[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: 31CFR306.66]

[Page 152]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 306--GENERAL REGULATIONS GOVERNING U.S. SECURITIES--Table of Contents
 
     Subpart H--Assignments in Behalf of Estates of Deceased Owners
 
Sec. 306.66  Estates--administration.

    (a) Temporary or special administrators. Temporary or special 
administrators may assign securities for any authorized transaction 
within the scope of their authority. The assignments must be supported 
by:
    (1) Temporary administrators. A certificate, under court seal, 
showing the appointment in full force within thirty days preceding the 
date of receipt of the securities.
    (2) Special administrators. A certificate, under court seal, showing 
the appointment in full force within 6 months preceding the date of 
receipt of the securities.

Authority for assignments for transactions not within the scope of 
appointment must be established by a duly certified copy of a special 
order of court.
    (b) In course of administration. A security belonging to the estate 
of a decedent which is being administered by a duly qualified executor 
or general administrator will be accepted for any authorized transaction 
upon assignment by such representative. (See Sec. 306.77.) Unless the 
security is registered in the name of and shows the capacity of the 
representative, the assignment must be supported by a certificate or a 
copy of the letters of appointment, certified under court seal. The 
certificate or certification, if required, must be dated not more than 6 
months before the date of the assignment and must contain a statement 
that the appointment is in full force, unless:
    (1) It shows the appointment was made not more than 1 year before 
the date of the assignment, or
    (2) The representative or a corepresentative is a corporation, or
    (3) Redemption is being made for application of the proceeds in 
payment of Federal estate taxes as provided by Sec. 306.28.
    (c) After settlement through court proceedings. Securities belonging 
to the estate of a decedent which has been settled in court will be 
accepted for any authorized transaction upon assignments by the person 
or persons entitled, as determined by the court. The assignments should 
be supported by a copy, certified under court seal, of the decree of 
distribution, the representative's final account as approved by the 
court, or other pertinent court records.