[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]