[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: 31CFR357.28] [Page 408-409] TITLE 31--MONEY AND FINANCE: TREASURY CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY PART 357--REGULATIONS GOVERNING BOOK-ENTRY TREASURY BONDS, NOTES AND BILLS (DEPARTMENT OF THE TREASURY CIRCULAR, PUBLIC DEBT SERIES NO. 2-86)--Table of Contents Subpart C--Treasury Direct Book-Entry Securities System (TREASURY DIRECT) Sec. 357.28 Transaction requests. (a) General. Unless otherwise authorized by the Department, a transaction request must be submitted on a transaction request form. In the case of certain transactions specified by the Department, the owner's signature on the form must be certified or guaranteed, as provided in Sec. 357.31. If the transaction request form is received more than six (6) months after its execution, it will not be honored by the Department and will be returned to the sender for further instructions. (b) Individuals--(1) General. A transaction request must be signed by the owner of the security. In addition to any required certification, a transaction request form executed by a person by mark, e.g., ``(X)'', must be witnessed by a disinterested person. The following language should be added to the form and be signed by the witness: Witness to signature by mark ________________________________________________________________________ Signature of witness ________________________________________________________________________ Address of witness (2) Change of name. If an individual's name has been changed from that appearing in the registration, the individual should sign both names to the transaction request form and state the manner in which the change occurred. Example: Deborah L. Gains, changed by order of court from Deborah G. O'Brien. The individual must provide evidence, such as a certified copy of a court order, which confirms the change, unless it is indicated that the change of name resulted from marriage. Example: Catherine M. Cole, changed by marriage from Catherine T. Murray. (3) Natural guardians. A transaction request involving a security registered in the name of a natural guardian of a minor may be executed by the natural guardian. If a security is registered in the names of both parents as natural guardians of a minor, both must execute a transaction request. However, the Department will not honor a transaction request by the natural guardian(s): (i) Which would transfer the security to a natural guardian in his or her own right; or (ii) After the Department receives notice of the minor's attainment of majority, the qualification of a legal guardian or similar representative, or the death of the minor. (4) Voluntary guardians. A transaction request involving a security belonging to an owner who has become incompetent may be executed by a voluntary guardian, but only after approval by the Department of the voluntary guardian's application for such designation. However, the Department will not honor a transaction request by the voluntary guardian: (i) Which would transfer the security to a voluntary guardian in his or her own right; or (ii) After the Department receives notice of the ward's restoration to competency, the qualification of a legal guardian or similar representative, or the death of the ward. See Sec. 357.21(b)(4). [[Page 409]] (c) Representatives--(1) General. A representative of an owner's estate, other than a trustee, may execute a transaction request form if the representative submits to the Department properly authenticated evidence of the authority to act. The evidence will not be accepted if dated more than six (6) months prior to the date of execution of the transaction request. (2) Estates closed. If a security is registered in the name of an owner who is deceased and whose estate has been closed and the representative discharged, a transaction request must be made by the person(s) entitled to the security, as determined from the pertinent court records or the deceased owner's will, if any. (3) Estates not administered--(i) Special provisions under State laws. If, under applicable State law, a person is entitled to or has been recognized or appointed to administer the estate of a deceased owner without court-supervised administration, that person may execute a transaction request involving a security belonging to the deceased owner, provided appropriate evidence of authority is submitted to the Department. (ii) Agreement of persons entitled. If a representative of a deceased owner's estate has not been or is not to be appointed, the Department will honor an application for disposition of any securities belonging to the deceased owner pursuant to a written agreement provided that the Department is satisfied that: (A) All persons entitled to share in the decedent's personal estate are parties to the agreement; (B) Provision has been made for payment of all the decedent's debts; and (C) The interests of any minors or incompetents have been protected. (d) Private organizations--(1) Corporations and unincorporated associations. A transaction request involving a security registered in the name of a corporation or an unincorporated association (either in its own right or in a representative capacity), may be executed by an authorized person on its behalf. The request must be supported by evidence of the person's authority to act. (2) Partnerships. A transaction request involving a security registered in the name of a partnership must be executed by a general partner. (e) Government entities. A transaction request involving a security registered in the name of a State, county, city, school district, or other governmental entity, public body or corporation, must be executed by a authorized officer of the entity. The request must be supported by evidence of the officer's authority to act. (f) Public officers. A transaction request involving a security registered in the title of a public officer must be executed by the officer. The request must be supported by evidence of incumbency. (g) Attorneys-in-fact. A transaction request made by an attorney-in- fact must be accompanied by the original power of attorney or a properly authenticated copy. A power of attorney must be executed in the presence of a notary public or a certifying individual. See Sec. 357.31. The power of attorney will not be accepted if it was executed more than two (2) years before the date the transaction request was executed, unless the power provides that the authority of the attorney-in-fact continues notwithstanding the incapacity of the principal. If two or more attorneys-in-fact are named, all must execute the transaction request unless the power authorizes fewer than all to act. A transaction request executed by an attorney-in-fact seeking transfer of a security to the attorney-in-fact will not be accepted unless expressly authorized by the document appointing the attorney-in-fact. (Approved by the Office of Management and Budget under control number 1535-0068) [51 FR 18265, May 16, 1986; 51 FR 18884, May 23, 1986]