PART 360—REGULATIONS GOVERNING DEFINITIVE UNITED STATES SAVINGS BONDS, SERIES I Authority: 5 U.S.C. 301; 31 U.S.C. 3105 and 3125. Editorial Note: Nomenclature changes to part 360 appear at 79 FR 8860, Feb. 14, 2014. Source: 63 FR 38049, July 14, 1998, unless otherwise noted. Subpart A—General Information § 360.0 Applicability. (a) The regulations in this part apply to definitive (paper) Series I savings bonds that have not been converted to book-entry bonds through TreasuryDirect®. (b) The regulations in 31 CFR part 363 apply to: (1) book-entry Series I savings bonds that were originally issued as book-entry bonds in TreasuryDirect®; and (2) definitive Series I savings bonds that have been converted to book-entry bonds through TreasuryDirect®. [70 FR 14942, Mar. 23, 2005] § 360.1 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 transactions has been delegated to the Federal Reserve Bank of Minneapolis and may be delegated to other Federal Reserve Banks and Branches as fiscal agents of the United States. The Federal Reserve Banks and Branches, and their authority to process transactions as fiscal agents of the United States, are subject to change as determined by the Secretary of the Treasury, or his or her designee. (b) Information about savings bonds and savings bond transactions, including savings bond transaction forms and email contact information, is available through the Bureau of the Fiscal Service's Web site at http://www.treasurydirect.gov. (1) The Bureau of the Fiscal Service, P.O. Box 7012, Parkersburg, WV 26106-7012; or (2) The Federal Reserve Bank of Minneapolis, Treasury Retail Securities Site, P.O. Box 214, Minneapolis, MN 55480-0214. (c) Notices and documents must be filed with the agencies referred to in paragraphs (a) and (b) of this section and as indicated in the regulations in this part. [63 FR 38049, July 14, 1998, as amended at 79 FR 8859, Feb. 14, 2014] § 360.2 Definitions. (a) Bond, Series I savings bonds, (b) Book-entry bond (c) Converted savings (d) Incompetent (e) Inscription (f) Issuing agent (g) Paying agent (h) Payment (i) Person (j) Personal trust estates (k) Registration (l) Reissue (m) Representative of the estate of a minor, incompetent, aged person, absentee, et al. (n) Substitute bond (o) Surrender (p) Taxpayer Identifying Number (q) Voluntary guardian (r) Voluntary representative [63 FR 38049, July 14, 1998, as amended at 67 FR 64268, Oct. 17, 2002; 70 FR 14942, Mar. 23, 2005; 70 FR 57432, Sept. 30, 2005; 71 FR 46858, Aug. 15, 2006; 79 FR 8860, Feb. 14, 2014] § 360.3 Converting definitive savings bonds to book-entry bonds in TreasuryDirect®. Series I savings bonds that were originally issued as definitive bonds may be converted to book-entry bonds through TreasuryDirect®, an online system for holding Treasury securities. The Web address for TreasuryDirect® is www.treasurydirect.gov. [70 FR 14942, Mar. 23, 2005] Subpart B—Registration § 360.5 General rules. (a) Registration is conclusive of ownership. (b) Requests for registration. (2) An individual should be designated by the name he or she is ordinarily known by or uses in business, including at least one full given name. The name may be preceded or followed by any applicable title, such as Mr., Mrs., Ms., Miss, Dr., Rev., M.D., or D.D. A suffix, such as Sr. or Jr., must be included when ordinarily used or when necessary to distinguish the owner from another member of his family. A married woman's own first name, not that of her husband, must be used, for example, Mary A. Jones or Mrs. Mary A. Jones, NOT Mrs. Frank B. Jones. The address must include, where appropriate, the number and street, route, or any other local feature, city, State, and ZIP Code. (c) Registration of bonds purchased as gifts. [63 FR 38049, July 14, 1998, as amended at 71 FR 46858, Aug. 15, 2006; 76 FR 66856, Oct. 28, 2011] § 360.6 Authorized forms of registration. Subject to any limitations or restrictions contained in these regulations on the right of any person to be named as owner, coowner, or beneficiary, bonds should be registered as indicated in this section. A savings bond registered in a form not substantially in agreement with one of the forms authorized by this subpart is not considered validly issued. (a) Natural persons. (1) Single ownership form. Example: Julie B. Jones, 123-45-6789. (2) Coownership form. Examples: David R. Johnson 123-45-6789 or Anna B. Johnson. Maria S. Gonzalez 987-65-4321 or Juan C. Gonzalez. (3) Beneficiary form. Examples: Catherine B. Jordan 123-45-6789 payable on death to Daniel A. Jordan. Henry C. Rodriguez 123-45-6789 P.O.D. Maria S. Rodriguez. (b) Fiduciaries (including legal guardians, trustees, and similar representatives) General. (2) Legal guardians, conservators, similar representatives, certain custodians, etc. Examples: 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. Juan B. Gonzalez 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. 