[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: 31CFR328.8]

[Page 223]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 328--RESTRICTIVE ENDORSEMENTS OF U.S. BEARER SECURITIES--Table of Contents
 
Sec. 328.8  Loss, theft, or destruction of securities bearing restrictive endorsements.

    (a) General. Relief will be provided on account of securities 
bearing restrictive endorsements proved to have been lost, stolen or 
destroyed, upon the owner's application, in the same manner as 
registered securities which have not been assigned. (See subpart N of 
the current revision of Department Circular No. 300, the general 
regulations governing United States securities.) Except for bearer 
securities submitted for redemption at par in payment of Federal estate 
taxes, a bank will be considered the owner of securities handled on 
behalf of customers unless it otherwise requests. The application for 
relief (Form PD 2211) and instructions will be furnished by the Federal 
Reserve banks.
    (b) Bond of indemnity. Where securities bearing restrictive 
endorsements shipped by a bank have been lost, stolen, or destroyed, a 
bond of indemnity with surety satisfactory to the Secretary of the 
Treasury will be required from the owner. If such bond is executed by a 
bank or other corporation, the execution must be authorized by general 
or special resolution of the board of directors, or other body 
exercising similar functions under its bylaws. Ordinarily, no surety 
will be required on a bond executed by a presenting bank. The Secretary 
of the Treasury reserves the right, however, to require a surety in any 
case in which he considers such action necessary for the protection of 
the United States.