[Code of Federal Regulations]

[Title 31, Volume 2]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR337.12]



[Page 248-249]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY

 

PART 337_SUPPLEMENTAL REGULATIONS GOVERNING FEDERAL HOUSING ADMINISTRATION DEBENTURES--Table of Contents

 

                     Subpart B_Book-Entry Debentures

 

Sec.  337.12  Applicability of TREASURY DIRECT regulations.



    The regulations governing the TREASURY DIRECT Book-Entry Securities 

System (TREASURY DIRECT) (part 357 of this chapter) apply to govern 

transactions in FHA book-entry debentures, with the following 

exceptions:

    (a) Securities account. (See Sec.  357.20 of this chapter.) An 

account in the book-entry debenture system may be established by the 

Department of the Treasury upon receipt of the request that a new 

debenture be issued or that a certificated debenture be converted to 

book-entry form. The statement of account shall contain information 

regarding the account as of the date of such statement. It will include 

a unique account number, but will not include price information.

    (b) Transfers. (See Sec.  357.22 of this chapter.) A book-entry 

debenture may be transferred only between accounts established in the 

FHA book-entry debenture system.

    (c) Debentures announced for call. Debentures, which by their terms 

are subject to call, may be called for redemption, in whole or in part, 

at par and accrued interest, on any interest date on three months' 

notice. For purposes of a transaction request affecting ownership and/or 

payment instructions with respect to a debenture announced for call, a 

proper request must be received not less than twenty (20) calendar days 

preceding the next payment date. If the twentieth day preceding a 

payment date falls on a Saturday, Sunday, or a Federal holiday, the last 

day set for



[[Page 249]]



the receipt of a transaction request will be the last business day 

preceding that date. If a transaction request is received less than 

twenty (20) calendar days preceding a payment date, the Department may, 

in its discretion, act on such request if sufficient time remains for 

processing. If a transaction request is received too late for completion 

of the requested transaction, principal and final interest on the called 

debentures will be paid to the owner of record and sent to the payment 

address of record.

    (d) Payments. (See Sec.  357.26 of this chapter.) Direct deposit 

(electronic funds transfer) payments with respect to debentures, e.g., 

principal, interest and cash adjustments, will be made without 

prenotification messages.