[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: 31CFR337.5]

[Page 232]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 337--SUPPLEMENTAL REGULATIONS GOVERNING FEDERAL HOUSING ADMINISTRATION DEBENTURES--Table of Contents
 
                   Subpart A--Certificated Debentures
 
Sec. 337.5  Assignments.

    (a) If the registered payee, or an assignee holding a certificated 
debenture under proper assignment from the registered payee, desires 
that payment be made to such payee or assignee, the debenture need not 
be assigned. If the owner desires for any reason that payment be made to 
another, without intermediate assignment, the debentures should be 
assigned to ``The Federal Housing Commissioner for redemption (or, 
purchase) for the account of --------,'' inserting the name and address 
of the person to whom payment is to be made. Proof of the authority of 
the individual assigning on behalf of an owner will be required in 
accordance with part 306 of this chapter.
    (b) An assignment in blank or other assignment having similar effect 
will be recognized, but in that event the debenture would be, in effect, 
payable to bearer, and payment will be made in accordance with the 
instructions received from the person surrendering the debenture for 
redemption or purchase. For the owner's protection, such assignments 
should be avoided unless the owner is willing to lose the protection 
afforded by registration.
    (c) Debentures submitted for conversion to book-entry form should be 
assigned to ``The Federal Housing Commissioner for conversion to book-
entry debentures for the account of --------.'' The registration on the 
book-entry account and/or the account number in which the debentures 
should be deposited should be indicated.
    (d) All assignments must be made on the debentures themselves unless 
otherwise authorized by the Department of Treasury.