[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: 31CFR351.7]

[Page 301-302]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 351--OFFERING OF UNITED STATES SAVINGS BONDS, SERIES EE--Table of Contents
 
Sec. 351.7  Payment or redemption.

    (a) Incorporated banks, savings and loan associations and other 
financial institutions--(1) Payment in general. A financial institution 
qualified as a paying agent under the provisions 31 CFR part 321, also 
published as Department

[[Page 302]]

of the Treasury Circular, Public Debt Series No. 750, will pay the 
current redemption value of a Series EE bond presented for payment by an 
individual whose 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 request for 
payment.
    (2) Payment to beneficiary or legal representative. A paying agent 
may (but is not required to) pay the current redemption value of a 
Series EE bond upon the request of a beneficiary, if he or she survives 
the owner, or a legal representative designated in the bond registration 
by name and capacity, or a court-appointed legal representative of the 
last-deceased registrant's estate 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 otherwise complies with evidentiary 
requirements.
    (b) Federal Reserve Banks and Branches. A Federal Reserve Bank or 
Branch referred to in Sec. 351.12 will pay the current redemption value 
of a Series EE bond presented for payment, provided the bond is in order 
for payment and the request for payment on the bond is properly signed 
and certified in accordance with Circular No. 3-80.

[55 FR 567, Jan. 5, 1990, as amended at 57 FR 14285, Apr. 17, 1992; 59 
FR 10540, Mar. 4, 1994]