---
kind: "section"
citation: "31 C.F.R. § 370.45"
title: "31"
number: "370.45"
heading: "What is the status of a security if the remittance cannot be collected?"
url: "https://uscodex.org/cfr/31/370.45"
---

# §370.45. What is the status of a security if the remittance cannot be collected?


If we cannot promptly collect all of the remittance for a security, we may in our discretion cancel the security unless it has been legally transferred for value to a third person who had no knowledge of the improper debit entry at the time of the transfer.


## Notes

### Authority

Authority: 12 U.S.C. 391; 31 U.S.C. chapter 31.

### Source

Source: 64 FR 40487, July 26, 1999, unless otherwise noted.