[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: 31CFR315.64]

[Page 183-184]
 
                  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 K--Minors, Incompetents, Aged Persons, Absentees, et al.
 
Sec. 315.64  Payment, reinvestment, or exchange--voluntary guardian of an incapacitated person.

    (a) Payment of bonds. When an adult owner of bonds is incapable of 
requesting payment as a result of incapacity and there is no other 
person legally qualified to do so, the relative, or other person, 
responsible for the owner's care and support may submit an application 
for recognition as voluntary guardian for the purpose of redeeming the 
owner's bonds, if the total redemption value of all of the owner's bonds 
does not exceed $20,000. 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 
Sec. 315.60.
    (b) Reinvestment of bonds. If the bonds have finally matured and it 
is desired to redeem them and reinvest the proceeds in other savings 
bonds, the new bonds must be registered in the name of the incapacitated 
person, followed by words showing that he or she is under voluntary 
guardianship; for example, ``John Jones 123-45-6789, under voluntary 
guardianship''. A living coowner or beneficiary named on the matured 
bonds must be designated on the new bonds, unless such person furnishes 
a certified statement consenting to omission of his or her name. If an 
amount insufficient to purchase an additional bond of any authorized 
denomination of either series remains after the reinvestment, the 
voluntary guardian may furnish additional funds sufficient to purchase 
another bond of either series of the lowest available denomination. If 
additional funds are not furnished, the remaining amount will be paid to 
the voluntary guardian for

[[Page 184]]

the use and benefit of the incapacitated person.
    (c) Exchange of bonds. The provisions for reinvestment of the 
proceeds of matured bonds are equally applicable to any authorized 
exchange of bonds of one series for those of another.

[57 FR 39602, Sept. 1, 1992]