[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: 31CFR353.24]

[Page 328-329]
 
                  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. 353.24  Payment pursuant to judicial or administrative forfeiture.

    (a) Definitions. As used in this part:
    (1) Contact point means the individual designated to receive 
referrals from the Bureau of the Public Debt, as provided for in this 
section, by the Federal investigative agency, United States Attorney's 
Office, or forfeiting agency specified in Public Debt Form 1522.
    (2) Forfeiting agency means the federal law enforcement agency 
responsible for the forfeiture.
    (3) Forfeiture--(i) Administrative forfeiture means the process by 
which property may be forfeited by a Federal agency rather than through 
judicial proceedings.
    (ii) Judicial forfeiture means either a civil or a criminal 
proceeding in a United States District Court that may result in a final 
judgment and order of forfeiture.
    (4) Public Debt Form 1522 means the written notification of the 
forfeiture provided by the forfeiting agency to the Bureau of the Public 
Debt on a Public Debt Form 1522 Special Form of Request for Payment of 
United States Savings and Retirement Securities Where Use of a Detached 
Request Is Authorized. Public Debt Form 1522 must specify: the contact 
point; the issue date of each bond; the serial number for each bond; the 
date of forfeiture; the forfeiture fund to which payment is to be made; 
and be signed by an individual authorized by the forfeiting agency. The 
forfeited bonds and the completed Public Debt Form 1522 are to be mailed 
to the Department of the Treasury, Bureau of the Public Debt, 
Parkersburg, WV 26106-1328.
    (b) Forfeiture of bond. (1) Upon receipt and review of the Public 
Debt Form 1522, as described in (a)(4) above, the Bureau of the Public 
Debt will make payment to the forfeiture fund specified on the form.
    (2) The Bureau of the Public Debt will record the forfeiture, the 
forfeiture fund into which the proceeds were paid, the contact point, 
and any related information.

[[Page 329]]

    (3) The Bureau of the Public Debt will rely exclusively upon the 
information provided by the Federal agency in the Public Debt Form 1522 
and will not make any independent evaluation of the validity of the 
forfeiture order, the request for payment, or the authority of the 
individual signing the request for payment.
    (4) The amount paid is limited to the redemption value of the 
savings bonds as of the date of forfeiture specified in the Public Debt 
Form 1522.
    (c) Inquiry from previous owner. (1) Upon payment made pursuant to 
(b), all inquiries from the previous owner, including requests for 
payment, reissue, or applications for relief, related to forfeited 
savings bonds will be referred by the Bureau of the Public Debt to the 
contact point named in the Public Debt Form 1522.
    (2) The Bureau of the Public Debt will notify the submitter of the 
inquiry of the referral to the contact point.
    (3) The Bureau of the Public Debt will not investigate the inquiry 
and will defer to the forfeiting agency's determination of the 
appropriate course of action, including settlement where appropriate. 
Any settlement will be paid from the forfeiture fund into which the 
proceeds were deposited.

[61 FR 53822, Oct. 15, 1996]