[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: 31CFR321.15]

[Page 209]
 
                  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 E--Losses Resulting From Erroneous Payments
 
Sec. 321.15  Liability for losses.


    Under the governing statute, as amended (31 U.S.C. 3126(a)), an 
agent cannot be relieved of liability for a loss resulting from an 
erroneous payment unless the Secretary of the Treasury can make a 
determination that the loss resulted from no fault or negligence on the 
agent's part.