Purchase eligibility requirement.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) In all cases the member's name (whether a natural person, fiduciary, or legal entity) or employee's name must appear as owner of the bond. (2) A bond may be registered in the name of a fiduciary only if the fiduciary is in fact the member. (3) A member or employee may not use a form of registration (such as a gift to a minor, irrevocable trust, etc.) which would divest himself of ownership. However, a minor may be named as coowner or beneficiary. (4) If a member is a natural person, a second natural person, member or nonmember, may be named as coowner or beneficiary. Coownership may not involve a fiduciary or private organization. (5) In the coownership form the connective “or” shall serve the same purpose as “joint tenants with right of survivorship.”

official document · source cfr-2024 · id 12:§ 615.5120