury Direct is www.treasurydirect.gov. [70 FR 14941, Mar. 23, 2005] Subpart B—Registration § 315.5 General rules. (a) Registration is conclusive of ownership. (b) Requests for registration. Miss, Mr., Mrs., Ms., Dr., Rev., M.D., D.D.. Sr. Jr., Mary A. Jones Mrs. Mary A. Jones, Mrs. Frank B. Jones. § 315.6 Restrictions on registration. (a) Natural persons. (b) Residence. (1) Residents of the United States, its territories and possessions, the Commonwealth of Puerto Rico, and the former Canal Zone; (2) Citizens of the United States residing abroad; (3) Civilian employees of the United States or members of its armed forces, regardless of their residence or citizenship; and (4) Residents of Canada or Mexico who work in the United States but only if the bonds are purchased on a payroll deduction plan and the owner provides a taxpayer identifying number. A nonresident alien may be designated coowner or beneficiary or, on authorized reissue, owner, unless the nonresident alien is a resident of an area with respect to which the Department of the Treasury restricts or regulates the delivery of checks drawn against funds of the United States or its agencies or instrumentalities. See Department of the Treasury Circular No. 655, current revision (31 CFR part 211). Registration is not permitted in any form which includes the name of any alien who is a resident of any restricted area. (c) Minors. (2) Bonds purchased by another person with funds belonging to a minor not under legal guardianship or similar fiduciary estate must be registered, without a coowner or beneficiary, in the name of the minor or a natural guardian on behalf of a minor. (3) Bonds purchased with funds of another may be registered to name the minor as owner, coowner, or beneficiary. If the minor is under legal guardianship or similar fiduciary estate, the registration must include an appropriate reference to it. (4) Bonds purchased as a gift to a minor under a gifts-to-minors statute must be registered as prescribed by the statute and no coowner or beneficiary may be named. (5) Bonds purchased by a representative of a minor's estate must be registered in the name of the minor and must include in the registration an appropriate reference to the guardianship or similar fiduciary estate. Bonds purchased by a representative of the estates of two or more minors, even though appointed in a single proceeding, must be registered in the name of each minor separately with appropriate reference to the guardianship or similar fiduciary estate. (d) Incompetents. § 315.7 Authorized forms of registration. (a) General. (b) Natural persons. (1) Single ownership form. John A. Jones 123-45-6789. (2) Coownership form. John A. Jones 123-45-6789 or Ella S. Jones 987-65-4321. John A. Jones 123-45-6789 or (Miss, Ms. or Mrs.) Ella S. Jones. Ella S. Jones 987-65-4321 or John A. Jones. (3) Beneficiary form. John A. Jones 123-45-6789 payable on death to Mrs. Ella S. Jones. John A. Jones 123-45-6789 P.O.D. Ella S. Jones 987-65-4321. (c) Fiduciaries (including legal guardians and similar representatives, certain custodians, natural guardians, executors, administrators, and trustees) General. (2) Legal guardians, conservators, similar representives, certain custodians. Tenth National Bank, guardian (or conservator, trustee, etc.) of the estate of George N. Brown 123-45-6789, a minor (or an incompetent, aged person, infirm person, or absentee). Henry C. Smith, conservator of the estate of John R. White 123-45-6789, an adult, pursuant to Sec. 633.572 of the Iowa Code. John F. Green 123-45-6789, a minor (or an incompetent) under custodianship by designation of the Veterans Administration. Frank M. Redd 123-45-6789, an incompetent for whom Eric A. Redd has been designated trustee by the Department of the Army pursuant to 37 U.S.C. 602. Arnold A. Ames, as custodian for Barry B. Bryan 123-45-6789, under the California Uniform Gifts to Minors Act. Thomas J. Reed, as custodian for Lawrence W. Reed 123-45-6789, a minor, under the laws of Georgia. Richard A. Rowe 123-45-6789, for whom Reba L. Rowe is representative payee for social security benefits (or black lung benefits, as the case may be). (If the beneficiary is a minor, the words “a minor” should appear immediately after the social security number.) Henry L. Green 123-45-6789 or George M. Brown, a minor under legal guardianship of the Tenth National Bank. Henry L. Green 123-45-6789 P.O.D. George M. Brown, a minor under legal guardianship of the Tenth National Bank. Redd State Hospital and School, selected payee for John A. Jones 123-45-6789, a Civil Service annuitant, pursuant to 5 U.S.C. 8345(e). (3) Natural guardians. John A. Jones, as natural guardian for Henry M. Jones 123-45-6789. Melba Smith, as natural guardian for Thelma Smith 123-45-6789 P.O.D. Bartholomew Smith. (4) Executors and administrators. John H. Smith and Calvin N. Jones, executors of the will (or administrators of the estate) of Robert J. Smith, deceased 