PART 363—REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3102, et seq.; et seq. Source: 67 FR 64286, Oct. 17, 2002, unless otherwise noted. Editorial Note: Nomenclature changes to part 363 appear at 70 FR 57433, Sept. 30, 2005, 70 FR 57442, Sept. 30, 2005, and 75 FR 70815, Nov. 19, 2010. Subpart A—General § 363.0 What is the TreasuryDirect ® system? The TreasuryDirect system (TreasuryDirect) is an online account system in which you may hold and conduct transactions in eligible book-entry Treasury securities. § 363.1 What Treasury securities are covered by these regulations? The regulations in this part apply to book-entry Treasury securities held in the TreasuryDirect ® system. § 363.2 What agency administers TreasuryDirect ®? The Bureau of the Fiscal Service (Fiscal Service), Department of the Treasury (Treasury) is responsible for administering TreasuryDirect. Fiscal Service may delegate authority to process certain transactions in TreasuryDirect to Federal Reserve Banks and Branches as fiscal agents of the United States. § 363.3 [Reserved] § 363.4 How is TreasuryDirect® different from the Legacy Treasury Direct® system and the commercial book-entry system? (a) TreasuryDirect. (b) Legacy Treasury Direct. (c) Commercial book-entry system. [70 FR 57442, Sept. 30, 2005, as amended at 76 FR 18064, Apr. 1, 2011] § 363.5 How do I contact Fiscal Service? (a) You may use the “Contact Us” feature within TreasuryDirect ® to communicate information to us over a secure Internet connection. (b) Emails may be sent to: [email protected]. (c) Letters should be addressed to the address provided on our web site at http://www.treasurydirect.gov/write.htm. [67 FR 64286, Oct. 17, 2002, as amended at 70 FR 57442, Sept. 30, 2005; 74 FR 19416, Apr. 29, 2009] § 363.6 What special terms do I need to know to understand this part? Account Authentication Automated Clearing House (ACH) Beneficiary Book-entry security Business day Closed book period See Commercial book-entry system Court Conversion account Converted savings bond Converting coowner Coowner Custodian of a minor account Custom account Definitive security De-link Delivery Entity Entity account manager Federal Reserve Bank (Reserve Bank) Final maturity of a savings bond 1 1 Financial institution, or depository financial institution Gift Incompetent individual incompetent person Individual Interest on a savings bond Legacy Treasury Direct® Legal guardian Legal representative Legally incompetent Linked account Marketable Treasury security Minor Minor account Non-converting coowner Online Owner Payroll savings plan See Payroll zero-percent certificate of indebtedness Person Primary account Primary owner Principal amount Recipient Redemption of a savings bond Redemption value Registration Registered Reinvestment Secondary owner Security, Treasury security, Series EE savings bond Series I savings bond Signature guarantee program Single owner Social security account number social security number (SSN) Taxpayer identification number (TIN) Tender Transaction Transfer Verification Verification service Voluntary representative We, us, our You or your Zero-percent certificate of indebtedness [67 FR 64286, Oct. 17, 2002, as amended at 68 FR 24807, May 8, 2003; 69 FR 2507, Jan. 16, 2004; 69 FR 50308, Aug. 16, 2004; 70 FR 14942, Mar. 23, 2005; 70 FR 57433, Sept. 30, 2005; 70 FR 57442, Sept. 30, 2005; 72 FR 30978, June 5, 2007; 74 FR 19416, Apr. 29, 2009; 75 FR 26090, May 11, 2010; 75 FR 70815, Nov. 19, 2010; 75 FR 78901, Dec. 17, 2010; 76 FR 18064, Apr. 1, 2011] Subpart B—General Provisions Governing Securities Held in TreasuryDirect §§ 363.7-363.8 [Reserved] § 363.9 What does this subpart cover? This subpart provides general rules governing securities held within the TreasuryDirect ® system. Provisions in the subparts governing specific securities that conflict with these general rules will supersede these general rules. [70 FR 57433, Sept. 30, 2005] § 363.10 What is a TreasuryDirect ® account? A TreasuryDirect account is an online account maintained by us solely in your name in which you may hold and conduct transactions in eligible book-entry Treasury securities. (a) Primary account. (1) Individual. (2) Entities. (b) Linked account. (1) Custom account. (2) Minor account. (3) Conversion account (c) Closing an account. [69 FR 2507, Jan. 16, 2004, as amended at 70 FR 14943, Mar. 23, 2005. Redesignated at 70 FR 57433, Sept. 30, 2005, as amended at 70 FR 57442, Sept. 30, 2005; 74 FR 19417, Apr. 29, 2009; 75 FR 78901, Dec. 17, 2010] § 363.11 Who is eligible to open a TreasuryDirect ® account? Only an individual or an entity is eligible to open a TreasuryDirect account. In order to open a TreasuryDirect account, an individual or entity account manager must have a valid social security number (SSN), be 18 years of age or over, and be legally competent. An entity must have a valid SSN or employer identification number. The account owner must have a United States address of record and have an account at a United States depository financial institution that will accept debits and credits using the Automated Clearing House method of payment. [74 FR 19417, Apr. 29, 2009] § 363.12 Who may purchase and hold book-entry securities in TreasuryDirect ®? (a) A TreasuryDirect account owner may purchase and hold securities through his or her account. (b) We do not permit a legally incompetent person to open an account, purchase securities, or convert savings bonds once we have been provided with an order from a court with appropriate jurisdiction determining incompetence to perform such activities. (c) We do not permit a voluntary representative to purchase securities on behalf of the estate of a decedent. (d) We may reject any application for the purchase of a security, in whole or in part. We may refuse to issue a security in any case or class of cases, if we deem the action to be in the public interest. Our decision in any such respect is final. [70 FR 57433, Sept. 30, 2005, as amended at 74 FR 19417, Apr. 29, 2009 ] § 363.13 How can I open a TreasuryDirect ® account? (a) General. http://www.treasurydirect.gov, Federal Register. (b) Entities. [74 FR 19417, Apr. 29, 2009] § 363.14 How will you verify my identity? (a) Individual. (b) Entity. [74 FR 19417, Apr. 29, 2009] § 363.15 What is the procedure for offline verification? In the event we require offline verification, we will provide a printable verification form for the individual account owner or entity account manager to sign. The signature on the form must be certified or guaranteed as provided at § 363.43, and the form must be mailed to us at the address provided in § 363.5. We may require documentary verification of an entity as we deem appropriate. [74 FR 19417, Apr. 29, 2009] § 363.16 How do I access my account? You may access your account online using your account number, password, and any other form(s) of authentication that we may require. [72 FR 30978, June 5, 2007] § 363.17 Who is liable if someone else accesses my TreasuryDirect ® account using my password? You are solely responsible for the confidentiality and use of your account number, password, and any other form(s) of authentication we may require. We will treat any transactions conducted using your password as having been authorized by you. We are not liable for any loss, liability, cost, or expense that you may incur as a result of transactions made using your password. [72 FR 30978, June 5, 2007] § 363.18 Is Fiscal Service liable if the electronic transmission of my data is intercepted? We are not liable for any interception of electronic data or communication. [67 FR 64286, Oct. 17, 2002. Redesignated at 70 FR 57434, Sept. 30, 2005] § 363.19 What should I do if I become aware that my password or other form of authentication has become compromised? If you become aware that your password has become compromised, that any other form of authentication has been compromised, lost, stolen, or misused, or that there have been any unauthorized transactions in your account, you may place a hold on your account so that it cannot be accessed by anyone, and you should notify us immediately by e-mail or telephone. Contact information is available on the TreasuryDirect Web site. [72 FR 30978, June 5, 2007] § 363.20 What do I need to know about the forms of registration that are available for purchases of securities through my TreasuryDirect ® account? (a) General principles. (2) You must provide a last name and a first name for each individual included in the registration of the security. (3) You must provide the valid taxpayer identification number for each person named in the registration of the security. (b) Forms of registration for individuals. (1) Single owner. (ii) A single owner may add a beneficiary or secondary owner. (iii) A single owner may conduct permitted online transactions on securities held in his or her account. (iv) Upon the death of the single owner, his or her estate is entitled to the security. In determining entitlement, the law of the decedent's domicile will be followed. (v) Registration example: “John Doe, SSN 123-45-6789.” (2) Owner with beneficiary. (ii) The owner may remove or change the beneficiary without the consent of the beneficiary. (iii) The owner may conduct permitted online transactions on securities held in his or her account without the consent of the beneficiary. (iv) The beneficiary has no ownership rights to the security during the owner's lifetime. Upon the death of the owner, the security becomes the property of the surviving beneficiary, despite any attempted testamentary disposition or any applicable local law to the contrary. (v) If the beneficiary does not survive the owner, the security belongs to the estate of the owner. (vi) If both the owner and the beneficiary die under conditions where it cannot be established, either by presumption of law or otherwise, who died first, the security is the property of the estate of the owner. (vii) In order for the beneficiary to obtain the security or the redemption proceeds after the death of the owner, the beneficiary must provide proof of death of the owner. If the beneficiary has a TreasuryDirect account, the security will be transferred to that account. If the beneficiary does not have an account, he or she may establish an account. Alternatively, a beneficiary named on a savings bond may request redemption. If the beneficiary requests redemption, he or she must provide ACH instructions for the payment. (viii) Registration example: “John Doe, SSN 123-45-6789 POD (payable on death to) Jane Doe, SSN 987-65-4321.” (3) Primary owner with secondary owner. (ii) The primary owner holds the securities in his or her account and may view or conduct permitted online transactions in the securities. (iii) The primary owner may remove the secondary owner without the consent of the secondary owner. (iv) The secondary owner has no rights to view or conduct transactions in any security unless the primary owner gives the secondary owner these rights. (v) The primary owner may give the secondary owner the right to view any security or rights to view and conduct transactions in any security online from the account of the secondary owner. (vi) Once the right to conduct transactions in a security has been given to the secondary owner, the primary owner may view and conduct transactions in the security from the primary owner's account, and the secondary owner may view and conduct transactions in the security using the secondary owner's own account. (vii) The primary owner may revoke any rights previously given to the secondary owner at any time. (viii) Upon the death of either the primary or secondary owner, the security becomes the property of the survivor, despite any attempted testamentary disposition or any applicable local law to the contrary. (ix) If both the primary and the secondary owner die under conditions where it cannot be established, either by presumption of law or otherwise, who died first, the security is the property of the estate of the primary owner. (x) In order for the secondary owner to obtain the security or the security proceeds after the death of the primary owner, the secondary owner must provide proof of death of the primary owner. If the secondary owner has a TreasuryDirect account, the security will be transferred to that account. If the secondary owner does not have an account, he or she may establish an account. Alternatively, a secondary owner named on a savings bond may request redemption. If the secondary owner requests redemption, he or she must provide ACH instructions. (xi) Registration example: “John Doe, SSN 123-45-6789 with Joseph Doe, SSN 987-65-4321.” (c) Forms of registration for entities. (1) Sole proprietorship. (2) Partnership. (3) Corporation. (4) Limited Liability Company (LLC) or Professional Limited Liability Company (PLLC). (5) Trust. (6) The estate of a decedent. (7) The estate of a living person such as an incompetent or a minor. [70 FR 57434, Sept. 30, 2005, as amended at 74 FR 19417, Apr. 29, 2009; 79 FR 8860, Feb. 14, 2014] § 363.21 When may you require offline authentication and documentary evidence? We may require offline authentication and documentary evidence at our option. [74 FR 19419, Apr. 29, 2009] § 363.22 Who has the right to conduct online transactions in book-entry securities? (a) Individual Single owner form of registration. (2) Owner with beneficiary form of registration. (3) Primary owner with secondary owner form of registration. (ii) If the primary owner has given the secondary owner the right to conduct transactions in a security, and has not revoked that right, then the secondary owner can conduct transactions in the security. Transactions that may be conducted by the secondary owner include transferring a marketable security, redeeming a savings bond, and changing the destination of interest and redemption payments for marketable securities. (b) Converted savings bonds. (c) Entity. [70 FR 57434, Sept. 30, 2005, as amended at 70 FR 57443, Sept. 30, 2005; 74 FR 19419, Apr. 29, 2009; 75 FR 78901, Dec. 17, 2010] §§ 363.23-363.24 [Reserved] § 363.25 How do I conduct transactions in my account or in Treasury securities held in my account? We will provide online instructions for conducting transactions through your account. If you are unable to conduct a transaction online, you should contact us at the address provided in § 363.5. Offline transactions will require a certified or guaranteed signature. See § 363.43 for instructions for obtaining a certified or guaranteed signature. § 363.26 What is a transfer? (a) A transfer is a transaction to: (1) Move a Treasury security, or a portion of a Treasury security, from one account to another within TreasuryDirect ®; (2) Move a marketable Treasury security to or from a TreasuryDirect account and an account in the commercial book-entry system; (3) Move a marketable Treasury security to a TreasuryDirect account from a Legacy Treasury Direct® account. (b) Transfers of a specific type of security may be limited by the subparts that refer to that security. (c) Gift delivery is not a transfer. [67 FR 64286, Oct. 17, 2002, as amended at 70 FR 57443, Sept. 30, 2005; 76 FR 18064, Apr. 1, 2011] § 363.27 What do I need to know about accounts for minors who have not had a legal guardian appointed by a court? (a) We do not permit a minor to purchase securities. (b) Opening an account in the name of a minor. (2) The custodian is a fiduciary for the minor as to the securities held in the minor's account. (3) The custodian must have an existing primary TreasuryDirect ® account in order to open the minor's account. (i) The minor's account is an account that is linked to the custodian's primary account. (ii) The custodian must use his or her primary TreasuryDirect account as a portal to open and access the minor's account. (4) Securities contained in the minor's account will be registered in the name and SSN of the minor, in either sole owner, owner with beneficiary, or primary owner with secondary owner forms of registration. (c) Procedure for opening an account for a minor. (2) The custodian must certify that all transactions conducted through the account will be on the minor's behalf. (d) Procedure for conducting transactions in the minor's account. (e) Transactions permitted in the minor's account. (2) The custodian may redeem savings bonds on behalf of the minor through the minor's account. We will report the interest earned on the security to the name and SSN of the minor. (3) The custodian may not purchase gift savings bonds from the minor's account. (4) The custodian may transfer a security to another TreasuryDirect account, provided the account is a linked account bearing the name and taxpayer identification number of the