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). 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. Harbor State Hospital and School, selected payee for Beth R. Weber 123-45-6789, a Civil Service annuitant, pursuant to 5 U.S.C. 8345(e). John F. Green or Mary B. Doe, Trustees of the Estate of Moe Green 123-45-6789. Thomas J. White and Tenth National Bank, Trustees under the Will of Robert J. Benjamin, deceased 12-3456789. Tenth National Bank, Trustee under Agreement with Mark S. Dunston, dated 2/1/98, 12-3456789. Ruth B. Grace and Pat A. Banks, Trustees under Agreement with Susan L. Chambers, dated 7/30/97, 12-3456789. Dennis R. Adams, Trustee under Declaration of Trust, dated 5/1/98, 12-3456789. (3) Employee thrift, savings, vacation and similar plans. Examples: Tenth National Bank, trustee of Pension Fund of Safety Manufacturing Company, U/A with the company, dated March 31, 1996, 12-3456789. Trustees of Retirement Fund of Safety Manufacturing Company, under directors' resolution adopted March 31, 1996, 12-3456789. County Trust Company, trustee of the Employee Savings Plan of Jones Company, Inc., U/A dated January 17, 1996, 12-3456789. Trustees of the Employee Savings Plan of Brown Brothers, Inc., U/A dated January 20, 1996, 12-3456789. (c) The United States Treasury. Example: George T. Jones 123-45-6789 P.O.D. the United States Treasury. [63 FR 38049, July 14, 1998, as amended at 71 FR 46858, Aug. 15, 2006] § 360.7 Chain letters prohibited. The issuance of bonds in the furtherance of a chain letter, pyramid, or similar scheme is against the public interest and is prohibited. Subpart C—Limitations on Annual Purchases § 360.10 Amounts which may be purchased. The amount of savings bonds of Series I which may be purchased and held, in the name of any one person in any one calendar year, is computed according to the provisions of § 360.11 and is limited as follows: (a) General annual limitation, $5,000 (par value). (b) Special limitation, $4,000 (par value) multiplied by the highest number of employees participating in an eligible employee plan, as defined in § 360.13, at any time during the calendar year in which the bonds are issued. [63 FR 38049, July 14, 1998, as amended at 72 FR 67854, Dec. 3, 2007] § 360.11 Computation of amount. (a) General. (b) Bonds included in computation. (1) All bonds registered in the name and bearing the taxpayer identifying number of that person alone; (2) All bonds registered in the name of the representative of the estate of that person and bearing that person's taxpayer identifying number; and (3) All bonds registered in the name of that person as coowner that also bear that person's taxpayer identifying number. (c) Bonds excluded from computation. (1) Bonds on which that person is named beneficiary; (2) Bonds to which that person has become entitled— (i) Under § 360.70 as surviving beneficiary upon the death of the registered owner; (ii) As an heir or a legatee of the deceased owner; (iii) By virtue of the termination of a trust or the happening of a similar event; and (3) Bonds that are purchased and redeemed within the same calendar year. § 360.12 Disposition of excess. If any person at any time has savings bonds issued during any one calendar year in excess of the prescribed amount, instructions should be obtained from the Bureau of the Fiscal Service, Parkersburg, WV 26106-1328, for appropriate adjustment of the excess. Under the conditions specified in § 360.90, the Commissioner of the Fiscal Service may permit excess purchases to stand in any particular case or class of cases. § 360.13 Employee plans—Conditions of eligibility. (a) Definition of plan. (b) Definition of terms used in this section. assets (2) The word beneficiary (i) The person or persons, if any, designated by the employee in accordance with the terms of the plan to receive the benefits of the plan upon the employee's death; or (ii) The estate of the employee. (c) Conditions of eligibility. (1) Crediting of assets. (2) Purchase of bonds. (3) Irrevocable right of withdrawal. (4) Rights of beneficiary. (5) Reissue or payment upon distribution. (ii) If an employee or the beneficiary is to receive distribution in kind, bonds bearing the same issue dates as those credited to the employee's account will be reissued in the name of the employee or the employee's beneficiary to the extent entitled, in