[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: 31CFR353.21]

[Page 327]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 353--REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS, SERIES EE AND HH--Table of Contents
 
                     Subpart E--Judicial Proceedings
 
Sec. 353.21  Payment to judgment creditors.

    (a) Purchaser or officer under levy. The Department of the Treasury 
will pay (but not reissue) a savings bond to the purchaser at a sale 
under a levy or to the officer authorized under appropriate process to 
levy upon property of the registered owner or coowner to satisfy a money 
judgment. Payment will be made only to the extent necessary to satisfy 
the money judgment. The amount paid is limited to the redemption value 
60 days after the termination of the judicial proceedings. Except in a 
case of a levy by the Internal Revenue Service, payment of a bond 
registered in coownership form pursuant to a judgment or a levy against 
only one coowner is limited to the extent of that coowner's interest in 
the bond. That interest must be established by an agreement between the 
coowners by judgment, decree, or order of a court in a proceeding to 
which both coowners are parties. Payment of a bond registered in 
coownership form pursuant to levy by the Internal Revenue Service will 
be made if the levy is against either coowner on the bond.
    (b) Trustee in bankruptcy, receiver, or similar court officer. The 
Department of the Treasury will pay, at current redemption value, a 
savings bond to a trustee in bankruptcy, a receiver of an insolvent's 
estate, a receiver in equity, or a similar court officer under the 
provisions of paragraph (a) of this section.

[44 FR 76441, Dec. 26, 1979, as amended at 63 FR 64551, Nov. 20, 1998]