minor. The custodian can transfer a marketable Treasury security to an account in the commercial book-entry system. (5) Securities may be transferred to the minor's account. (6) Gift savings bonds may be delivered to the minor's account. (7) The custodian may grant rights to view and conduct transactions in the security as may be permitted by § 363.22. (8) The custodian may purchase a zero-percent certificate of indebtedness on behalf of the minor. The zero-percent certificate of indebtedness is the property of the minor. (f) When the minor reaches the age of 18 years. (2) In order to gain control of the securities held in the minor's account, the minor must first open his or her own primary account. (3) The minor may gain control of the securities held in the minor's account by the custodian transferring the securities held in the minor's account to the minor's primary account, or the minor may request that Fiscal Service transfer the securities to his or her primary account. (4) The minor may gain control of his or her zero-percent certificate of indebtedness by the custodian de-linking the account and transferring the zero-percent certificate of indebtedness to the minor's primary account, or the minor may request that Fiscal Service de-link the account and transfer the zero-percent certificate of indebtedness to his or her primary account. (g) Liability. [69 FR 2507, Jan. 16, 2004, as amended at 69 FR 50309, Aug. 16, 2004; 70 FR 57443, Sept. 30, 2005; 74 FR 19419, Apr. 29, 2009; 75 FR 78901, Dec. 17, 2010; 76 FR 18064, Apr. 1, 2011] § 363.28 Does Fiscal Service reserve the right to require that any TreasuryDirect ® transaction be conducted in paper form? We reserve the right to require any transaction to be conducted in paper form. Signatures on paper transactions must be certified or guaranteed as provided in § 363.43. [70 FR 57434, Sept. 30, 2005] § 363.29 May Treasury close an account, suspend transactions in an account, or refuse to open an account? We reserve the right to take any of the following actions if, in our sole discretion, we deem the action to be in the best interests of the United States: (a) Refuse to open an account for any person; (b) Close any existing account, redeem, sell, or liquidate the securities held in the account, and pay the proceeds to the person entitled; (c) Suspend transactions with respect to an account or any security held in an account; or (d) Take any other action with regard to any account that we deem necessary, if not inconsistent with existing law and existing rights. [70 FR 57434, Sept. 30, 2005, as amended at 72 FR 30978, June 5, 2007] § 363.30 What actions may Treasury take if funds used to purchase a security were credited or debited in error or through fraud? (a) If Treasury sustains a loss because the funds used to purchase a security were debited from an account at a financial institution from which the TreasuryDirect account owner did not have the right to authorize such ACH debit entry, we reserve the right to redeem that security from the account and use the proceeds to reimburse Treasury for the loss. If such security has been transferred to another TreasuryDirect account, we reserve the right to reverse the transfer, redeem the security, and use the proceeds to reimburse Treasury for the loss. If such security has been redeemed or has matured and the proceeds paid to the account owner, we reserve the right to take any action that we deem appropriate, including redeeming other securities remaining in the account and using the proceeds to reimburse Treasury for the loss. (b) If an employer or a third-party agent acting on behalf of one or more employers certifies, under penalty of perjury, that it has made an erroneous ACH credit entry to purchase a TreasuryDirect certificate of indebtedness, we reserve the right to redeem securities from the TreasuryDirect account to which the entry was made in the amount of the erroneous entry and return the funds. No action will be taken if the certification is not received by Treasury within 45 days of the erroneous entry. We will only return funds if the erroneous entry was made to an account that does not belong to the intended recipient, is a duplicate payment, is in an amount that is greater than was authorized by the recipient, or was made in error because the employee was not in a pay status. We reserve the right to refuse to return an entry. By requesting that Treasury correct an erroneous entry, the employer agrees to indemnify Treasury for any loss that Treasury may incur as a result of the correction of the error and agrees to provide such information and assistance as Treasury may require. (c) If a financial institution, except a financial institution acting on behalf of an employer, makes an erroneous ACH credit entry to a TreasuryDirect® account and provides a certification as to the circumstances of the erroneous entry within 6 months of the entry date, we will notify the account owner of the erroneous ACH credit entry and attempt to resolve the issue. We reserve the right to place a hold on and to redeem securities from the TreasuryDirect® account to which the ACH credit entry was made in the amount of the erroneous credit entry and return the funds to the financial institution. The financial institution agrees to indemnify Treasury for any loss that Treasury may incur as a result of the correction of the error and agrees to provide information and assistance as Treasury may require. [75 FR 70815, Nov. 19, 2010] §§ 363.31-363.32 [Reserved] § 363.33 Can an attorney-in-fact conduct transactions in my TreasuryDirect ® account? (a) An attorney-in-fact who provides a copy of a durable power of attorney granting him or her the authority to conduct TreasuryDirect transactions on behalf of the owner may conduct transactions online. (b) An attorney-in-fact who provides a copy of a limited power of attorney may only conduct transactions that he or she is permitted by his or her power. Such transactions will be through an offline process. (c) A written copy of the power of attorney must be sent to the address provided in § 363.5. We may require any additional evidence that we consider necessary to support the power. § 363.34 What happens if an owner becomes incompetent after opening a TreasuryDirect ® account? If we receive notice that the owner of a TreasuryDirect account has become incompetent, we will suspend all transactions in the account until we establish the authority of another person to act in his or her behalf. [67 FR 64286, Oct. 17, 2002, as amended at 68 FR 24807, May 8, 2003] § 363.35 When is a transaction effective? A transaction is effective when we post it to our records. § 363.36 What securities can I purchase and hold in my TreasuryDirect ® account? You can purchase and hold eligible Treasury securities in your account. Eligible securities are Series EE and Series I savings bonds, zero-percent certificates of indebtedness, and marketable Treasury securities that are available for purchase through the TreasuryDirect Web site. In addition, you can hold converted savings bonds and eligible marketable Treasury securities that have been transferred from the Legacy Treasury Direct system or the commercial book-entry system. [70 FR 57443, Sept. 30, 2005] § 363.37 How do I purchase and make payment for eligible Treasury securities through my TreasuryDirect ® account? (a) Online purchase. (b) Payment for savings bonds and marketable Treasury securities. (c) Payment for zero-percent certificate of indebtedness. (1) A credit from your financial institution or employer using the ACH method to your TreasuryDirect® account; (2) A debit from your designated account at a financial institution using the ACH method, limited to $1000 or less per transaction; or (3) Using the proceeds of maturing securities held in your TreasuryDirect® account. (d) Payment for a payroll zero-percent certificate of indebtedness. [70 FR 57443, Sept. 30, 2005, as amended at 75 FR 70816, Nov. 19, 2010] § 363.38 What happens if my financial institution returns an ACH debit? If your designated financial institution returns an ACH debit, we reserve the right to reinitiate the debit at our option. We also reserve the right to reverse the transaction, thereby removing the security from your TreasuryDirect ® account. If the ACH return occurs after the security has been redeemed, transferred, or