authorized denominations, in any authorized form of registration, upon the request and certification of the trustee. (d) Application for special limitation. (1) The plan; (2) Any instructions issued under the plan that concern Series I bonds; and (3) The trust agreement, in order to establish the plan's eligibility. (e) Vacation plans. Subpart D—Limitations on Transfer or Pledge § 360.15 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. § 360.16 Pledge. A savings bond may not be hypothecated, pledged, or used as security for the performance of an obligation. Subpart E—Judicial Proceedings § 360.20 General. (a) The Department of the Treasury will not recognize a judicial determination that gives effect to an attempted voluntary inter vivos transfer of a bond, or a judicial determination that impairs the rights of survivorship conferred by the regulations in this part upon a coowner or beneficiary. All provisions of this subpart are subject to these restrictions, except as provided in § 360.24. (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 360.23 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. [63 FR 38049, July 14, 1998, as amended at 80 FR 80265, Dec. 24, 2015] § 360.21 Payment to judgment creditors. (a) Purchaser or officer under levy. (b) Trustee in bankruptcy, receiver, or similar court officer. § 360.22 Payment or reissue pursuant to divorce. (a) Divorce. (i) A request for reissue by the other person; or (ii) 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. (2) The evidence required under § 360.23 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) Date for determining rights. § 360.23 Evidence. (a) General. (b) Trustee in bankruptcy or receiver of an insolvent's estate. (c) Receiver in equity or similar court officer. § 360.24 Payment pursuant to judicial or administrative forfeiture. (a) Definitions. (1) Contact point (2) Forfeiting agency (3) Forfeiture. Administrative forfeiture (ii) Judicial forfeiture (4) Fiscal Service Form 1522 (b) Forfeiture of bond. (2) The Bureau of the Fiscal Service will record the forfeiture, the forfeiture fund into which the proceeds were paid, the contact point, and any related information. (3) The Bureau of the Fiscal Service will rely exclusively upon the information provided by the Federal agency in the Fiscal Service Form 1522 and will not make any independent evaluation of the validity of the forfeiture order, the request for payment, or the authority of the individual signing the request for payment. (4) The amount paid is limited to the redemption value of the savings bonds as of the date of forfeiture specified in the Fiscal Service Form 1522. (c) Inquiry from previous owner. (2) The Bureau of the Fiscal Service will notify the submitter of the inquiry of the referral to the contact point. (3) The Bureau of the Fiscal Service will not investigate the inquiry and will defer to the forfeiting agency's determination of the appropriate course of action, including settlement where appropriate. Any settlement will be paid from the forfeiture fund into which the proceeds were deposited. Subpart F—Relief for Loss, Theft, Destruction, Mutilation, Defacement, or Nonreceipt of Bonds § 360.25 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 or she considers necessary to protect the interests of the United States. In all cases, the claimant or claimants must identify the lost, stolen, destroyed, mutilated, or defaced savings bond or savings bonds by serial number or serial numbers and must submit satisfactory evidence of the loss, theft, or destruction, or a satisfactory explanation of the mutilation or defacement. § 360.26 Application for relief; after receipt of bond. (a) If the serial numbers of the lost, stolen, or destroyed bonds are known, the claimant should execute an application for relief on the appropriate form and submit it to the Bureau of the Fiscal Service, Parkersburg, WV 26106-1328. (b) If the bond serial numbers are not known, the claimant must provide sufficient information to enable the Bureau of the Fiscal Service to identify the bond by serial number. See § 360.29(c). The Bureau will furnish the proper application form and instructions. (c) A defaced bond and all available fragments of a mutilated bond should be submitted to a Federal Reserve Office listed in § 360.1(b)(2) or the Bureau of the Fiscal Service. (d) The application must be made by the person or persons (including both coowners, if living) authorized under the regulations in this part to request payment of the bond. In addition: (1) If the bond is in beneficiary form and the owner and beneficiary are both living, the application must