§ 363.40. How are payments of principal and interest made?
154 words·~1 min read·
/us/cfr/t31/s§ 363.40·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Payment of a savings bond that has reached final maturity. We will purchase a zero-percent certificate of indebtedness in your TreasuryDirect ® account using the proceeds of a matured savings bond.
(b)Payments of interest and principal (except a savings bond that has reached final maturity).
(1)We provide two methods of receiving payments of principal and interest:
(i)Payment to your account at a financial institution by the ACH method, or
(ii)Payment to your TreasuryDirect account to purchase a zero-percent certificate of indebtedness.
(2)You may select different payment destinations for principal and interest for a marketable Treasury security. You may change your payment destination at any time, unless the security is in the closed book period. (See § 363.210.)
(3)If we are unable to deliver a payment, we will use the payment to purchase a zero-percent certificate of indebtedness in your TreasuryDirect account. \[70 FR 57443, Sept. 30, 2005\]