has matured and the proceeds paid, we reserve the right to reverse previously processed security transactions. We are not responsible for any fees your financial institution may charge relating to returned ACH debits. [70 FR 57443, Sept. 30, 2005] § 363.39 Will I receive a confirmation of my request to purchase a Treasury security? At the time that you submit a request to purchase a Treasury security through your TreasuryDirect ® account, we will make available a printable online confirmation of your request. Final confirmation will occur when the security is issued into your account. You will not receive a mailed confirmation. § 363.40 How are payments of principal and interest made? (a) Payment of a savings bond that has reached final maturity. (b) Payments of interest and principal (except a savings bond that has reached final maturity). (i) Payment to your account at a financial institution by the ACH method, or (ii) Payment to your TreasuryDirect account to purchase a zero-percent certificate of indebtedness. (2) You may select different payment destinations for principal and interest for a marketable Treasury security. You may change your payment destination at any time, unless the security is in the closed book period. (See § 363.210.) (3) If we are unable to deliver a payment, we will use the payment to purchase a zero-percent certificate of indebtedness in your TreasuryDirect account. [70 FR 57443, Sept. 30, 2005] § 363.41 What happens if an ACH payment is returned to Fiscal Service? We will notify you electronically of the returned payment. We will hold your payment until you provide us with instructions. Returned payments will not earn interest. We reserve the right to redirect a returned payment to the bank account at a financial institution that you have designated in your TreasuryDirect ® account as your primary bank account, if that account is different from the one that returned the payment to us. We are not responsible for any fees your financial institution may charge relating to returned ACH payments. [69 FR 50308, Aug. 16, 2004] § 363.42 How will my interest income be reported for tax purposes? When you open your TreasuryDirect ® account, you consent to receive the appropriate tax reporting forms by electronic means. We will notify you when your tax reporting forms are available. The form will be available in printable form through your TreasuryDirect account. If you withdraw your consent to receive tax reporting forms by electronic means, we reserve the right to redeem any savings bonds held in your account and close your account. [67 FR 64286, Oct. 17, 2002, as amended at 70 FR 57435, Sept. 30, 2005] § 363.43 What are the procedures for certifying my signature on an offline application for a TreasuryDirect ® account, or on an offline transaction form? (a) Certification within the United States. Who can certify signatures in the U.S. Evidence of certifying individual's authority (1) Officers and employees of depository institutions (i) We require the institution's seal or signature guarantee stamp. (2) Institutions that are members of Treasury—recognized signature guarantee programs (for security transfers only) We require the imprint of the signature guarantee stamp, i.e., the STAMP, SEMP, or MSP stamp for members of the Securities Transfer Agents Medallion Program, the Stock Exchanges Medallion Program, or the New York Stock Exchange Inc. Medallion Signature Program. (3) Officers and employees of corporate central credit unions, Federal Land Banks, Federal Intermediate Credit Banks and Banks for Cooperatives, the Central Bank for Cooperatives, and Federal Home Loan Banks We require the entity's seal. (4) Commissioned or warrant officers of the United States Armed Forces, for signatures executed by Armed Forces personnel, civilian field employees, and members of their families (i) We require a statement that the person executing the assignment is one whose signature the officer is authorized to certify under our regulations. (5) A judge or clerk of the court We require the seal of the court. (6) Other persons as designated by the Commissioner or Deputy Commissioner of Fiscal Service Evidence is determined by our procedures. (b) Certification within foreign countries. Who can certify signatures in foreign countries Evidence of certifying individual's authority (1) United States diplomatic or consular officials (i) We require the seal or stamp of the office. (2) Managers and officers of foreign branches of U.S. depository institutions and institutions that are members of Treasury-recognized signature guarantee programs (for security transfers only) We require the seal of the depository institution, or the imprint of the signature guarantee stamp, i.e., the STAMP, SEMP, or MSP stamp for members of the Securities Transfer Agents Medallion Program, the Stock Exchanges Medallion Program, or the New York Stock Exchange Incorporated Medallion Signature Program. (3) Notaries Public and other officers authorized to administer oaths, provided their authority is certified by a United States diplomatic or consular official (i) We require the official seal or stamp of the office. (c) Duties and liabilities of certifying individuals. (2) The form must be signed in the presence of the certifying individual. (3) If the certifying individual is not an officer, the certifying individual must insert the words “Authorized Signature” in the space provided for the title. (4) If the certifying individual is negligent in making the certification, the certifying individual and his or her organization are jointly and severally liable for any loss the United States may incur as a result of the negligence. (d) Guaranteed signatures. Signature guaranteed, First National Bank of Smithville, Smithville, NH, by A. B. Doe, President, dated 1/1/2001. (2) The certifying individual and his or her organization unconditionally guarantee to us that the signature is genuine and the signer had the legal capacity to execute the assignment or related form. (e) Guaranteed absence of a signature. Absence of signature by owner and validity of transaction guaranteed, Second State Bank of Jonesville, Jonesville, NC, by B. R. Butler, Vice President, dated 11/1/2001. (2) The endorsement must be dated and the seal of the institution must be added. (3) This form of endorsement is an unconditional guarantee to us that the institution is acting for the signer under proper authorization. (f) Persons who cannot act as certifying individuals. [67 FR 64286, Oct. 17, 2002, as amended at 70 FR 57435, Sept. 30, 2005] § 363.44 What happens when a TreasuryDirect ® account owner dies and the estate is entitled to securities held in the account? (a) Estate is being administered. (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. Payment may be made to the voluntary representative on behalf of or directly to the persons entitled by the law of the jurisdiction in which the decedent was domiciled at the date of death; (ii) Transfer the decedent's securities to the persons entitled by the law of the jurisdiction in which the decedent was domiciled at the date of death. (3) Order of precedence for voluntary representative. (4) Liability. (5) Creditor. [70 FR 57435, Sept. 30, 2005, as amended at 70 FR 57443, Sept. 30, 2005; 74 FR 19419, Apr. 29, 2009] § 363.45 What are the rules for judicial and administrative actions involving securities held in TreasuryDirect ®? (a) Notice of adverse claim or pending judicial proceedings. (b) Competing claims to a security. (c) Divorce decree. (d) Final court order. (e) Levy to satisfy money judgment. (f) Internal Revenue Service (IRS) levy. (1) Against the owner, as owner is defined in § 363.6 of this part, including a levy against the owner in the capacity of nominee, transferee, or alter ego; (2) Against a secondary owner, if the secondary owner has the right to conduct transactions in a security at the date and time the notice of levy is delivered to Fiscal Service; or (3) Against an owner's property to which a federal tax lien is attached. (g) Trustee in bankruptcy, a receiver of an insolvent's estate, a receiver in equity, or a similar court officer. (h) Court order that attempts to defeat or impair survivorship rights. [70 FR 57435, Sept. 30, 2005, as amended at 75 FR 70816, Nov. 19, 2010] § 363.46 What evidence is required to establish the validity of