be made by the owner, and the beneficiary may also be required to join in the application to protect the interests of the United States. (2) If a minor named on a bond as owner, coowner, or beneficiary is not of sufficient competency and understanding to request payment, the parents or other person authorized to request payment under § 360.63 will ordinarily be required to join in the application. (e) If the application is approved on or before February 14, 2014, relief will be granted either by the issuance of a bond bearing the same issue date as the bond for which the claim was filed or by payment. If the application is approved after February 14, 2014, relief will be granted either by the issuance of a book-entry bond bearing the same issue date as the bond for which the claim was filed or by payment. [63 FR 38049, July 14, 1998, as amended at 79 FR 8860, Feb. 14, 2014] § 360.27 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 on or before February 14, 2014, relief will be granted by the issuance of a bond bearing the same issue date as the bond that was not received. If the application is approved after February 14, 2014, relief will be granted by the issuance of a book-entry bond bearing the same issue date as the bond that was not received or by payment. Also, relief is authorized for the issuance of bonds for which the Secretary has not received payment, in order to preserve public confidence in dealing with issuing agents. [79 FR 8860, Feb. 14, 2014] § 360.28 Recovery or receipt of bond before or after relief is granted. (a) If a bond reported lost, stolen, destroyed, or not received, is recovered or received before relief is granted, the Bureau of the Fiscal Service, Parkersburg, WV 26106-1328, must be notified promptly. (b) A bond for which relief has been granted is the property of the United States and, if recovered, must be promptly submitted to the Bureau of the Fiscal Service, Parkersburg, 26106-1328, for cancellation. § 360.29 Adjudication of claims. (a) General. (b) Claims filed 10 years after payment. (c) Claims filed 10 years after maturity. Subpart G—General Provisions for Payment § 360.35 Payment (redemption). (a) General. (b) Mandatory initial holding period. [63 FR 38049, July 14, 1998, as amended at 68 FR 2667, Jan. 17, 2003; 68 FR 7427, Feb. 14, 2003] § 360.36 Payment during life of sole owner. A savings bond registered in single ownership form ( i.e. § 360.37 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 § 360.43), the other coowner will cease to have any interest in the bond. If both coowners request payment, the payment will be made in the form, “John A. Jones AND Mary C. Jones”. § 360.38 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 § 360.43) the beneficiary will cease to have any interest in the bond. § 360.39 Surrender for payment. (a) Procedure for definitive bonds of Series I presented at authorized paying agents. (b) Procedure for all other cases. (c) Date of request. § 360.40 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. § 360.41 Partial redemption. A bond may be redeemed in part at current redemption value, but only in amounts corresponding to 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 § 360.39(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 H of this part. § 360.42 Nonreceipt or loss of remittance issued in payment. If a remittance in payment of the redemption value 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. § 360.43 Effective date of request for payment. The Department of the Treasury will treat the receipt of a bond with an appropriate 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. § 360.44 Withdrawal of request for payment. (a) Withdrawal by owner or coowner. (b) Withdrawal on behalf of deceased owner or incompetent. Subpart H—Reissue and Denominational Exchange § 360.45 General. Reissue of a bond may be made only under the conditions specified in these regulations, and only at: A designated Federal Reserve Bank or Branch, or the Bureau of the Fiscal Service. Reissue will not be made if the request is received less than one full calendar month before the maturity date of a bond. See 31 CFR part 359. The request, however, will be effective to establish ownership as though the requested reissue had been made. We reserve the right to reissue savings bonds in book-entry form only. See § 360.48(a). [63 FR 38049, July 14, 1998, as amended at 76 FR 66856, Oct. 28, 2011; 79 FR 8860, Feb. 14, 2014] § 360.46 Effective date of request for reissue. The Department of the Treasury will treat the receipt by: A Federal Reserve Bank or Branch, or 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. § 