[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: 31CFR357.28]

[Page 424-427]
 
                  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 HELD 
 
 Subpart C_Legacy Treasury Direct Book-Entry Securities System (Legacy 
                            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.

[[Page 425]]

    (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).
    (c) Representatives--(1) General. Any 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 one year prior to the date of submission of the 
transaction request.
    (2) Decedent's estate has been settled previously. If a decedent's 
estate has been settled previously through judicial proceedings, the 
persons entitled may make a transaction request. A certified copy of the 
court-approved final accounting for the estate, the court's decree of 
distribution, or other appropriate evidence will be required.
    (3) Special provisions under the law of the jurisdiction of the 
decedent's domicile. If there is no formal or regular administration and 
no representative of the decedent's estate is to be appointed, the 
person appointed to receive or distribute the assets of a decedent's 
estate without regular administration under applicable local law summary 
or small estates procedures may make a transaction request. Appropriate 
evidence will be required.
    (4) When administration is required. If the total redemption value 
of the Treasury securities and undelivered payments, if any, held 
directly on our records that are the property of the decedent's estate 
is greater than $100,000, administration of the decedent's estate will 
be required. The redemption value of savings bonds and the principal 
amount of marketable securities will be used to determine the value of 
securities, and will be determined as of the date of death. 
Administration may also be required at the discretion of the Department 
for any case.
    (5) Voluntary representative for small estates of decedents that are 
not being

[[Page 426]]

otherwise administered. (i) General. A voluntary representative is a 
person qualified according to paragraph (c)(5)(iii) of this section, to 
make a transaction request. The voluntary representative procedures are 
for the convenience of the Department; entitlement to the decedent's 
securities and held payments, if any, is determined by the law of the 
jurisdiction in which the decedent was domiciled at the date of death. 
Voluntary representative procedures may be used only if:
    (A) There has been no administration, no administration is 
contemplated, and no summary or small estate procedures under applicable 
local law have been used;
    (B) The total redemption value of the Treasury securities and held 
payments, if any, that are the property of the decedent's estate is 
$100,000 or less as of the date of death; and
    (C) There is a person eligible to serve as the voluntary 
representative according to paragraph (c)(5)(iii) of this section.
    (ii) Authority of voluntary representative. A voluntary 
representative may make a transaction request to distribute the 
securities to or for the benefit of the persons entitled by laws of the 
jurisdiction in which the decedent was domiciled at the date of death.
    (iii) Order of precedence for voluntary representative. An 
individual eighteen years of age or older may act as a voluntary 
representative according to the following order of precedence: A 
surviving spouse; if there is no surviving spouse, then a child of the 
decedent; if there are none of the above, then a descendant of a 
deceased child of the decedent; if there are none of the above, then a 
parent of the decedent; if there are none of the above, then a brother 
or sister of the decedent; if there are none of the above, then a 
descendant of a deceased brother or sister of the decedent; if there are 
none of the above, then a next of kin of the decedent, as determined by 
the law of the jurisdiction in which the decedent was domiciled at the 
date of death. As used in this order of precedence, child means a 
natural or adopted child of the decedent.
    (iv) Liability. By serving, the voluntary representative warrants 
that the distribution of securities or proceeds is to or on behalf of 
the persons entitled by the law of the jurisdiction in which the 
decedent was domiciled at the date of death. The United States is not 
liable to any person for the improper distribution of securities or 
proceeds. Upon distribution of the securities or proceeds at the request 
of the voluntary representative, the United States is released to the 
same extent as if it had paid or delivered to a representative of the 
estate appointed pursuant to the law of the jurisdiction in which the 
decedent was domiciled at the date of death. The voluntary 
representative shall indemnify and hold harmless the United States and 
all creditors and persons entitled to the estate of the decedent. The 
amount of the indemnification is limited to an amount no greater than 
the value received by the voluntary representative.
    (v) Creditor. If there has been no administration, no administration 
is contemplated, no summary or small estate procedures under applicable 
local law have been used, and there is no person eligible to serve as a 
voluntary representative pursuant to paragraph (e) of this section, then 
a creditor may make a claim for payment of the amount of the debt, 
providing the debt has not been barred by applicable local law.
    (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 an authorized officer of the entity. The request must be supported by 
evidence of the officer's authority to act.

[[Page 427]]

    (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, as amended at 70 
FR 57431, Sept. 30, 2006]