12-3456789. John H. Smith, executor of the will of Robert J. Smith, deceased, in trust for Mrs. Jane L. Smith, with remainder over 12-3456789. (5) Trustee or life tenants under wills, deeds of trust, agreements, or similar instruments. Thomas J. White and Tenth National Bank, trustees under the will of Robert J. Smith, deceased 12-3456789. Jane N. Black 123-45-6789, life tenant under the will of Robert J. Black, deceased. Tenth National Bank, trustee under agreement with Paul E. White, dated 2/1/76, 12-3456789. Carl A. Black and Henry B. Green, trustees under agreement with Paul E. White, dated 2/1/76, 12-3456789. Paul E. White, trustee under declaration of trust dated 2/1/76, 12-3456789. (i) If the trust instrument designates by title only an officer of a board or an organization as trustee, only the title of the officer should be used. Example: Chairman, Board of Trustees, First Church of Christ, Scientist, of Chicago, Illinois, in trust under the will of Robert J. Smith, deceased 12-3456789. (ii) The names of all trustees, in the form used in the trust instrument, must be included in the registration, except as follows: (A) If there are several trustees designated as a board or they are required to act as a unit, their names may be omitted and the words “Board of Trustees” substituted for the word “trustee”. Example: Board of Trustees of Immediate Relief Trust of Federal Aid Association, under trust indenture dated 2/1/76, 12-3456789. (B) If the trustees do not constitute a board or are not required to act as a unit, and are too numerous to be designated in the registration by names and title, some or all the names may be omitted. Examples: John A. Smith, Henry B. Jones, et al., trustees under the will of Edwin O. Mann, deceased 12-3456789. Trustees under the will of Edwin O. Mann, deceased 12-3456789. (6) Employee thrift, savings, vacation and similar plans. Tenth National Bank, trustee of Pension Fund of Safety Manufacturing Company, U/A with the company, dated March 31, 1976, 12-3456789. Trustees of Retirement Fund of Safety Manufacturing Company, under directors' resolution adopted March 31, 1976, 12-3456789. County Trust Company, Trustee of the Employee Savings Plan of Jones Company, Inc., U/A dated January 17, 1976, 12-3456789. Trustee of the Employee Savings Plan of Brown Brothers, Inc., U/A dated January 20, 1976, 12-3456789. (7) Funds of lodges, churches, societies, or similar organizations. Trustees of the First Baptist Church, Akron, Ohio, acting as a Board under section 15 of its bylaws 12-3456789. Trustees of Jamestown Lodge No. 1000, Benevolent and Protective Order of Elks, under section 10 of its bylaws 12-3456789. Board of Trustees of Lotus Club, Washington, Indiana, under Article 10 of its constitution 12-3456789. (8) Investment agents for religious, educational, charitable and non-profit organizations. Tenth National Bank, fiscal agent U/A with the Evangelical Lutheran Church of the Holy Trinity, dated 12/28/76, 12-3456789. Sixth Trust Company, Investment Agent U/A dated September 16, 1976, with Central City Post, Department of Illinois, American Legion, 12-3456789. John Jones, Investment Agent U/A dated September 16, 1976, with Central City Post, Department of Illinois, American Legion, 12-3456789. (9) Funds of school groups or activities. Principal, Western High School, in trust for the Class of 1976 Library Fund, 12-3456789. Director of Athletics, Western High School, in trust for Student Activities Association, under resolution adopted 5/12/76, 12-3456789. (10) Public corporations, bodies, or officers as trustees. Rhode Island Investment Commission, trustee of the General Sinking Fund under Title 35, Ch. 8, Gen. Laws of Rhode Island. Superintendent of the Austin State Hospital Annex, in trust for the Benefit Fund under Article 3183C, Vernon's Civ. Stat. of Texas Ann. (d) Private organizations (corporations, associations, partnerships) General. (2) Corporations. Smith Manufacturing Company, a corporation 12-3456789. Green and Redd, Inc. 12-3456789 (Depreciation Acct.). (3) Unincorporated associations. The Lotus Club, an unincorporated association, 12-3456789. Local 447, Brotherhood of Railroad Trainmen, an unincorporated association, 12-3456789. Eureka Lodge 317 (A.F. and A.M.), an unincorporated association, 12-3456789. (4) Partnerships. Smith & Jones, a partnership, 12-3456789. Acme Novelty Company, a partnership, 12-3456789. (5) Sole proprietorships. John Jones d.b.a. Jones Roofing Company, 123-45-6789 (e) Institutions (churches, hospitals, homes, schools, etc.). Shriners' Hospital for Crippled Children, St. Louis, MO, 12-3456789. St. Mary's Roman Catholic Church, Albany, NY, 12-3456789. Rodeph Shalom Sunday School, Philadelphia, PA, 12-3456789. (f) States, public bodies and corporations, and public officers. State of Maine. Town of Rye, NY (Street Improvement Fund). Maryland State Highway Administration. Treasurer, City of Chicago. (g) The United States