---
kind: "section"
citation: "31 C.F.R. § 342.7"
title: "31"
number: "342.7"
heading: "Payment or redemption."
url: "https://uscodex.org/cfr/31/342.7"
---

# §342.7. Payment or redemption.

- (a) **General.** A savings note is redeemable any time one year or more after the issue date upon its presentation and surrender, with a duly executed request for payment, to any Federal Reserve Bank or Branch referred to in [§ 342.9](/cfr/31/342.9.md), the Bureau of the Fiscal Service, or to any financial institution designated as a paying agent of savings bonds.
- (b) **Judgment creditors.** Payment of a savings note to the purchaser at a sale under a levy, or to the officer authorized to levy upon the property of the owner under appropriate process to satisfy a money judgment, could not be made until one year after the issue date of the note.

## Notes

### Amendments

[57 FR 14282, Apr. 17, 1992, as amended at 59 FR 10540, Mar. 4, 1994]

### Authority

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

### Source

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

### Amendments

[57 FR 14282, Apr. 17, 1992, as amended at 59 FR 10540, Mar. 4, 1994]