[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: 31CFR363.20]

[Page 483-484]
 
                  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 B_General Provisions Governing Securities Held in TreasuryDirect
 
Sec.  363.20  What do I need to know about the forms of registration that 
are available for purchases of securities through my TreasuryDirect[supreg] 
account?

    (a) General principles. (1) Registration must express the actual 
ownership of, and interest in, the security. Registration conclusively 
establishes ownership of a security.
    (2) You must provide a last name and a first name for each 
individual included in the registration of the security.
    (3) You must provide the valid taxpayer identification number for 
each person named in the registration of the security.
    (b) Forms of registration. The forms of registration available for 
purchases of securities made through your TreasuryDirect account are 
single owner, owner with beneficiary, and primary owner with secondary 
owner, unless the forms of registration available for a security are 
specifically limited by the subpart governing that security.
    (c) Single owner. (1) A single owner is the individual named in the 
registration of a book-entry security or a converted savings bond 
without a beneficiary, secondary owner, or coowner.
    (2) A single owner may add a beneficiary or secondary owner.
    (3) A single owner may conduct permitted online transactions on 
securities held in his or her account.
    (4) Upon the death of the single owner, his or her estate is 
entitled to the security. In determining entitlement, the law of the 
decedent's domicile will be followed.
    (5) Registration example: ``John Doe, SSN 123-45-6789.''
    (d) Owner with beneficiary. (1) The purchaser must be named as the 
owner with another individual as beneficiary.
    (2) The owner may remove or change the beneficiary without the 
consent of the beneficiary.
    (3) The owner may conduct permitted online transactions on 
securities held in his or her account without the consent of the 
beneficiary.
    (4) The beneficiary has no ownership rights to the security during 
the owner's lifetime. Upon the death of the owner, the security becomes 
the property of the surviving beneficiary, despite any attempted 
testamentary disposition or any applicable local law to the contrary.
    (5) If the beneficiary does not survive the owner, the security 
belongs to the estate of the owner.
    (6) If both the owner and the beneficiary die under conditions where 
it cannot be established, either by presumption of law or otherwise, who 
died first, the security is the property of the estate of the owner.
    (7) In order for the beneficiary to obtain the security or the 
redemption proceeds after the death of the owner, the beneficiary must 
provide proof of death of the owner. If the beneficiary has a 
TreasuryDirect account, the security will be transferred to that 
account. If the beneficiary does not have an account, he or she may 
establish an account. Alternatively, a beneficiary named on a savings 
bond may request redemption. If the beneficiary requests redemption, he 
or she must provide ACH instructions for the payment.
    (8) Registration example: ``John Doe, SSN 123-45-6789 POD (payable 
on death to) Jane Doe, SSN 987-65-4321.''
    (e) Primary owner with secondary owner. (1) The purchaser must be 
named in the registration as the primary owner with another individual 
as secondary owner.
    (2) The primary owner holds the securities in his or her account and 
may view or conduct permitted online transactions in the securities.
    (3) The primary owner may remove the secondary owner without the 
consent of the secondary owner.
    (4) The secondary owner has no rights to view or conduct 
transactions in any security unless the primary owner gives the 
secondary owner these rights.
    (5) The primary owner may give the secondary owner the right to view 
any security or rights to view and conduct transactions in any security 
online from the account of the secondary owner.
    (6) Once the right to conduct transactions in a security has been 
given to the secondary owner, the primary owner may view and conduct 
transactions in the security from his or her account, and the secondary 
owner may view and conduct transactions in the security using his or her 
own account.

[[Page 484]]

    (7) The primary owner may revoke any rights previously given to the 
secondary owner at any time.
    (8) Upon the death of either the primary or secondary owner, the 
security becomes the property of the survivor, despite any attempted 
testamentary disposition or any applicable local law to the contrary.
    (9) If both the primary and the secondary owner die under conditions 
where it cannot be established, either by presumption of law or 
otherwise, who died first, the security is the property of the estate of 
the primary owner.
    (10) In order for the secondary owner to obtain the security or the 
security proceeds after the death of the primary owner, the secondary 
owner must provide proof of death of the primary owner. If the secondary 
owner has a TreasuryDirect account, the security will be transferred to 
that account. If the secondary owner does not have an account, he or she 
may establish an account. Alternatively, a secondary owner named on a 
savings bond may request redemption. If the secondary owner requests 
redemption, he or she must provide ACH instructions.
    (11) Registration example: ``John Doe, SSN 123-45-6789 with Joseph 
Doe, SSN 987-65-4321.''

[70 FR 57434, Sept. 30, 2005]