Treasury. George T. Jones 123-45-6789 or the United States Treasury. George T. Jones 123-45-6789 P.O.D. the United States Treasury. [45 FR 64091, Sept. 26, 1980, as amended at 71 FR 46857, Aug. 15, 2006] Subpart C—Limitations on Annual Purchases § 315.10 Limitations. Specific limitations have been placed on the amounts of bonds of each series and savings notes that might be purchased in any one year in the name of any one person or organization. The amounts applicable to each series of bonds and savings notes for each specific year, which has varied from time to time, can be found in the appropriate offering circulars, as revised and amended. § 315.11 Excess purchases. The Commissioner of the Fiscal Service may permit excess purchases to stand in any particular case or class of cases. Subpart D—Limitations on Transfer or Pledge § 315.15 Transfer. Savings bonds are not transferable and are payable only to the owners named on the bonds, except as specifically provided in these regulations and then only in the manner and to the extent so provided. § 315.16 Pledge. (a) General. (b) Pledge under Treasury Circular No. 154. Subpart E—Limitations on Judicial Proceedings—No Stoppage or Caveats Permitted § 315.20 General. The following general rules apply to the recognition of a judicial determination on adverse claims affecting savings bonds: (a) The Department of the Treasury will not recognize a judicial determination that gives effect to an attempted voluntary transfer inter vivos of a bond, or a judicial determination that impairs the rights of survivorship conferred by these regulations upon a coowner or beneficiary. All provisions of this subpart are subject to these restrictions. (b) The Department of the Treasury will recognize a claim against an owner of a savings bond and conflicting claims of ownership of, or interest in, a bond between coowners or between the registered owner and the beneficiary, if established by valid, judicial proceedings specifically listed in this subpart. Escheat proceedings will not be recognized under this subpart. Section 315.23 specifies evidence required to establish the validity of judicial proceedings. Treasury may require any other evidence to establish the validity of judicial proceedings, such as evidence that the proceeding provided due process, complied with this part, and complied with relevant state law. (c) The Department of the Treasury and the agencies that issue, reissue, or redeem savings bonds will not accept a notice of an adverse claim or notice of pending judicial proceedings, nor undertake to protect the interests of a litigant not in possession of a savings bond. [45 FR 64091, Sept. 26, 1980, as amended at 80 FR 80264, Dec. 24, 2015] § 315.21 Payment to judgment creditors. (a) Purchaser or officer under levy. (b) Trustee in bankruptcy, receiver, or similar court officer. § 315.22 Payment or reissue pursuant to judgment. (a) Divorce. (1) A request for reissue by the other person or (2) A certified copy of a judgment, decree, or court order entered in proceedings to which the other person and the spouse named on the bond are parties, determining the extent of the interest of that spouse in the bond. Reissue will be permitted only to the extent of that spouse's interest. The evidence required under § 315.23 must be submitted in every case. When the divorce decree does not set out the terms of the property settlement agreement, a certified copy of the agreement must be submitted. Payment, rather than reissue, will be made if requested. (b) Gift causa mortis. (c) Date for determining rights. § 315.23 Evidence. (a) General. (b) Trustee in bankruptcy or receiver of an insolvent's estate. (c) Receiver in equity or similar court officer. Subpart F—Relief for Loss, Theft, Destruction, Mutilation, Defacement, or Nonreceipt of Bonds § 315.25 General. Relief, by the issue of a substitute bond or by payment, is authorized for the loss, theft, destruction, mutilation, or defacement of a bond after receipt by the owner or his or her representative. As a condition for granting relief, the Commissioner of the Fiscal Service, as designee of the Secretary of the Treasury, may require a bond of indemnity, in the form, and with the surety, or security, he considers necessary to protect the interests of the United States. In all cases the savings bond must be identified by serial number and the applicant must submit satisfactory evidence of the loss, theft, or destruction, or a satisfactory explanation of the mutilation or defacement. § 315.26 Application for relief—after receipt of bond. (a) Serial number known. (b) Serial number not known. (c) Defaced or mutilated bond. (d) Execution of claims application. (1) If the bond is in beneficiary form and the owner and beneficiary are both living, both will ordinarily be required to join in the application. (2) If a minor named on a bond as owner, coowner, or beneficiary is not of sufficient competency and understanding