[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: 31CFR337.5]



[Page 247]

 

                  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 A_Certificated Debentures

 

Sec.  337.5  Assignments.



    (a) If the registered payee, or an assignee holding a certificated 

debenture under proper assignment from the registered payee, desires 

that payment be made to such payee or assignee, the debenture need not 

be assigned. If the owner desires for any reason that payment be made to 

another, without intermediate assignment, the debentures should be 

assigned to ``The Federal Housing Commissioner for redemption (or, 

purchase) for the account of --------,'' inserting the name and address 

of the person to whom payment is to be made. Proof of the authority of 

the individual assigning on behalf of an owner will be required in 

accordance with part 306 of this chapter.

    (b) An assignment in blank or other assignment having similar effect 

will be recognized, but in that event the debenture would be, in effect, 

payable to bearer, and payment will be made in accordance with the 

instructions received from the person surrendering the debenture for 

redemption or purchase. For the owner's protection, such assignments 

should be avoided unless the owner is willing to lose the protection 

afforded by registration.

    (c) Debentures submitted for conversion to book-entry form should be 

assigned to ``The Federal Housing Commissioner for conversion to book-

entry debentures for the account of --------.'' The registration on the 

book-entry account and/or the account number in which the debentures 

should be deposited should be indicated.

    (d) All assignments must be made on the debentures themselves unless 

otherwise authorized by the Department of Treasury.