[Code of Federal Regulations] [Title 31, Volume 2] [Revised as of July 1, 2006] From the U.S. Government Printing Office via GPO Access [CITE: 31CFR363.165] [Page 498] TITLE 31--MONEY AND FINANCE: TREASURY CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY PART 363_REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT--Table of Contents Subpart E_Conversion of a Definitive Savings Bond Sec. 363.165 What happens when I convert a savings bond that is registered in my name as the owner, either coowner, or the owner with a beneficiary? (a) Unmatured savings bond. When the conversion is approved, an unmatured savings bond that is registered in the name of the TreasuryDirect[supreg] account owner as single owner, either coowner, or owner with beneficiary, will be released to the account owner's conversion linked account. (b) Matured savings bond. A savings bond that has reached final maturity and is registered in the name of the Treasury Direct account owner as single owner, either coowner, or owner with beneficiary, will be converted to a book-entry bond and automatically redeemed. The redemption proceeds will be used to purchase a certificate of indebtedness in the account owner's name in his or her primary account. [70 FR 14943, Mar. 23, 2005, as amended at 70 FR 57347, Sept. 30, 2005]