to request payment, both parents will ordinarily be required to join in the application. (e) If the application is approved, relief will be granted by the issuance of a bond bearing the same issue date as the bond for which the claim was filed or by the issuance of a check in payment. § 315.27 Application for relief—nonreceipt of bond. If a bond issued on any transaction is not received, the issuing agent must be notified as promptly as possible and given all information available about the nonreceipt. An appropriate form and instructions will be provided. If the application is approved, relief will be granted by the issuance of a bond bearing the same issue date as the bond that was not received. § 315.28 Recovery or receipt of bond before or after relief is granted. (a) Recovery prior to granting relief. (b) Recovery subsequent to granting of relief. § 315.29 Adjudication of claims. (a) General. (b) Claims filed ten years after payment. (c) Claims filed six years after final maturity. Subpart G—Interest § 315.30 Series E bonds and savings notes. Series E bonds and savings notes are discount securities. The accrued interest is added to the issue price at stated intervals and is payable only at redemption as part of the redemption value. All Series E bonds and savings notes have been extended and continue to earn interest until their final maturity dates, unless redeemed earlier. Information regarding extended maturity periods, investment yields and redemption values is found in Department of the Treasury Circular No. 653, current revision (31 CFR part 316) for Series E bonds, and in Department of the Treasury Circular, Fiscal Service Series No. 3-67, current revision (31 CFR part 342) for savings notes. § 315.31 Series H bonds. (a) General. (b) Payment of interest. (c) Delivery of interest Notices affecting the delivery of interest payments. (Approved by the Office of Management and Budget under control number 1535-0094) (2) Owner or coowner deceased Sole owner. (ii) Coowner. (iii) Owner with beneficiary. (d) Representative appointed for the estate of a minor, incompetent, absentee, et al. (e) Adult incapacitated owner having no representative. (f) Reissue during interest period. (g) Endorsement of checks. (h) Deposit account information for ACH payments Payments on same account. (2) Deposit account held by individuals in their own right. (3) Deposit account held by organization. (4) Financial institution cannot accept ACH payments. (5) Cancellation of ACH arrangement. (6) Rules. (7) Nonreceipt or loss of interest payment. (i) An interest check is not received or is lost after receipt or (ii) An ACH payment is not credited to the designated account and the financial institution has no record of receiving it. The notice should include the owner or coowner's name and taxpayer identifying number and the interest payment date. [54 FR 40255, Sept. 29, 1989, as amended at 59 FR 10535, Mar. 4, 1994; 64 FR 40486, July 26, 1999] § 315.32 Series A, B, C, D, F, G, J, and K bonds. All bonds of these series have matured and no longer earn interest. Subpart H—General Provisions for Payment § 315.35 Payment (redemption). (a) General. (b) Series A, B, C, D, F, and J. (c) Series E and Savings Notes. (d) Series G and K. (e) Series H. [45 FR 64091, Sept. 26, 1980, as amended at 51 FR 23753, July 1, 1986; 59 FR 10535, Mar. 4, 1994] § 315.36 Payment during life of sole owner. A savings bond registered in single ownership form ( i.e. § 315.37 Payment during lives of both coowners. 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”. § 315.38 Payment during lifetime of owner of beneficiary bond. 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. § 315.39 Surrender for payment. (a) Procedure for bonds of Series A to E, inclusive, in the names of individual owners or coowners only. (b) Procedure for all other cases. (c) Date of request. [45 FR 64091, Sept. 26, 1980, as amended at 59 FR 10535, Mar. 4, 1994] § 315.40 Special provisions for payment. (a) Owner's signature not required. (b) Signature by mark. (c) Name change. (d) Attorneys-in-fact. (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] § 315.41 Partial redemption. 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. [45 FR 64091, Sept. 26, 1980, as amended at 59 FR 10535, Mar. 4, 1994] § 315.42 Nonreceipt or loss of check issued in payment. 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. § 315.43 Effective date of request for payment. 