Code of Federal Regulations · Section

§ 321.15 — Liability For Losses

31 C.F.R. § 321.15

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Under the governing statute, as amended (31 U.S.C. 3126(a)), an agent cannot be relieved of liability for a loss resulting from an erroneous payment unless the Secretary of the Treasury can make a determination that the loss resulted from no fault or negligence on the agent's part.

31 C.F.R. § 321.16

Authorizing Statute

Losses and relief from liability related to redeeming savings bonds and notes
31 U.S.C. § 3126
Savings bonds and savings certificates
31 U.S.C. § 3105
Departmental regulations
5 U.S.C. § 301
General authority of the Secretary
31 U.S.C. § 321
Federal reserve banks as Government depositaries and fiscal agents
12 U.S.C. § 391