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31 C.F.R. § 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?

Title 31: Money and Finance: Treasury
PART 363—REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT
Subpart E—Conversion of a Definitive Savings Bond

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§ 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^® 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]