360.47 Authorized reissue; during lifetime. A bond belonging to a living individual may be reissued in any form of registration authorized by the regulations in this part upon an appropriate request under the conditions and for the purposes outlined in this section. (a) Single ownership. (1) To add a coowner or beneficiary; or (2) To name a new owner, with or without a coowner or beneficiary as requested by the new owner, but only if the previous owner and the new owner are parties to a divorce or annulment; or (3) To name as new sole owner the personal trust estate created by the previous owner or which designates as beneficiary the previous owner. (b) Coownership. (1) A coownership bond may be reissued to name a new owner, with or without a coowner or beneficiary as requested by the new owner, but only if at least one of the coowners and the new owner are parties to a divorce or annulment, but reissue is limited to the extent of that coowner's interest in the bond (See § 360.22(a)); or (2) To name as new sole owner the personal trust estate created by at least one of the coowners or which designates as beneficiary at least one of the coowners. (c) Beneficiary. (1) To substitute another individual as beneficiary; or (2) To eliminate the beneficiary, and, if the beneficiary is eliminated, to effect any of the reissues authorized by paragraph (a) of this section. § 360.48 Restrictions on reissue; denominational exchange. (a) Elimination of definitive Series I bonds. (1) If the new owner requests payment in the same transaction; or (2) If the new owner provides instructions to reissue in the form of a book-entry bond in a TreasuryDirect® account. This option is available for persons who are eligible to open a TreasuryDirect® account under the regulations in 31 CFR part 363. (b) Denominational exchange. [79 FR 8860, Feb. 14, 2014] § 360.49 Correction of errors. A bond may be reissued to correct an error in registration upon appropriate request supported by satisfactory proof of the error. § 360.50 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 the 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. § 360.51 Requests for reissue. Subject to the conditions set out in this subpart, a request for reissue of bonds in coownership form 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, without the consent of the beneficiary. Fiscal Service forms are available for requesting reissue. Subpart I—Certifying Officers § 360.55 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 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 domestic branch of an institution indicated 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 in paragraphs (a)(1)(i) through (v) of this section, who is expressly authorized to certify by the institution. (2) Credit unions. (3) Issuing and paying agents. (4) By United States officials. (b) Officers with limited authority In the Armed Forces. (2) Veterans Administration, 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. § 360.56 General instructions and liability. (a) The certifying officer must: (1) Require the person presenting a bond, or an appropriate Fiscal Service transaction form, to establish his or her identity in accordance with Department of the Treasury instructions and identification guidelines; (2) Place a notation on the back of the bond or on the appropriate Fiscal Service transaction form, or in a separate record, showing exactly how identification was established; and (3) Affix, as part of the certification, his or her official signature, title, seal or issuing or paying agent's stamp, address, and the date of execution. (b) The certifying officer and, if such person is an officer or an employee of an organization, the organization will be held fully responsible for the adequacy of the identification. (c) A signature guaranteed stamp under the Securities Transfer Agents Medallion Program (STAMP) is an acceptable official seal. § 360.57 When a certifying officer may not certify. Certifying officers may not certify the requests for payment or reissue of bonds, or appropriate Fiscal Service transaction 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. § 360.58 Forms to be certified. When required in the instructions on a Fiscal Service transaction form, the form must be signed before an authorized certifying officer. Subpart J—Minors, Incompetents, Aged Persons, Absentees, et al. § 360.60 Payment to representative of an estate. (a) The representative of an estate of an owner who is a minor, an aged person, incompetent, absentee, et al., may receive payment upon request: (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)(1) Appropriate