judicial proceedings? (a) We will require certified copies of the final judgment, decree, or court order, and any necessary supplementary proceedings. (b) A transaction request by a trustee in bankruptcy or a receiver of an insolvent's estate must be supported by evidence of appointment and qualification. (c) A transaction request by a receiver in equity or a similar court officer (other than a receiver of an insolvent's estate) must be supported by a copy of an order that authorizes the receiver or similar court officer to take possession and control of the security. [70 FR 57435, Sept. 30, 2005] § 363.47 Will Fiscal Service pay Treasury securities pursuant to a forfeiture proceeding? (a) General. (b) Definition of special terms relating to forfeitures. Contact point Forfeiting agency Forfeiture (c) Procedures for a forfeiting agency to request forfeiture of Treasury securities. (d) Fiscal Service procedures upon receipt of forfeiture request. (e) Inquiries from previous owner. [70 FR 57436, Sept. 30, 2005] §§ 363.48-363.49 [Reserved] Subpart C—Book-Entry Savings Bonds Purchased Through TreasuryDirect General § 363.50 What Treasury securities does this subpart govern? This subpart governs: (a) Series EE and Series I book-entry savings bonds that were originally issued as book-entry bonds through TreasuryDirect ®; and (b) Converted savings bonds that are registered in: (1) The single owner or entity form of registration of any series, (2) The owner with beneficiary form of registration of Series EE and Series I savings bonds, (3) The owner with beneficiary form of registration of Series E savings bonds in which the beneficiary has consented to a change in the registration of the bond after conversion, and (4) The coowner form of registration of any series in which the non-converting coowner has consented to a change in the registration of the bond after conversion. [70 FR 14943, Mar. 23, 2005, as amended at 74 FR 19419, Apr. 29, 2009] § 363.51 [Reserved] § 363.52 What is the principal amount of book-entry Series EE and Series I savings bonds that I may acquire in one year? (a) The principal amount of book-entry savings bonds that you may acquire in any calendar year is limited to $10,000 for Series EE savings bonds and $10,000 for Series I savings bonds. (b) Bonds purchased or transferred as gifts will be included in the computation of this limit for the account of the recipient for the year in which the bonds are delivered to the recipient. (c) Bonds purchased as gifts or in a fiduciary capacity are not included in the computation for the purchaser. Bonds received due to the death of the registered owner are not included in the computation for the recipient. (d) We reserve the right to take any action we deem necessary to adjust the excess, including the right to remove the excess bonds from your TreasuryDirect account and refund the payment price to your bank account of record using the ACH method of payment. [77 FR 213, Jan. 4, 2012] § 363.53 What is the minimum amount of book-entry savings bonds that I may purchase in any transaction? Each bond purchase must be in a minimum amount of $25, with additional one-cent increments above that amount, in any one transaction. For example, a purchase may be $25.00, $25.01, $25.02, or $25.03, and so forth. § 363.54 What is the minimum amount of a book-entry savings bond that I must hold in my account? Each bond held in your account must have a redemption value of at least $25. If you request a transaction that would reduce the remaining redemption value of the bond to an amount less than $25, we will not permit the transaction to occur. § 363.55 May I transfer my book-entry savings bonds to another person? (a) You may transfer a savings bond or a portion of a savings bond to the TreasuryDirect ® account of another person in a minimum amount of $25. The transfer may only be made as a gift or in response to a final judgment, court order, divorce decree, or property settlement agreement. You must certify online that the transfer is a gift or a specified exception. (b) We do not permit the transfer of savings bonds for consideration, unless it is an exception specified in paragraph (a) of this section. (c) If the bond is being transferred to an individual, the bond will be transferred in the single owner form of registration. If the bond is being transferred to an entity, the bond will be transferred in the entity form of registration. (d) We reserve the right to limit the transferability of savings bonds at any time by amendment to these regulations. [67 FR 64286, Oct. 17, 2002, as amended at 68 FR 24807, May 8, 2003; 70 FR 57436, Sept. 30, 2005; 74 FR 19419, Apr. 29, 2009] § 363.56 What is the minimum amount of book-entry savings bonds that I may transfer in any one transaction? Each transfer must be in a minimum amount of $25 redemption value, with additional one-cent increments above that amount, in any one transaction. For example, you may transfer $25.00, $25.01, $25.02, or $25.03, and so forth. Transfers will be comprised of principal and proportionate interest. § 363.57 What is the minimum amount of book-entry savings bonds that I may redeem in any one transaction? Each redemption must be in a minimum amount of $25 redemption value, with additional one-cent increments above that amount, in any one transaction. For example, you may redeem $25.00, $25.01, $25.02, or $25.03, and so forth. Redemptions will be comprised of principal and proportionate interest. § 363.58 May book-entry savings bonds be pledged or used as collateral? Bonds may not be pledged or used as collateral for the performance of an obligation. § 363.59 What is a payroll savings plan? A payroll savings plan is an automatic method of purchasing savings bonds. (See the definition in § 363.6.) You may open your payroll savings plan by selecting an amount, series, and registration for your savings bond purchases using functionality in your TreasuryDirect® account. Each bond purchase must be in a minimum amount of $25 with additional one-cent increments above that amount, up to a maximum amount of $5000, in any one transaction. The series may be either a Series EE or Series I savings bond. The registration may be any authorized form of registration for an electronic savings bond. You must also initiate a request to your employer or your financial institution to send credits on a recurring basis to your payroll savings plan through the ACH method to purchase a payroll zero-percent certificate of indebtedness. (See Subpart D for more information about a payroll zero-percent certificate of indebtedness.) When you have accumulated a sufficient amount of payroll zero-percent certificate of indebtedness to purchase a savings bond in the amount, series, and registration that you selected, the TreasuryDirect® system will automatically redeem your payroll zero-percent certificate of indebtedness and purchase your selected savings bond. [75 FR 70816, Nov. 19, 2010] § 363.60 How do I discontinue my participation in my payroll savings plan? You may discontinue your participation in your payroll savings plan by arranging with your employer or financial institution to discontinue sending funds. [75 FR 70816, Nov. 19, 2010] §§ 363.61-363.82 [Reserved] § 363.83 May an account owner transfer a book-entry savings bond to a minor? An account owner may transfer a bond to a minor as a gift or pursuant to one of the specified exceptions in § 363.55(a). §§ 363.84-363.94 [Reserved] Gifts § 363.95 How may I give, and who can receive, a book-entry savings bond as a gift? You may give a book-entry savings bond as a gift in two ways: (a) An individual may purchase a book-entry savings bond online as a gift and give it to an individual; or (b) A person who owns a bond may transfer that bond to another person as a gift with immediate delivery. [67 FR 64286, Oct. 17, 2002, as amended at 68 FR 24807, May 8, 2003; 70 FR 57437, Sept. 30, 2005; 74 FR 19419, Apr. 29, 2009] § 363.96 What do I need to know if I initially purchase a bond as a gift? (a) An entity may not purchase a gift savings bond. (b) The gift bond will be registered in the name of the recipient(s). The registration is irrevocable with regard to the owner named on the gift bond. (c) You must provide the SSN of the recipient. (d) You may deliver the bond upon purchase, or you may hold the bond in your TreasuryDirect ® account