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. § 315.44 Withdrawal of request for payment. (a) Withdrawal by owner or coowner. (b) Withdrawal on behalf of deceased owner or incompetent. Subpart I—Reissue and Denominational Exchange § 315.45 General. Reissue of a bond may be made only under the conditions specified in these regulations, and only at: (a) A Federal Reserve Bank or Branch, or (b) The Bureau of the Fiscal Service. Reissue will not be made if the request is received less than one full calendar month before the final maturity date of a bond. The request, however, will be effective to establish ownership as though the reissue had been made. § 315.46 Effective date of request for reissue. The Department of the Treasury will treat the receipt by: (a) A Federal Reserve Bank or Branch or (b) The Bureau of the Fiscal Service of a bond and an acceptable request for reissue as determining the date upon which the rights of the parties are fixed for the purpose of reissue. For example, if the owner or either coowner of a bond dies after the bond has been surrendered for reissue, the bond will be regarded as having been reissued in the decedent's lifetime. § 315.47 Authorized reissue—during lifetime. A bond belonging to an individual may be reissued in any authorized form of registration upon an appropriate request for the purposes outlined below: (a) Single ownership. (1) To add a coowner or beneficiary; (2) To name a new owner, with or without a coowner or beneficiary, but only if: (i) The new owner is related to the previous owner by blood (including legal adoption) or marriage, (ii) The previous owner and the new owner are parties to a divorce or annulment, or (iii) The new sole owner is the trustee of a personal trust estate which was created by the previous owner or which designates as beneficiary either the previous owner or a person related to him or her by blood (including legal adoption) or marriage. (b) Coownership Reissue—to name a related individual as owner or coowner. (i) As single owner, (ii) As owner with one of the original coowners as beneficiary, or (iii) As a new coowner with one of the original coowners. (2) Reissue—to name either coowner alone or with another individual as coowner or beneficiary. (i) After issue of the submitted bond, either coowner named thereon marries, or the coowners are divorced or legally separated from each other, or their marriage is annulled; or (ii) Both coowners on the submitted bond are related by blood (including legal adoption) or marriage to each other. (3) Reissue—to name the trustee of a personal trust estate. (i) Either coowner is a beneficiary of the trust, or (ii) A beneficiary of the trust is related by blood or marriage to either coowner. (c) Beneficiary. (1) To name the beneficiary as coowner; (2) To eliminate the name of the owner and to name as owner a custodian for the beneficiary, if a minor, under a statute authorizing gifts to minors; (3) To eliminate the beneficiary or to substitute another individual as beneficiary, but only if the request is supported by the certified consent of the beneficiary or by proof of his or her death; or (4) To eliminate the names of the owner and the beneficiary and to name as new owner the trustee of the personal trust estate which was created by the previous owner or which designates as beneficiary either the previous owner or a person related to him or her by blood (including legal adoption) or marriage, but only if the request is supported by the certified consent of the beneficiary or by proof of his or her death. § 315.48 Restrictions on reissue. (a) Denominational exchange. (b) United States Treasury. § 315.49 Correction of errors. A bond may be reissued to correct an error in registration upon appropriate request, supported by satisfactory proof of the error. § 315.50 Change of name. An owner, coowner, or beneficiary whose name is changed by marriage, divorce, annulment, order of court, or in any other legal manner after the issue of bond should submit the bond with a request for reissue to substitute the new name for the name inscribed on the bond. Documentary evidence may be required in any appropriate case. § 315.51 Requests for reissue. A request for reissue of bonds in coownership form during the lifetime of the coowners must be signed by both coowners, except that a request solely to eliminate the name of one coowner may be signed by that coowner only. A bond registered in beneficiary form may be reissued upon the request of the owner, supported by the certified consent of the beneficiary or by proof of his or her death. Fiscal Service forms are available for requesting reissue. Subpart J—Certifying Officers § 315.55 Individuals authorized to certify. The following individuals are authorized to act as certifying officers for the purpose of certifying a request for payment, reissue, or a signature to a Fiscal Service form: (a) Officers generally authorized At banks, trust companies, and member organizations of the Federal Home Loan Bank System. (ii) Any officer of a trust company incorporated in the United States, the territories or possessions of the United States, or the Commonwealth of Puerto Rico. (iii) Any officer of an organization that is a member of the Federal Home Loan Bank System. This includes Federal savings and loan associations. (iv) Any officer of a foreign branch or a domestic branch of an institution described in paragraphs (a) (1)(i) through (iii) of this