[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: 31CFR315.70]

[Page 184-185]
 
                  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 L--Deceased Owner, Coowner or Beneficiary
 
Sec. 315.70  General rules governing entitlement.


    The following rules govern ownership or entitlement where one or 
both of the persons named on a bond have died without the bond having 
been surrendered for payment or reissue:
    (a) Single owner bond. If the owner of a bond registered in single 
ownership form has died, the bond becomes the property of that 
decedent's estate, and payment or reissue will be made as provided in 
this subpart.
    (b) Coowner bond--(1) One coowner deceased. If one of the coowners 
named on a bond has died, the surviving coowner will be recognized as 
its sole and absolute owner, and payment or reissue will be made as 
though the bond were registered in the name of the survivor alone. Any 
request for reissue by the surviving coowner must be supported by proof 
of death of the other coowner.
    (2) Both coowners deceased. If both coowners named on a bond have 
died, the bond becomes the property of the estate of the coowner who 
died last, and payment or reissue will be made as if the bond were 
registered in the name of the last deceased coowner alone. Proof of 
death of both coowners will be required to establish the order of death.
    (3) Simultaneous death of both coowners. If both coowners die under 
conditions where it cannot be established, either by presumption of law 
or otherwise, which coowner died first, the bond becomes the property of 
both equally, and payment or reissue will be made accordingly.
    (c) Beneficiary bond--(1) Owner deceased. If the owner of a bond 
registered in beneficiary form has died and is survived by the 
beneficiary, upon proof of death of the owner, the beneficiary will be 
recognized as the sole and absolute owner of the bond. Payment or 
reissue will be made as though the bond were registered in the 
survivor's name alone. A request for payment or reissue by the 
beneficiary must be supported by proof of death of the owner.
    (2) Beneficiary deceased. If the beneficiary's death occurs before, 
or simultaneous with, that of the registered

[[Page 185]]

owner, payment or reissue will be made as though the bond were 
registered in the owner's name alone. Proof of death of the owner and 
beneficiary is required to establish the order of death.
    (d) Nonresident aliens. If the person who becomes entitled to a bond 
because of the death of an owner is an alien who is a resident of an 
area with respect to which the Department of the Treasury restricts or 
regulates the delivery of checks drawn against funds of the United 
States or its agencies or instrumentalities, delivery of the redemption 
check will not be made so long as the restriction applies. See 
Department of the Treasury Circular No. 655, current revision (31 CFR 
part 211).