until you are ready to deliver the bond to the owner named on the gift bond. (e) If the purchaser dies before delivering a gift bond to the recipient, the bond belongs to the owner named on the gift bond, notwithstanding any testamentary attempts to the contrary by the purchaser, or any state law to the contrary. We will hold the bond until we receive instructions from the owner named on the gift bond. [67 FR 64286, Oct. 17, 2002, as amended at 69 FR 2508, Jan. 16, 2004; 74 FR 19419, Apr. 29, 2009] § 363.97 What do I need to know if I transfer a book-entry savings bond to another person as a gift? (a) You must certify online that the transfer is a gift. (b) You must provide the SSN or EIN of the recipient. (c) Once the transfer is made, the gift is irrevocable. (d) The bond will be transferred in the single owner form of registration for individual account owners, and in the entity form of registration for account owners that are entities. [67 FR 64286, Oct. 17, 2002, as amended at 74 FR 19420, Apr. 29, 2009] § 363.98 [Reserved] § 363.99 What is the minimum amount of a bond that I may transfer or deliver as a gift in any one transaction? You may transfer or deliver gift bonds in any one-cent increment value equal to or greater than $25.00 redemption value. For example, you may deliver a gift bond with a redemption value of $25.00, $25.01, $25.02, and so forth. If the bond was held in your account prior to delivery to the recipient for a period of time and has accrued interest, the delivery will include principal and proportionate interest. § 363.100 What are the rules for purchasing and delivering gift savings bonds to minors? (a) A TreasuryDirect ® account owner can purchase a savings bond as a gift with a minor as the recipient. (b) An account owner can deliver a bond purchased as a gift to a minor. The account owner must deliver the security to the minor's linked account. Once delivered, the bond will be under the control of the custodian of the minor's account. (See § 363.27.) [70 FR 57444, Sept. 30, 2005] § 363.101 Can an account owner transfer a book-entry savings bond to a minor? An account owner can transfer a book-entry savings bond held in TreasuryDirect ® to a minor as a gift or pursuant to one of the specified exceptions in § 363.55(a). [70 FR 57444, Sept. 30, 2005] §§ 363.102-363.124 [Reserved] Payment § 363.125 How is payment made on a book-entry savings bond? We will make payment by the ACH method to the designated account at a United States depository financial institution. § 363.126 Under what circumstances will payment be made? We will make payment: (a) Upon your request for redemption prior to maturity; (b) When the bond reaches final maturity; and (c) If a person who becomes entitled to the bond is unable, unwilling or ineligible to open a TreasuryDirect ® account. §§ 363.127-363.129 [Reserved] Subpart D—Zero-Percent Certificate of Indebtedness Source: 69 FR 50309, Aug. 16, 2004, unless otherwise noted. General § 363.130 What does this subpart cover? This subpart is the offering of the zero-percent certificate of indebtedness by the Secretary of the Treasury (Secretary), and will continue until suspended or terminated by the Secretary. This subpart is also the governing regulations for the zero-percent certificate of indebtedness. § 363.131 What is a TreasuryDirect ® zero-percent certificate of indebtedness? A TreasuryDirect® zero-percent certificate of indebtedness is a non-interest-bearing security that is issued daily, with a one-day maturity, which automatically rolls over at maturity until you request redemption. A zero-percent certificate of indebtedness has a minimum purchase amount of one cent. The only purpose of a zero-percent certificate of indebtedness is to accumulate funds for the purchase of another eligible security in the TreasuryDirect system. A zero-percent certificate of indebtedness within a minor's account is the property of the minor alone. The payroll zero-percent certificate of indebtedness is a restricted form of the zero-percent certificate of indebtedness that is held separately from the zero-percent certificate of indebtedness and used only for purchases made through the payroll savings plan. [69 FR 50309, Aug. 16, 2004, as amended at 75 FR 70816, Nov. 19, 2010] § 363.132 Can the sale of the zero-percent certificate of indebtedness be suspended? The Secretary may suspend and rescind the suspension of sales of the zero-percent certificate of indebtedness by announcement at any time. § 363.133 What happens to my zero-percent certificate of indebtedness if the offering is terminated by the Secretary? Upon the termination of this offering by the Secretary, the zero-percent certificate of indebtedness ceases to roll over; the proceeds will be paid by the ACH method to the bank account at a financial institution that you designated in your TreasuryDirect ® account as your primary bank account. § 363.134 What regulations cover a zero-percent certificate of indebtedness? The regulations in part 363 apply to a zero-percent certificate of indebtedness. We expressly disclaim representations or warranties regarding a zero-percent certificate of indebtedness that in any way conflict with these regulations and other applicable law. § 363.135 In what form is a zero-percent certificate of indebtedness issued? A zero-percent certificate of indebtedness is issued in electronic form only in the TreasuryDirect ® system. § 363.136 Do zero-percent certificates of indebtedness pay interest? Zero-percent certificates of indebtedness do not pay any interest. However, the Secretary may prescribe a rate of interest, or change the interest rate, for zero-percent certificates of indebtedness by announcement at any time. The new rate would apply to zero-percent certificates of indebtedness issued thereafter, as provided in the announcement. The Secretary's determination of the rate will be final. § 363.137 What do I need to know about the registration of a zero-percent certificate of indebtedness? A zero-percent certificate of indebtedness is automatically registered in the name of the TreasuryDirect ® account owner. [74 FR 19420, Apr. 29, 2009] § 363.138 Is Treasury liable for the purchase of a zero-percent certificate of indebtedness that is made in error? We are not liable for any deposits of funds for the purchase of a zero-percent certificate of indebtedness that are made in error by your financial institution or employer. [69 FR 50309, Aug. 16, 2004. Redesignated at 75 FR 70816, Nov. 19, 2010] § 363.139 May I transfer or deliver my zero-percent certificate of indebtedness? A zero-percent certificate of indebtedness is nontransferable. You may not deliver a zero-percent certificate of indebtedness to another TreasuryDirect ® account as a gift. [69 FR 50309, Aug. 16, 2004. Redesignated at 75 FR 70816, Nov. 19, 2010] § 363.140 May a zero-percent certificate of indebtedness be pledged or used as collateral? A zero-percent certificate of indebtedness may not be pledged or used as collateral for the performance of an obligation. [69 FR 50309, Aug. 16, 2004. Redesignated at 70 FR 57437, Sept. 30, 2005, and further redesignated at 75 FR 70816, Nov. 19, 2010] Zero-Percent Certificate of Indebtedness § 363.141 How do I purchase a zero-percent certificate of indebtedness? (a) Primary and linked accounts. (1) Payroll deduction, in which your employer sends funds through the ACH method to your TreasuryDirect® account; (2) Deposit by your financial institution, in which your financial institution sends funds by the ACH method to your TreasuryDirect® account on a recurring or one-time basis; (3) Through the Buy Direct function of your TreasuryDirect® account, in which you direct us to debit funds from your financial institution account to purchase a zero-percent certificate of indebtedness. This method is limited to an amount no greater than $1000 per transaction. When you use the Buy Direct function to debit funds to purchase all or a portion of a zero-percent certificate of indebtedness, you will not be permitted to schedule a redemption to your financial institution from the zero-percent certificate of indebtedness within five business days after the settlement date of the debit entry; and (4) By using the proceeds from the redemption of a savings bond, the proceeds of a maturing security, or an interest payment from a security to purchase a