C.F.R. » Title 31 » CHAPTER II—FISCAL SERVICE, DEPARTMENT OF THE TREASURY › SUBCHAPTER A—BUREAU OF THE FISCAL SERVICE › PART 321—PAYMENTS BY BANKS AND OTHER FINANCIAL INSTITUTIONS OF DEFINITIVE UNITED STATES SAVINGS BONDS AND UNITED STATES SAVINGS NOTES (FREEDOM SHARES) › Subpart C—Scope of Authority

31 C.F.R. § 321.10

Responsibilities of paying agents

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(a) Payment of securities. A paying agent is required to redeem eligible securities during its regular business hours for any presenter, whether or not a customer, who can establish his or her identity as the owner or co-owner named on the securities, in accordance with the provisions of this part, and the appendix to this part, and the Treasury Identification Guide for Cashing United States Savings Bonds. An agent is encouraged, but is not required, to redeem eligible securities during its regular business hours for a surviving beneficiary, a legal representative designated in the registration of securities presented, or a legal representative of the last deceased registrant's estate who can provide acceptable evidence (see § 321.7 (d) or (f)) and establish identity in accordance with this part.

(b) Restrictions. A paying agent shall not advance money, make loans on, or discount the redemption value of securities, nor in any manner assist others to do so. An agent shall not pay a presenter the current value of a security and then defer presentation to the Treasury for the purpose of obtaining for its own profit an increased value.

[53 FR 37511, Sept. 26, 1988, as amended at 55 FR 35396, Aug. 29, 1990]
Notes of Decisions
Cited in 2 cases, 1973–1987 · leading case: Wolak v. United States, 366 F. Supp. 1106 (D. Conn. 1973).
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Wolak v. United States, 366 F. Supp. 1106 (D. Conn. 1973). “” 31 C.F.R. § 321.10 . The Memorandum of Instructions issued to paying agents, see 31 C.”
Bank Leumi Trust Co. v. United States, 12 Cl. Ct. 559 (Ct. Cl. 1987). “There is no exception to the requirement that bonds may be redeemed only when presented by the named owner for a person acting under a power of attorney.”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.