[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: 31CFR315.21]

[Page 172-173]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 315--REGULATIONS GOVERNING U.S. SAVINGS BONDS, SERIES A, B, C, D, E, F, G, H, J, AND K, AND U.S. SAVINGS NOTES--Table of Contents
 
 Subpart E--Limitations on Judicial Proceedings--No Stoppage or Caveats 
                                Permitted
 
Sec. 315.21  Payment to judgment creditors.

    (a) Purchaser or officer under levy. The Department of the Treasury 
will pay (but not reissue) a savings bond to the purchaser at a sale 
under a levy or to the officer authorized under appropriate process to 
levy upon property of the registered owner or coowner to satisfy a money 
judgment. Payment will be made only to the extent necessary

[[Page 173]]

to satisfy the money judgment. The amount paid is limited to the 
redemption value 60 days after the termination of the judicial 
proceedings. Payment of a bond registered in coownership form pursuant 
to a judgment or a levy against only one coowner is limited to the 
extent of that coowner's interest in the bond. That interest must be 
established by an agreement between the coowners or by a judgment, 
decree, or order of a court in a proceeding to which both coowners are 
parties.
    (b) Trustee in bankruptcy, receiver, or similar court officer. The 
Department of the Treasury will pay, at current redemption value, a 
savings bond to a trustee in bankruptcy, a receiver of an insolvent's 
estate, a receiver in equity, or a similar court officer under the 
provisions of paragraph (a) of this section.