zero-percent certificate of indebtedness. (b) Payroll savings plan. [75 FR 70816, Nov. 19, 2010] § 363.142 When is a zero-percent certificate of indebtedness issued? A zero-percent certificate of indebtedness is issued the business day after the purchase transaction is made. [69 FR 50309, Aug. 16, 2004. Redesignated at 75 FR 70816, Nov. 19, 2010] § 363.143 How do I purchase a security using the redemption proceeds of my zero-percent certificate of indebtedness? You may purchase an eligible security by redeeming all or a portion of your zero-percent certificate of indebtedness and applying the proceeds toward the purchase of another eligible security. To do this, your zero-percent certificate of indebtedness must be of sufficient value to cover the cost of the security. If you are paying for a security using the redemption proceeds of a zero-percent certificate of indebtedness, you must pay the full amount of the purchase price of the security using the redemption proceeds. [69 FR 50309, Aug. 16, 2004. Redesignated at 75 FR 70816, Nov. 19, 2010] § 363.144 Can I redeem my zero-percent certificate of indebtedness? You can redeem part or all of the value of your zero-percent certificate of indebtedness at any time, with one exception: if you purchased all or a portion of your zero-percent certificate of indebtedness through a debit using the ACH method, you may not schedule a redemption from your zero-percent certificate of indebtedness within five business days after the date of the debit entry. [70 FR 57444, Sept. 30, 2005. Redesignated at 75 FR 70816, Nov. 19, 2010] § 363.145 May I delete a pending transaction involving a zero-percent certificate of indebtedness? (a) You may delete a pending purchase of a zero-percent certificate of indebtedness initiated from your TreasuryDirect ® account. (b) You may delete a pending purchase of a security using a zero-percent certificate of indebtedness as payment. (c) You may not delete a pending redemption of all or part of the value of a zero-percent certificate of indebtedness. [69 FR 50309, Aug. 16, 2004. Redesignated at 75 FR 70816, Nov. 19, 2010] Payroll Zero-Percent Certificate of Indebtedness § 363.146 Who may purchase a payroll zero-percent certificate of indebtedness? Only an individual TreasuryDirect® account owner may purchase a payroll zero-percent certificate of indebtedness, only through his or her primary account, and only through the payroll savings plan. [75 FR 70817, Nov. 19, 2010] § 363.147 How do I purchase a payroll zero-percent certificate of indebtedness? You may purchase a payroll zero-percent certificate of indebtedness through your TreasuryDirect® account using your payroll savings plan. (See §§ 363.59 and 363.60 for more information on opening a payroll savings plan.) The only method of purchase for a payroll zero-percent certificate of indebtedness is a credit of funds from your employer or financial institution using the ACH method. You cannot purchase a payroll zero-percent certificate of indebtedness by using a debit from your financial institution. [75 FR 70817, Nov. 19, 2010] § 363.148 Can I redeem all or a portion of my accumulated payroll zero-percent certificate of indebtedness? You may redeem all or a portion of your accumulated payroll zero-percent certificate of indebtedness to any financial institution that is of record in your TreasuryDirect® account. [75 FR 70817, Nov. 19, 2010] §§ 363.149-363.152 [Reserved] Subpart E—Conversion of a Definitive Savings Bond Source: 70 FR 14943, Mar. 23, 2005, unless otherwise noted. § 363.160 What subparts govern the conversion of definitive savings bonds? (a) This subpart governs: (1) The process of converting definitive savings bonds of all eligible series and types of registration to book-entry bonds in TreasuryDirect ®; (2) Converted savings bonds of all series registered in the coowner form of registration, unless the non-converting coowner consents to a change in the registration of the bonds after conversion; (3) Converted savings bonds of Series E registered in the owner with beneficiary form of registration, unless the beneficiary consents to a change in the registration of the bonds after conversion; and (4) Converted savings bonds of all series that are held as gift bonds by the person who converted the bonds. (b) Subpart C governs: (1) Converted savings bonds of any series registered in the single owner or entity form of registration; (2) Converted Series EE and Series I savings bonds registered in the owner with beneficiary form of registration; (3) Converted Series E savings bonds registered in the owner with beneficiary form of registration, where the beneficiary has consented to a change in the registration of the bonds after conversion; and (4) Converted savings bonds of all series registered in the coowner form of registration, where the non-converting coowner has consented to a change in the registration of the bonds after conversion. [70 FR 14943, Mar. 23, 2005, as amended at 70 FR 57347, Sept. 30, 2005; 74 FR 19420, Apr. 29, 2009] § 363.161 What definitive savings bonds are eligible to be converted to book-entry bonds? Series E, Series EE, and Series I savings bonds issued in denominations of $25 or greater are eligible for conversion to book-entry bonds in TreasuryDirect ®. [74 FR 19420, Apr. 29, 2009] § 363.162 Who may convert a definitive savings bond? The owner of a TreasuryDirect ® primary account may convert a definitive savings bond. (a) Bond that is registered to the account owner. (1) The owner of a definitive savings bond registered in the single owner or entity form of registration; (2) Either co-owner of a bond registered in the coowner form of registration; and (3) The owner of a bond registered in the owner with beneficiary form of registration. (b) Bond that is registered to someone other than the account owner. [74 FR 19420, Apr. 29, 2009] § 363.163 How do I convert an eligible definitive savings bond? We will provide online instructions for converting your definitive savings bond. You must surrender to us the definitive bond to be converted at the time of conversion. § 363.164 Is a converted savings bond eligible to be converted back into a definitive bond? Once a definitive savings bond has been converted to a book-entry bond, it may not be converted back into a definitive bond. § 363.165 What happens when I convert a savings bond that is registered in my name as a single owner, either coowner, an owner with a beneficiary, or an entity? (a) Unmatured savings bond. (b) Matured savings bond. [74 FR 19420, Apr. 29, 2009] § 363.166 What happens when I convert a savings bond that is not registered in my name as owner, either coowner, or owner with beneficiary (including a bond registered in the name of a minor)? We will presume that a savings bond registered in the name of someone other than the TreasuryDirect ® account owner (including a bond registered in the name of a minor) was purchased by the account owner as a gift for the registered owner. We will not permit an entity to convert a savings bond that is not registered in the name of the entity. (a) Unmatured savings bond General. (2) Delivery of unmatured gift bond to registered owner. (b) Savings bond that has reached final maturity General. (2) Delivery of bond proceeds to registered owner. [70 FR 14943, Mar. 23, 2005, as amended at 70 FR 57347, Sept. 30, 2005; 74 FR 19420, Apr. 29, 2009] § 363.167 How will a converted savings bond be registered? The registration of the converted bond will be the same as on the definitive bond, provided that it was registered properly in an authorized form of registration. We will change a definitive savings bond that was not registered in an authorized form of registration to the closest authorized form of registration. For example, a definitive savings bond erroneously registered “John Doe and Jane Doe” will be changed to “John Doe or Jane Doe.” We are not liable to any person for any such decision as to the closest form of authorized registration. § 363.168 What rules regarding registration apply to a converted savings bond? (a) Savings bond of any series registered in the single owner or entity form of registration. (b) Savings bond of Series EE or Series I registered in the owner with beneficiary form of registration. (c) Savings bond of Series E registered in the owner with beneficiary form of registration. (d) Savings bond