PART 330—REGULATIONS GOVERNING PAYMENT UNDER SPECIAL ENDORSEMENT OF UNITED STATES SAVINGS BONDS AND UNITED STATES SAVINGS NOTES (FREEDOM SHARES) Authority: 5 U.S.C. 301; 31 U.S.C. 3105. Source: 53 FR 37519, Sept. 26, 1988, unless otherwise noted. § 330.0 Purpose. The regulations in this part establish a procedure under which qualified paying agents may specially endorse definitive United States Savings Bonds of certain series and United States Savings Notes (Freedom Shares), and either redeem the securities so endorsed, or forward them to a TRS Site for redemption, with or without the owner's signature to the request for payment. [77 FR 16169, Mar. 20, 2012] § 330.1 Definition of terms. As used in this part: Definitive security Federal Reserve Processing Site Federal Reserve Treasury Retail Securities Site TRS Site Owner(s) Paying agent(s) agent(s) Redemption payment redemption-exchange. Redemption-exchange Savings bond(s) bond(s) Savings notes(s) notes(s) Security securities Special endorsement [53 FR 37519, Sept. 26, 1988, as amended at 59 FR 10538, 10539, Mar. 4, 1994; 63 FR 38044, July 14, 1998; 77 FR 16169, Mar. 20, 2012] § 330.2 Qualification for use of special endorsement. (a) Application for authority. (b) Agents previously qualified. (c) Termination of qualification. [53 FR 37519, Sept. 26, 1988, as amended at 59 FR 10539, Mar. 4, 1994] § 330.3 Special endorsement of securities. (a) Form of endorsement. Request by owner and validity of transaction guaranteed in accordance with Treasury Department Circular No. 888, as revised. (Name, location and paying agent code number assigned by a TRS Site.) (Name, location, and paying agent code number assigned by designated Federal Reserve Bank.) This endorsement must be legibly impressed in black or other dark-colored ink on the back of the security in the space provided for the owner to request payment. (b) Endorsement stamps. 3/4 (c) Securities registered in coownership or beneficiary form. (d) Restrictions. [53 FR 37519, Sept. 26, 1988, as amended at 59 FR 10539, Mar. 4, 1994; 77 FR 16169, Mar. 20, 2012] § 330.4 Guaranty given to the United States. By the act of paying or submitting to any Federal Reserve Processing Site, any TRS Site, or any Treasury office authorized to redeem securities, a security on which it has affixed the special endorsement, a paying agent shall be deemed to have: (a) Unconditionally guaranteed to the United States the validity of the transaction, including the identification of the owner and the disposition of the proceeds or the new bonds, as the case may be, in accordance with the presenter's instruction; (b) Assumed complete and unconditional liability to the United States for any loss which may be incurred by the United States as a result of the transaction; and (c) Unconditionally agreed to make prompt reimbursement for the amount of any loss, upon request of the Department of the Treasury. [77 FR 16169, Mar. 20, 2012] § 330.5 Evidence of owner's or beneficiary's authorization to affix special endorsement. (a) Form of authorization. (b) Securities in coownership or beneficiary form. (c) Record of authorization. [53 FR 37519, Sept. 26, 1988, as amended at 63 FR 38044, July 14, 1998] § 330.6 Securities eligible for special endorsement. (a) General authority. (1) Savings bonds of Series A, B, C, D, E, EE, and I and savings notes to be redeemed for cash; and (2) Eligible savings bonds of Series E and EE and savings notes to be redeemed in exchange for Series HH bonds under the provisions of Circular No. 2-80 (31 CFR part 352). (b) Securities which may not be specially endorsed. (1) Is requested by a parent on behalf of a minor child named on the security, or (2) Requires documentary evidence, under regulations contained in Circulars Nos. 530 and 3-80 (31 CFR parts 315 and 353, respectively), except as indicated in § 330.5. (c) Securities owned by nonresident aliens. [53 FR 37519, Sept. 26, 1988, as amended at 77 FR 16169, Mar. 20, 2012] § 330.7 Payment or redemption—exchange by agent. Specially endorsed securities may be paid in cash or, if they are eligible Series E and EE savings bonds or savings notes, redeemed in exchange for Series HH bonds pursuant to the authority and subject, in all other respects, to the provisions of Circular No. 750, current revision (31 CFR part 321), its appendix, and any other instructions issued under its authority. Each specially endorsed bond or note paid by an agent must have the agent's payment stamp imprinted on its face and show the date and amount paid. Securities so paid should be combined with other securities paid under that Circular and presented for settlement in accordance with 31 CFR part 321. [63 FR 38044, July 14, 1998, as amended at 77 FR 16169, Mar. 20, 2012] § 330.8 Payment or redemption-exchange by a TRS Site. Specially endorsed securities that an agent is not authorized to redeem for cash or on exchange should be forwarded to a TRS Site in accordance with the instructions set forth in 31 CFR part 321. The transmittals must be accompanied by appropriate instructions governing the transaction and the disposition of the redemption proceeds. The securities must be kept separate from other securities the agent has paid and must be submitted in accordance with instructions issued by the Bureau of the Fiscal Service and/or its fiscal agents. [77 FR 16169, Mar. 20, 2012] § 330.9 Fiscal agents. Federal Reserve Banks (including any Branch or office thereof, as appropriate) perform services as fiscal agents of the United States. These Federal Reserve Banks shall perform such services in connection with this part as may be requested by the Secretary of the Treasury, or a designee. These Federal Reserve Banks are authorized and directed to perform such duties, including the issuance of supplemental instructions and forms, as may be necessary to fulfill the purposes and requirements of these regulations. The instructions and guidance issued pursuant to § 321.27 set forth each Federal Reserve Bank that has been designated as a Federal Reserve Processing Site or as a TRS Site by the Secretary of the Treasury, or a designee. [77 FR 16170, Mar. 20, 2012] § 330.10 Modifications of other circulars. The provisions of this part shall be considered as amending and supplementing: Department of the Treasury Circulars Nos. 530, 653, and 750 (31 CFR parts 315, 316, and 321, respectively), and Department of the Treasury Circulars, Fiscal Service Series Nos. 1-80, 2-80, 3-80, 3-67, 1-98, and 2-98 (31 CFR parts 351, 352, 353, 342, 359, and 360 respectively), and any revisions thereof or amendments or supplements thereto, and those Circulars are hereby modified to the extent necessary to accord with the provisions of this part. [63 FR 38044, July 14, 1998] § 330.11 Supplements, amendments, or revisions. The Secretary of the Treasury may, at any time, or from time to time, revise, supplement, amend or withdraw, in whole or in part, the provisions of this part.