Section 353.47 - Authorized reissue-during lifetimeA bond belonging to an individual may be reissued in any authorized form of registration upon an appropriate request for the purposes outlined below.
(a)Single ownership. A bond registered in single ownership form may be reissued-(1) To add a coowner or beneficiary; or(2) To name a new owner, with or without a coowner or beneficiary, but only if: (i) The new owner is related to the previous owner by blood (including legal adoption) or marriage;(ii) The previous owner and the new owner are parties to a divorce or annulment; or(iii) The new sole owner is the trustee of a personal trust estate which was created by the previous owner or which designates as beneficiary either the previous owner or a person related to him or her by blood (including legal adoption) or marriage.(b)Coownership - (1)Reissue-to name a related individual as owner or coowner. During the lifetime of both coowners, a coownership bond may be reissued in the name of another individual related by blood (including legal adoption) or marriage to either coowner: (ii) As owner with one of the original coowners as beneficiary, or(iii) As a new coowner with one of the original coowners.(2)Reissue-to name either coowner alone or with another individual as coowner or beneficiary. During the lifetime of both coowners, a coownership bond may be reissued in the name of either coowner alone or with another individual as coowner or beneficiary if: (i) After issue of the submitted bond, either coowner named thereon marries, or the coowners are divorced or legally separated from each other, or their marriage is annulled; or(ii) Both coowners on the submitted bond are related by blood (including legal adoption) or marriage to each other.(3)Reissue-to name the trustee of a personal trust estate. A bond registered in coownership form may be reissued to name a trustee of a personal trust estate created by either coowner or by some other person if: (i) Either coowner is a beneficiary of the trust, or (ii) a beneficiary of the trust is related by blood or marriage to either coowner.(c)Beneficiary. A bond registered in beneficiary form may be reissued: (1) To name the beneficiary as coowner;(2) To substitute another individual as beneficiary; or(3) To eliminate the beneficiary, and, if the beneficiary is eliminated, to effect any of the reissues authorized by paragraph (a) of this section.