section. (v) Any officer of a Federal Reserve Bank, a Federal Land Bank, or a Federal Home Loan Bank. (vi) Any employee of an institution described in paragraphs (a)(1)(i) through (v) of this section, who is expressly authorized to certify by the institution. Certification by these officers or designated employees must be authenticated by a legible imprint either of a corporate stamp of the institution or of the issuing or paying agent's stamp. An employee authorized to certify requests must sign his or her name over the title “Designated Employee”. (2) At issuing agents that are not banks or trust companies. (3) By United States officials. (b) Officers with limited authority In the Armed Forces. (2) At Veterans Administration facilities, Federal penal institutions, and United States Public Health Service hospitals. (c) Authorized officers in foreign countries. (d) Authorized officers in particular localities. (e) Special provisions. § 315.56 General instructions and liability. (a) Certification procedure. (b) Liability. [45 FR 64091, Sept. 26, 1980, as amended at 59 FR 10535, Mar. 4, 1994] § 315.57 When a certifying officer may not certify. Certifying officers may not certify the requests for payment of bonds, or appropriate Fiscal Service forms if, in their own right or in a representative capacity, they (a) Have an interest in the bonds, or (b) Will, by virtue of the requests being certified, acquire an interest in the bonds. § 315.58 Forms to be certified. When required in the instructions on a Fiscal Service form, the form must be signed before an authorized certifying officer. Subpart K—Minors, Incompetents, Aged Persons, Absentees, et al. § 315.60 Conditions for payment to representative of an estate. (a) General. (1) If the registration shows the name and capacity of the representative; (2) If the registration shows the capacity but not the name of the representative and the request is accompanied by appropriate evidence; or (3) If the registration includes neither the name of the representative nor his or her capacity but the request is accompanied by appropriate evidence. (b) Evidence. § 315.61 Payment after death. After the death of the ward, and at any time prior to the representative's discharge, the representative of the estate will be entitled to obtain payment of a bond to which the ward was solely entitled. § 315.62 Payment to minors. If the owner of a savings bond is a minor and the form of registration does not indicate that there is a representative of the minor's estate, payment will be made to the minor upon his or her request, provided the minor is of sufficient competency to sign the request for payment and to understand the nature of the transaction. In general, the fact that the request for payment has been signed by a minor and certified will be accepted as sufficient proof of competency and understanding. § 315.63 Payment to a parent or other person on behalf of a minor. If the owner of a savings bond is a minor and the form of registration does not indicate that there is a representative of his or her estate, and if the minor is not of sufficient competency to sign the request for payment and to understand the nature of the transaction, payment will be made to either parent with whom the minor resides or to whom legal custody has been granted. If the minor does not reside with either parent, payment will be made to the person who furnishes the chief support for the minor. The request must appear on the back of the bond in one of the following forms: (a) Request by parent. I certify that I am the mother of John C. Jones (with whom he resides) (to whom legal custody has been granted). He is __ years of age and is not of sufficient understanding to make this request. Mary Jones on behalf of John C. Jones. (b) Request by other person. I certify that John C. Jones does not reside with either parent and that I furnish his chief support. He is __ years of age and is not of sufficient understanding to make this request. Alice Brown, grandmother, on behalf of John C. Jones. § 315.64 Payment, reinvestment, or exchange—voluntary guardian of an incapacitated person. (a) Payment of bonds. (b) Reinvestment of bonds. (c) Exchange of bonds. [57 FR 39602, Sept. 1, 1992] § 315.65 Reissue. A bond on which a minor or other person under legal disability is named as the owner or coowner, or in which he or she has an interest, may be reissued under the following conditions: (a) A minor for whose estate no representative has been appointed may request reissue if the minor is of sufficient competency to sign his or her name to the request and to understand the nature of the transaction. (b) A bond on which a minor is named as beneficiary or coowner may be reissued in the name of a custodian for the minor under a statute authorizing gifts to minors upon the request of the adult whose name appears on the bond as owner or coowner. (c) A minor coowner for whose estate no representative has