---
kind: "section"
citation: "31 C.F.R. § 342.2"
title: "31"
number: "342.2"
heading: "Description of notes."
url: "https://uscodex.org/cfr/31/342.2"
---

# §342.2. Description of notes.

- (a) **General.** Savings notes were issued only in registered form and are nontransferable.
- (b) **Term.** A savings note was dated as of the first day of the month in which payment of the purchase price was received by an issuing agent. A note had an original maturity period of 4 years and 6 months and has been granted two 10-year extensions of maturity and an additional extension of 5 years and 6 months with interest; it will reach final maturity 30 years from its issue date. A note cannot be called by the Secretary of the Treasury prior to maturity and was not redeemable during the first year from issue date. Thereafter, a note may be redeemed at the option and request of the owner.
- (c) **Denominations and purchase prices.** Savings notes were issued on a discount basis. The denominations and purchase prices were as follows:
- (d) **Inscription and issue.** At the time of issue, the authorized issuing agent:
  - (1) Inscribed on the face of each note the name and address of the owner and the name of the beneficiary, if any, or the names of the coowner;
  - (2) Entered the issue date in the right-hand portion of the note in the space provided for that purpose; and
  - (3) Imprinted thereunder, by use of the agent's validation indicia for the issue of Series E savings bonds, the date the note was actually inscribed. A note is valid only if an authorized issuing agent received payment therefor and duly inscribed, dated, imprinted validation indicia on the note and delivered it.

## Notes

### Authority

Authority: 31 U.S.C. 3103, 5 U.S.C. 301.

### Source

Source: 57 FR 14282, Apr. 17, 1992, unless otherwise noted.