[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: 31CFR306.75]

[Page 168]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 306_GENERAL REGULATIONS GOVERNING U.S. SECURITIES--Table of Contents
 
     Subpart I_Assignments by or in Behalf of Trustees and Similar 
                               Fiduciaries
 
Sec.  306.75  Individual fiduciaries.


    (a) General. Securities registered in, or assigned to, the names and 
titles of individual fiduciaries will be accepted for any authorized 
transaction upon assignment by the designated fiduciaries without proof 
of their qualification. If the fiduciaries in whose names the securities 
are registered, or to whom they have been assigned, have been succeeded 
by other fiduciaries, evidence of successorship must be furnished. If 
the appointment of a successor is not required under the terms of the 
trust instrument or otherwise and is not contemplated, assignments by 
the surviving or remaining fiduciary or fiduciaries must be supported by 
appropriate proof. This requires:
    (1) Proof of the death, resignation, removal or disqualification of 
the former fiduciary and
    (2) Evidence that the surviving or remaining fiduciary or 
fiduciaries are fully qualified to administer the fiduciary estate, 
which may be in the form of a certificate by them showing the 
appointment of a successor has not been applied for, is not contemplated 
and is not necessary under the terms of the trust instrument or 
otherwise.

Assignments of securities registered in the titles, without the names of 
the fiduciaries, for example, ``Trustees of the George E. White Memorial 
Scholarship Fund under deed of trust dated 11/10/40, executed by John W. 
White,'' must be supported by proof that the assignors are the qualified 
and acting trustees of the designated trust estate, unless they are 
empowered to act as a unit in which case the provisions of Sec.  306.76 
shall apply. (Form PD 2446 may be used to furnish proof of incumbency of 
fiduciaries.) Assignments by fiduciaries of securities not registered or 
assigned in such manner as to show that they belong to the estate for 
which the assignors are acting must also be supported by evidence that 
the estate is entitled to the securities.
    (b) Life tenants. Upon termination of a life estate by reason of the 
death of the life tenant in whose name a security is registered, or to 
whom it has been assigned, the security will be accepted for any 
authorized transaction upon assignment by the remainderman, supported by 
evidence of entitlement.