[Code of Federal Regulations]
[Title 39, Volume 1]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 39CFR761.6]

[Page 191]
 
                        TITLE 39--POSTAL SERVICE
 
                 CHAPTER I--UNITED STATES POSTAL SERVICE
 
PART 761_BOOK-ENTRY PROCEDURES--Table of Contents
 
Sec.  761.6  Delivery of Postal Service securities.

    A Reserve Bank which has received Postal Service securities and 
effected pledges, made entries regarding them, or transferred or 
delivered them according to the instructions of its depositor is not 
liable for conversion or for participation in breach of fiduciary duty 
even though the depositor had no right to dispose of or take other 
action in respect of the securities. A Reserve Bank shall be fully 
discharged of its obligations under this part by the delivery of Postal 
Service securities in definitive form to its depositor or upon the order 
of such depositor. Customers of a member bank or other depositary (other 
than a Reserve Bank) may obtain Postal Service securities in definitive 
form only by causing the depositor of the Reserve Bank to order the 
withdrawal thereof from the Reserve Bank.

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