[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR306.25]

[Page 162]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 306_GENERAL REGULATIONS GOVERNING U.S. SECURITIES--Table of Contents
 
                     Subpart D_Redemption or Payment
 
Sec.  306.25  Presentation and surrender.


    (a) General. Securities, whether in registered or bearer form, are 
payable in regular course of business at maturity unless called for 
redemption before maturity in accordance with their terms, in which case 
they will be payable in regular course of business on the date of call. 
The Secretary of the Treasury may provide for the exchange of maturing 
or called securities, or in advance of call or maturity, may afford 
owners the opportunity of exchanging a security for another security 
pursuant to a prerefunding or an advance refunding offer. Registered and 
bearer securities should be presented and surrendered for redemption to 
the Bureau. No assignments or evidence in support of assignments will be 
required by or on behalf of the registered owner or assignee for 
redemption for his or its account, or for redemption-exchange, or 
exchange pursuant to a prerefunding or an advance refunding offer, if 
the new securities are to be registered in exactly the same names and 
forms as appear in the registrations or assignments of the securities 
surrendered. To the extent appropriate, these rules also apply to 
securities registered in the title of public officers who are official 
custodians of public funds.
    (b) ``Overdue'' securities. If a bearer security or a registered 
security assigned in blank, or to bearer, or so assigned as to become in 
effect payable to bearer, is presented and surrendered for redemption 
after it has become overdue, the Secretary of the Treasury will 
ordinarily require satisfactory proof of ownership. (Form PD 1071 may be 
used.) A security shall be considered to be overdue after the lapse of 
the following periods of time from its face maturity:
    (1) One month for securities issued for a term of 1 year or less.
    (2) Three months for securities issued for a term of more than 1 
year but not in excess of 7 years.
    (3) Six months for securities issued for a term of more than 7 
years.

[38 FR 7078, Mar. 15, 1973; 38 FR 8432, Apr. 2, 1973, as amended by 64 
FR 38126, July 15, 1999]