[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]