of any series registered in the coowner form of registration. [70 FR 14943, Mar. 23, 2005, as amended at 74 FR 19420, Apr. 29, 2009] § 363.169 What transactions can I conduct in a converted savings bond on which I am registered as the single owner, either coowner, the owner with a beneficiary, or an entity? (a) Savings bond of any series registered in the single owner or entity form of registration. (b) Savings bond of Series EE and Series I registered in the owner with beneficiary form of registration. (c) Savings bond of Series E registered in the owner with beneficiary form of registration. (1) Provide view rights to the beneficiary. (2) Transfer without change in registration. (3) Remove the beneficiary from the registration. (4) Transfer to the beneficiary or a third party with a change in registration. (d) Savings bond of any series registered in the coowner form of registration. (1) Provide view or transact rights to non-converting coowner. (2) Transfer without change in registration. (3) Remove a coowner from the registration. (4) Transfer to non-converting coowner or a third party with a change in registration. [70 FR 14943, Mar. 23, 2005, as amended at 74 FR 19420, Apr. 29, 2009] § 363.170 What transactions can I conduct in a savings bond that I converted on which I am not registered as the owner, either coowner, or owner with beneficiary? The only transaction that you may conduct on a savings bond that you converted on which you are not registered as the owner, either coowner, or owner with beneficiary is to deliver the converted bond to the TreasuryDirect ® account of the registered owner. § 363.171 How do I redeem a converted savings bond? (a) Before final maturity Savings bond of any series registered in the single owner, owner with beneficiary, or entity form of registration. (2) Savings bond of any series registered in the coowner form of registration. (b) Upon final maturity Savings bond of any series registered in the single owner, owner with beneficiary, coowner, or entity forms of registration. (2) The redemption proceeds will be automatically used to purchase a zero-percent certificate of indebtedness registered in your name and held in your TreasuryDirect account. [70 FR 14943, Mar. 23, 2005, as amended at 74 FR 19420, Apr. 29, 2009] §§ 363.172-363.175 [Reserved] § 363.176 May a converted savings bond be pledged or used as collateral? A converted savings bond may not be pledged or used as collateral for the performance of an obligation. §§ 363.177-363.178 [Reserved] § 363.179 Does Fiscal Service make any reservations as to the conversion of an eligible savings bond? We may reject any application for conversion or refuse to convert a savings bond in any case or class of cases, if we deem the action to be in the public interest. Our action in any such respect is final. §§ 363.180-363.199 [Reserved] Subpart F—Marketable Treasury Securities Source: 70 FR 57444, Sept. 30, 2005, unless otherwise noted. § 363.200 What Treasury securities does this subpart govern? This subpart provides the rules for holding marketable Treasury bills, notes, and bonds in book-entry form in TreasuryDirect ®. § 363.201 What other regulations govern book-entry marketable book-entry Treasury bills, notes, and bonds? (a) 31 CFR part 356 governs the sale and issue of marketable book-entry Treasury securities on or after March 1, 1993, whether held in TreasuryDirect ®, Legacy Treasury Direct, or the commercial book-entry system. (b) 31 CFR part 357 governs holding marketable book-entry Treasury bills, notes, and bonds in the Legacy Treasury Direct system and in the commercial book-entry system. § 363.202 What marketable Treasury securities may I purchase and hold through my TreasuryDirect ® account? (a) Purchase. Advance purchase. (2) Purchases scheduled prior to May 15, 2010, with an effective issue date on or after May 15, 2010. (ii) Any marketable security purchase scheduled prior to May 15, 2010, with an effective issue date after July 9, 2010, will be canceled. (b) Hold. [70 FR 57444, Sept. 30, 2005, as amended at 75 FR 26090, May 11, 2010] § 363.203 After I purchase my marketable Treasury security in TreasuryDirect ®, is there a period of time during which I may not transfer the security? Once you purchase a marketable Treasury security in TreasuryDirect, you may not transfer that security for a period of 45 calendar days after the issue date of the security, or the term of the security, whichever is less. § 363.204 What registrations are available for my marketable Treasury securities held in TreasuryDirect ®? You may register your marketable Treasury securities in any form of registration permitted by § 363.20 of this part. § 363.205 How do I reinvest the proceeds of a maturing security held in TreasuryDirect ®? (a) Method for reinvesting a maturing security. (b) When a reinvestment can be scheduled, edited, or canceled. (c) What securities can be reinvested. (d) Limits on scheduling reinvestments. (e) Canceling reinvestments. (f) Procedure if there are insufficient funds from the maturing security to pay the full purchase price of the replacement security. (1) Debit from primary account at financial institution. (2) Withdrawal of funds from zero-percent certificate of indebtedness. (3) Special rules if the maturing security was purchased prior to May 15, 2010. [75 FR 26090, May 11, 2010] § 363.206 How can I transfer my marketable Treasury security into my TreasuryDirect ® account from another book-entry system? (a) Legacy Treasury Direct to TreasuryDirect. (b) Commercial book-entry system to TreasuryDirect. (c)(1) Individuals. (2) Entities. (d) Amounts transferred. [70 FR 57444, Sept. 30, 2005, as amended at 74 FR 19421, Apr. 29, 2009] § 363.207 Can I transfer my marketable Treasury security from my TreasuryDirect ® account to another TreasuryDirect account? After the initial 45-calendar day holding period for your marketable Treasury security (see § 363.203) you can transfer your security to another TreasuryDirect account in increments of $1000. § 363.208 Can I transfer my marketable Treasury security from my TreasuryDirect ® account to an account in another book-entry system? After the initial 45-calendar day holding period for your marketable Treasury security (see § 363.203) you can transfer your security to an account in the commercial book-entry system in increments of $1000. [70 FR 57444, Sept. 30, 2005, as amended at 76 FR 18064, Apr. 1, 2011] § 363.209 [Reserved] § 363.210 Is there any period of time during which I will be unable to process certain transactions regarding my security? A closed book period will be in effect for four business days prior to the date a marketable security interest and/or redemption payment is made. During the closed book period, you cannot change the registration of the security, change the payment destination of the proceeds, change the view or transaction rights, make transfers, or schedule, edit, or cancel a reinvestment. We will hold transactions requiring submission of a form for processing until the closed book period ends. [75 FR 26091, May 11, 2010, as amended at 75 FR 78901, Dec. 17, 2010] §§ 363.211-363.249 [Reserved] Subpart G [Reserved] Subpart H—Miscellaneous § 363.250 May Fiscal Service waive these regulations? We may waive or modify any provision of the regulations in this part. We 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 the waiver would not be inconsistent with law or equity; (b) If the waiver does not impair any material existing rights; and (c) If we are satisfied that the waiver would not subject the United States to any substantial expense or liability. [67 FR 64286, Oct. 17, 2002. Redesignated at 70 FR 14943, Mar. 23, 2005. Redesignated at 70 FR 57444, Sept. 30, 2005] § 363.251 Can I be required to provide additional evidence to support a transaction? We may require additional evidence and/or a bond of indemnity, with or without surety, in any case where we determine it necessary to protect the interests of the United States. [67 FR 64286, Oct. 17, 2002. Redesignated at 70 FR 14943, Mar. 23, 2005. Redesignated at 70 FR 57444, Sept. 30, 2005] § 363.252 May Fiscal Service amend or supplement these regulations? We may amend, revise, or supplement these regulations at any time. [67 FR 64286, Oct. 17, 2002. Redesignated at 70 FR 14943, Mar. 23, 2005. Redesignated at 70 FR 57444, Sept. 30, 2005]