evidence for paragraphs (a) (2) and (3) of this section includes Fiscal Service Forms 5385 (redemption) and 5386 (reissue) completed and signed by the representative in accordance with the proper form's instructions, which are incorporated herein, or a certified copy of the letters of appointment or, if the representative is not appointed by a court, other proof of qualification. (2) Except in the case of corporate fiduciaries, the evidence must show that the appointment is in full force and be dated not more than one year prior to the presentation of the bond for payment. The request for payment appearing on the back of a bond must be signed by the representative as such, for example, “John S. Jones, guardian (committee) of the estate of Henry W. Smith, a minor (an incompetent)”. § 360.61 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. § 360.62 Payment to 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 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. § 360.63 Payment to a parent or other person on behalf of a minor. (a) 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. (b) The request must appear on the back of the bond in one of the following forms: (1) 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 (2) 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 § 360.64 Payment or reinvestment—voluntary guardian of an incapacitated person. (a) Payment of bonds. (2) The redemption value of the bonds shall be determined as of the date the bonds are received, accompanied by an appropriate request for payment. If the total redemption value exceeds $20,000, a legal representative must be appointed, as set forth in § 360.60. (b) Reinvestment of bonds. (2) If an amount insufficient to purchase an additional bond of any authorized denomination of savings bond remains after the reinvestment, the voluntary guardian may furnish additional funds sufficient to purchase another savings bond of the lowest available denomination. If additional funds are not furnished, the remaining amount will be paid to the voluntary guardian for the use and benefit of the incapacitated person. § 360.65 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, but only in accordance with subpart H of this part: (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) Except to the extent provided in paragraph (a) 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 or other person under legal disability. Requests for reissue should be executed by the person authorized to request payment under §§ 360.60 and 360.63, or the person who may request recognition as voluntary guardian under § 360.64. Subpart K—Deceased Owner, Coowner or Beneficiary § 360.70 General rules governing entitlement. The rules in this section 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. Appropriate proof of death will be required. (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. [63 FR 38049, July 14, 1998, as amended at 70 FR 57432, Sept. 30, 2005] § 360.71 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 that are eligible for redemption 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 57432, Sept. 30, 2005] § 360.72 [Reserved] Subpart L—Fiduciaries § 360.75 Payment or reissue during the existence of the fiduciary estate. (a) Request from the fiduciaries named in the registration. (b) Corporate fiduciaries. (c) Trustee of a common trust fund. (d) Successor fiduciary. § 360.76 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 an estate, other than a decedent's estate (see subpart K of this part). 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. Subpart M—Escheat and Unclaimed Property Claims by States § 360.77 Payment to a State claiming title to abandoned bonds. (a) General. (b) Due process. (c) Fulfillment of obligation. [80 FR 80265, Dec. 24, 2015] Subpart N—Miscellaneous Provisions Source: 63 FR 38049, July 14, 1998, unless otherwise noted. Redesignated at 80 FR 80265, Dec. 24, 2015. § 360.90 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 the regulations in this part. He or she 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 material existing rights; and (c) If he or she is satisfied that such action would not subject the United States to any substantial expense or liability. § 360.91 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 or she may consider necessary or advisable; or (b) A bond of indemnity, with or without surety, in any case in which he or she may consider such a bond necessary for the protection of the interests of the United States. § 360.92 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 United States Savings Bonds.