31 CFR § 342.7 - Payment or redemption.
---
identifier: "/us/cfr/t31/s342.7"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "31 CFR § 342.7 - Payment or redemption."
title_number: 31
title_name: "Money and Finance: Treasury"
section_number: "342.7"
section_name: "Payment or redemption."
chapter_name: "FISCAL SERVICE, DEPARTMENT OF THE TREASURY"
subchapter_number: "A"
subchapter_name: "BUREAU OF THE FISCAL SERVICE"
part_number: "342"
part_name: "OFFERING OF UNITED STATES SAVINGS NOTES"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "31 U.S.C. 3103, 5 U.S.C. 301."
regulatory_source: "57 FR 14282, Apr. 17, 1992, unless otherwise noted."
cfr_part: "342"
---
# 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, 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.
[57 FR 14282, Apr. 17, 1992, as amended at 59 FR 10540, Mar. 4, 1994]