been appointed, may be named sole owner upon the request of the competent coowner. (d) Reissue to eliminate the name of a minor or incompetent for whose estate a legal representative has been appointed is permitted only if supported by evidence that a court has authorized the representative of the minor's or incompetent's estate to request the reissue. See § 315.23. Except to the extent provided in paragraphs (a) through (d), of this section, reissue will be restricted to a form of registration which does not adversely affect the existing ownership or interest of a minor who is not of sufficient understanding to make a request, or other person under legal disability. Requests for reissue should be executed by the person authorized to request payment under §§ 315.60 and 315.63, or the person who may request recognition as voluntary guardian under § 315.64. [45 FR 64091, Sept. 26, 1980. Redesignated at 57 FR 39602, Sept. 1, 1992] Subpart L—Deceased Owner, Coowner or Beneficiary § 315.70 General rules governing entitlement. The following rules govern ownership or entitlement where one or both of the persons named on a bond have died without the bond having been surrendered for payment or reissue: (a) Single owner bond. (b) Coowner bond One coowner deceased. (2) Both coowners deceased. (3) Simultaneous death of both coowners. (c) Beneficiary bond Owner deceased. (2) Beneficiary deceased. (d) Nonresident aliens. § 315.71 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) Redeem the decedent's savings bonds on behalf of the persons entitled by the law of the jurisdiction in which the decedent was domiciled at the date of death; (ii) Distribute the decedent's savings bonds 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 57430, Sept. 30, 2005] § 315.72 [Reserved] Subpart M—Fiduciaries § 315.75 Payment or reissue during the existence of the fiduciary estate. (a) Payment or reissue before maturity Request from the fiduciary named in the registration. (i) Fiduciaries by title only. (ii) Boards, committees, commissions, etc. (iii) Corporate fiduciaries. (2) Trustee of a common trust fund. (3) Successor fiduciary. (b) Payment at or after final maturity. § 315.76 Payment or reissue after termination of the fiduciary estate. A bond registered in the name or title of a fiduciary may be paid or reissued to the person who has become entitled by reason of the termination of a fiduciary estate. Requests for reissue made by a fiduciary pursuant to the termination of a fiduciary estate should be made on the appropriate form. Requests for payment or reissue by other than the fiduciary must be accompanied by evidence to show that the person has become entitled in accordance with applicable State law or otherwise. When two or more persons have become entitled, the request for payment or reissue must be signed by each of them. § 315.77 Exchanges by fiduciaries. Fiduciaries are authorized to request an exchange of bonds of one series for those of another, pursuant to any applicable Department of the Treasury offering. A living coowner or beneficiary named on the bonds submitted in exchange may be retained in the same capacity on the new bonds. Subpart N—Private Organizations (Corporations, Associations, Partnerships, etc.) and Governmental Agencies, Units and Officers § 315.80 Payment to corporations or unincorporated associations. A bond registered in the name of a private corporation or an unincorporated association will be paid to the corporation or unincorporated association upon a request for payment on its behalf by an authorized officer. The signature to the request should be in the form, for example, “The Jones Coal Company, a corporation, by John Jones, President”, or “The Lotus Club, an unincorporated association, by William A. Smith, Treasurer”. A request for payment so signed and certified will ordinarily be accepted without further evidence of the officer's authority. § 315.81 Payment to partnerships. A bond registered in the name of an existing partnership will be paid upon a request for payment signed by a general partner. The signature to the request should be in the form, for example, “Smith and Jones, a partnership, by John Jones, a general partner”. A request for payment so signed and certified will ordinarily be accepted as sufficient evidence that the partnership is still in existence and that the person signing the request is authorized. § 315.82 Reissue or payment to successors of corporations, unincorporated associations, or partnerships. A bond registered in the name of a private corporation, an unincorporated associations, or a partnership which has been succeeded by another corporation, unincorporated association, or partnership by operation of law or otherwise, in any manner whereby the business or activities of the original organization are continued without substantial change, will be paid to or reissued in the name of the succeeding organization upon appropriate request on its