[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR240.4]

[Page 82-83]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 240--INDORSEMENT AND PAYMENT OF CHECKS DRAWN ON THE UNITED STATES TREASURY--Table of Contents
 
Sec. 240.4  Cancellation and distribution of proceeds of checks.

    (a) Checks issued on or after October 1, 1989. (1) Any check issued 
on or after October 1, 1989 that has not been paid and remains 
outstanding for more than 12 months shall be cancelled by the 
Commissioner.
    (2) The proceeds from checks cancelled pursuant to paragraph (a) of 
this section shall be returned to the agency which authorized the 
issuance of the

[[Page 83]]

check and credited to the appropriation or fund account initially 
charged for the payment.
    (3) Beginning January 1, 1991, and monthly thereafter, the 
Commissioner shall provide to each agency that authorizes the issuance 
of Treasury checks a list of those checks issued for such agency which 
were cancelled during the preceding month pursuant to paragraph (a) of 
this section.
    (b) Checks issued before October 1, 1989. (1) Any check issued 
before October 1, 1989 that has not been paid and remains outstanding 
for more than 12 months shall be cancelled by the Commissioner no later 
than April 1, 1991.
    (2) The proceeds from checks cancelled pursuant to paragraph (b) of 
this section shall be applied as required by 31 U.S.C. 3334.