[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: 31CFR321.1]

[Page 202-203]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 321--PAYMENTS BY BANKS AND OTHER FINANCIAL INSTITUTIONS OF UNITED STATES SAVINGS BONDS AND UNITED STATES SAVINGS NOTES (FREEDOM SHARES)--Table of Contents
 
                     Subpart A--General Information
 
Sec. 321.1  Definitions.

    (a) ACH payment or ACH means an Automated Clearing House method of 
transferring funds under the provisions of 31 CFR part 210.
    (b) Beneficiary means an individual whose name is inscribed on a 
security as the person to whom it is payable in his or her right upon 
the prior death of the other individual designated thereon as owner, 
shown commonly in the form: ``A P.O.D. [payable on death to] B.''
    (c) Cash payment means payment in currency, by check or by credit to 
a checking, savings or share account.
    (d) Central Site refers to the Federal Reserve Bank of Cleveland, 
Pittsburgh Branch, EZ CLEAR Department.
    (e) EZ CLEAR refers to the system by which financial institutions 
present redeemed securities to a Federal Reserve Bank through the 
commercial check collection system in the same manner as other cash 
items.
    (f) Federal Reserve Bank or Branch refers to the Federal Reserve 
Bank to which the agent is instructed to transmit redeemed securities; 
or to which the agent is instructed to forward securities for payment or 
other transactions, and includes parent Banks, Branches and Regional 
Check Processing Centers, as appropriate.
    (g) Legal Representative or representative means the court-appointed 
(or otherwise qualified) person, regardless of title, who is legally 
authorized to act for the estate of a minor, incompetent, aged person, 
absentee, et al., the court-appointed executor or administrator, 
regardless of title, who is legally authorized to act for a decedent's 
estate; and the trustee of a personal trust estate.
    (h) Mixed cash letter refers to a bundle containing nonsegregated 
redeemed securities, cash items, and other items submitted to a Federal 
Reserve Bank via the commercial check collection system.
    (i) Paying agent or agent means:
    (1) A financial institution that is qualified under the provisions 
of this part as originally issued, or any subsequent revision, to make 
payment of securities, and includes branches located

[[Page 203]]

within the United States, its territories and possessions, and the 
Commonwealth of Puerto Rico; and
    (2) Any banking facilities of such institutions establishing at 
military installations overseas, provided the offering of such 
redemption services has been authorized by the Department of the 
Treasury.
    (j) Presenter means the individual requesting the redemption or 
redemption-exchange of securities.
    (k) Presenting institution means the organization from which the 
Federal Reserve Bank receives redeemed securities to be processed via EZ 
CLEAR. If a paying agent submits separately sorted or mixed cash letters 
directly to the Bank, using its own ABA code, it is the presenting 
institution. If a correspondent financial institution submits cash 
letters on behalf of another institution using the correspondent's ABA 
code, the correspondent is the presenting institution.
    (l) Redemption and payment are used interchangeably for payment of a 
security in accordance with the terms of its offering and governing 
regulations, including redemption-exchange.
    (m) Redemption-exchange means the authorized redemption of eligible 
securities for the purpose of applying the proceeds in payment for other 
securities offered in exchange by the Treasury.
    (n) Registrant means a person whose name is inscribed on a security 
as owner, coowner, or beneficiary.
    (o) Security means a United States Savings Bond of Series A, B, C, 
D, E, EE, or I and/or a United States Savings Note (Freedom Share).
    (p) Separately sorted cash letter refers to a bundle of redeemed 
securities that have been segregated from all other items prior to 
transmittal to a Federal Reserve Bank via EZ CLEAR.
    (q) Taxpayer identifying number means a social security account 
number or an employer identification number.

[53 FR 37511, Sept. 26, 1988; 53 FR 39581, Oct. 7, 1988, as amended at 
55 FR 35395, Aug. 29, 1990; 59 FR 10536, Mar. 4, 1994; 63 FR 38042, July 
14, 1998]