behalf, supported by satisfactory evidence of successorship. The appropriate form should be used. § 315.83 Reissue or payment on dissolution of corporation or partnership. (a) Corporations. (b) Partnerships. (1) Will be paid upon a request for payment by any partner or partners authorized by law to act on behalf of the dissolved partnership, or (2) Will be paid to or reissued in the names of the persons entitled as the result of such dissolution to the extent of their respective interests, except that reissue will not be made in the names of creditors. The request must be supported by satisfactory evidence of entitlement, including proof that the debts of the partnership have been paid or properly provided for. The appropriate form should be used. § 315.84 Payment to certain institutions. A bond registered in the name of a church, hospital, home, school, or similar institution, without reference in the registration to the manner in which it is organized or governed or to the manner in which title to its property is held, will be paid upon a request for payment signed on behalf of such institution by an authorized representative. A request for payment signed by a pastor of a church, superintendent of a hospital, president of a college, or by any official generally recognized as having authority to conduct the financial affairs of the particular institution will ordinarily be accepted without further proof of authority. The signature to the request should be in the form, for example, “Shriners' Hospital for Crippled Children, St. Louis, MO, by William A. Smith, Superintendent”, or “St. Mary's Roman Catholic Church, Albany, NY, by the Rev. John Smyth, Pastor”. § 315.85 Reissue in name of trustee or agent for reinvestment purposes. A bond registered in the name of a religious, educational, charitable or nonprofit organization, whether or not incorporated, may be reissued in the name of a financial institution, or an individual, as trustee or agent. There must be an agreement between the organization and the trustee or agent holding funds of the organization, in whole or in part, for the purpose of investing and reinvesting the principal and paying the income to the organization. Reissue should be requested on behalf of the organization by an authorized officer using the appropriate form. § 315.86 Reissue upon termination of investment agency. A bond registered in the name of a financial institution, or individual, as agent for investment purposes only, under an agreement with a religious, an educational, a charitable, or a nonprofit organization, may be reissued in the name of the organization upon termination of the agency. The former agent should request such reissue and should certify that the organization is entitled by reason of the termination of the agency. If such request and certification are not obtainable, the bond will be reissued in the name of the organization upon its own request, supported by satisfactory evidence of the termination of the agency. The appropriate form should be used. § 315.87 Payment to governmental agencies, units, or their officers. (a) Agencies and units. (b) Officers. Subpart O—Escheat and Unclaimed Property Claims by States § 315.88 Payment to a State claiming title to abandoned bonds. (a) General. (b) Due process. (c) Fulfillment of obligation. [80 FR 80264, Dec. 24, 2015] Subpart P—Miscellaneous Provisions Source: 45 FR 64091, Sept. 26, 1980, unless otherwise noted. Redesignated at 80 FR 80264, Dec. 24, 2015. § 315.90 Waiver of regulations. The Commissioner of the Fiscal Service, as designee of the Secretary of the Treasury, may waive or modify any provision or provisions of these regulations. He may do so 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: (a) If such action would not be inconsistent with law or equity, (b) if it does not impair any existing rights, and (c) if he is satisfied that such action would not subject the United States to any substantial expense or liability. § 315.91 Additional requirements; bond of indemnity. The Commissioner of the Fiscal Service, as designee of the Secretary of the Treasury, may require (a) Such additional evidence as he may consider necessary or advisable, or (b) A bond of indemnity, with or without surety, in any case in which he may consider such a bond necessary for the protection of the interests of the United States. § 315.92 Preservation of rights. Nothing contained in these regulations shall be construed to limit or restrict existing rights which holders of savings bonds previously issued may have acquired under circulars offering the bonds for sale or under the regulations in force at the time of the purchase. § 315.93 Supplements, amendments, or revisions. The Secretary of the Treasury may at any time, or from time to time, prescribe additional, supplemental, amendatory, or revised rules and regulations governing the United States Savings Bonds and Savings Notes to which this circular applies.