[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: 31CFR316.10]

[Page 195-196]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 316--OFFERING OF UNITED STATES SAVINGS BONDS, SERIES E--Table of Contents
 
Sec. 316.10  Payment or redemption.

    (a) General. A Series E bond may be redeemed in accordance with its 
terms at the appropriate redemption value shown in the applicable table 
described in paragraph (f) of Sec. 316.8. The redemption values of bonds 
in the denomination of $100,000 are not shown in the tables. However, 
the redemption value of a bond in that denomination will be equal to ten 
times the redemption value of a $10,000 bond of the same issue date. A 
bond in a denomination higher that $25 (face amount) may be redeemed in 
part but only in the amount of an authorized denomination or multiple 
thereof.
    (b) Federal Reserve Banks and Branches and United States Treasury. 
Owners of Series E bonds may obtain payment upon presentation and 
surrender of the bonds to a Federal Reserve Bank or Branch referred to 
in Sec. 316.12 or to the Department of the Treasury with the request for 
payment on the bonds duly executed and certified in accordance with the 
governing regulations.
    (c) Incorporated banks, savings and loan associations and other 
financial institutions. (1) A financial institution qualified as a 
paying agent under the provisions of 31 CFR part 321, also published as 
Department of the Treasury Circular, Public Debt Series No. 750, as 
revised, will pay the current redemption value of a Series E bond 
presented for payment by an individual whose

[[Page 196]]

name is inscribed on the bond as owner or coowner, provided:
    (i) The bond is in order for payment; and
    (ii) The presenter establishes his or her identity to the 
satisfaction of the agent, in accordance with Treasury instructions and 
identification guidelines, and signs and completes the requests for 
payment.
    (2) A paying agent may (but is not required to) pay a Series E bond, 
at current redemption value, upon the request of a legal representative 
designated in the bond's registration by name and capacity, a court-
appointed legal representative of the last-deceased registrant's estate, 
or a beneficiary, if he or she survives the owner, provided:
    (i) The bond is in order for payment; and
    (ii) The presenter establishes his or her identity to the 
satisfaction of the agent, in accordance with Treasury instructions, 
indentification guidelines, and otherwise complies with evidentiary 
requirements.

[57 FR 14276, Apr. 17, 1992, as amended at 59 FR 10535, Mar. 4, 1994]