HUD 24 CFR PART 350-2011 BOOK-ENTRY PROCEDURES《(电子)记账式程序》.pdf

1、591 Government National Mortgage Association, HUD 350.2 other fiduciary undertakings appro-priate for financing purposes. Under this authority, the Association is au-thorized to acquire and otherwise deal in any mortgages or other types of ob-ligations in which any department or agency of the United

2、 States listed in section 302(c)(2) of such Act may have a financial interest. Under its fiduciary powers, the Association may create, accept, and administer trusts con-sisting of interests in mortgages and obligations, sell to private investors certificates of beneficial interest, or participations

3、, in the mortgages or ob-ligations or in the interest and prin-cipal payments derived therefrom, and provide for payment of interest and principal and for retirement of the par-ticipations. The Association, in its or-dinary corporate capacity as con-trasted to its fiduciary capacity, is ex-pressly a

4、uthorized to guarantee the participations. 340.3 Appropriations. There is authority for Congress to appropriate such sums as may be nec-essary to enable the trustor of any trust (as described in 340.1) to pay to the Association, as trustee, any insuffi-ciency in aggregate receipts from the obligatio

5、ns subject to the trust to pro-vide for the timely payment by the trustee of all interest or principal on the beneficial interests or participa-tions related to such trust. PARTS 341349 RESERVED PART 350BOOK-ENTRY PROCEDURES Sec. 350.1 Purpose. 350.2 Definitions. 350.3 Maintenance of Ginnie Mae Secu

6、rities. 350.4 Law governing rights and obligations of United States, and Federal Reserve Banks as Depositories; Rights of any Person against United States, and Fed-eral Reserve Banks as Depositories; Law Governing Other Interests. 350.5 Creation of Participants Security En-titlement; Security Intere

7、sts. 350.6 Obligations of the Reserve Banks as Depositories; No Adverse Claims. 350.7 Authority of Federal Reserve Banks as Depositories. 350.8 Withdrawal of Eligible Book-entry Ginnie Mae Securities for Conversion to Definitive Form. 350.9 Waiver of Regulations. 350.10 Liability of Federal Reserve

8、Banks as Depositories. 350.11 Notice of Attachment for Ginnie Mae Securities in Book-entry System. AUTHORITY: 12 U.S.C. 1721(g) and 1723a(a); 42 U.S.C. 3535(d). SOURCE: 66 FR 44266, Aug. 22, 2001, unless otherwise noted. 350.1 Purpose. The purpose of this part is to achieve the efficiencies and fung

9、ibility through use of a single system for transferring interests both in Ginnie Mae Securities and other United States Government securities and in mortgage-backed se-curities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The Association only gu

10、arantees that pay-ments required to be made by issuers of Ginnie Mae Securities will be made to the registered owner of those Ginnie Mae Securities. The Association under-takes no other obligation. Under the Book-entry System, the Federal Re-serve Banks will be the registered owner of Book-entry Gin

11、nie Mae Secu-rities, not the agent of the Association, and the Association makes no war-ranty or guaranty with respect to the maintenance of the Book-entry System by the Federal Reserve Banks. 350.2 Definitions. (a) Specified Terms. As used in this part, the following terms shall have the meanings i

12、ndicated: Book-entry Ginnie Mae Security. A Ginnie Mae Security issued or main-tained in the Book-entry System. Book-entry Ginnie Mae Security also means the separate interest and prin-cipal components of a Book-entry Ginnie Mae Security if such security has been designated by Ginnie Mae as eligible

13、 for division into such compo-nents and the components are main-tained separately on the books of one or more Federal Reserve Banks. Book-entry System. The automated book-entry system operated by the Federal Reserve Banks acting as De-positories for Ginnie Mae, on which Book-entry Ginnie Mae Securit

14、ies are VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00601 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-592 24 CFR Ch. III (4111 Edition) 350.3 recorde

15、d, transferred and maintained in book-entry form. Definitive Ginnie Mae Security. A Ginnie Mae Security in engraved or printed form, or that is otherwise rep-resented by a certificate. Depository. A clearing corporation within the meaning of Article 8 of the Uniform Commercial Code, including any Fe

16、deral Reserve Bank, that main-tains systems by which ownership and transfer of interests in Book-entry Ginnie Mae Securities are made through entries on the books of such clearing corporation. Eligible Book-entry Ginnie Mae Secu-rity. A Book-entry Ginnie Mae Security issued or maintained in the Book

17、-entry System which by the terms of its Secu-rity Documentation is eligible to be converted from book-entry form into definitive form. Entitlement Holder. A Person to whose account an interest in a Book-entry Ginnie Mae Security is credited on the records of a Securities Intermediary. Federal Reserv

18、e Bank Operating Cir-cular. The publication issued by each Federal Reserve Bank that sets forth the terms and conditions under which the Reserve Bank maintains book- entry securities accounts (including Book-entry Ginnie Mae Securities ac-counts) and transfers book-entry Secu-rities (including Book-

19、entry Ginnie Mae Securities). Ginnie Mae Security. Any security or obligation guaranteed as to payment of principal and/or interest by Ginnie Mae under its Charter Act and issued in the form of a Definitive Ginnie Mae Secu-rity or a Book-entry Ginnie Mae Secu-rity. Participant. A Person that maintai

20、ns a Participants Securities Account with a Federal Reserve Bank. Person. An individual, corporation, company, governmental entity, asso-ciation, firm, partnership, trust, es-tate, representative, and any other similar organization, but such term does not mean or include the United States or a Feder

21、al Reserve Bank. Revised Article 8. The same meaning as in 31 CFR 357.2. Secretary. The Secretary of Housing and Urban Development and, where ap-propriate, any person designated by the Secretary to perform a particular func-tion for the Secretary, including any HUD officer, employee, or agent. Secur

22、ity. Any mortgage participation certificate, note, bond, debenture, evi-dence of indebtedness, collateral-trust certificate, transferable share, certifi-cate of deposit for a security, or, in general, any interest or instrument commonly known as a security. Securities Documentation. The applica-ble

23、statement of terms, trust agree-ment, trust indenture, securities agree-ment or other documents establishing the terms of a Book-entry Ginnie Mae Security. Transfer message. An instruction of a member of a Federal Reserve Bank to effect a transfer of a Book-entry Secu-rity (including a Book-entry Gi

24、nnie Mae Security) maintained in the Book- entry System, as set forth in Federal Reserve Bank Operating Circulars. (b) Other Terms. Unless the context requires otherwise, terms used in this part that are not defined in this part, have the meanings as set forth in 31 CFR 357.2. Definitions and terms

25、used in 31 CFR part 357 should read as though modified to effectuate their ap-plication to Ginnie Mae Securities. 350.3 Maintenance of Ginnie Mae Se-curities. A Ginnie Mae Security may be main-tained in the form of a Definitive Ginnie Mae Security or a Book-entry Ginnie Mae Security. A Book-entry Gi

26、nnie Mae Security shall be main-tained in the Book-entry System. 350.4 Law governing rights and obli-gations of United States, and Fed-eral Reserve Banks as Depositories; Rights of any Person against United States, and Federal Reserve Banks as Depositories; Law Governing Other Interests. (a) Except

27、as provided in paragraph (b) of this section, the following rights and obligations are governed solely by the book-entry regulations contained in this part, the Securities Documenta-tion, and Federal Reserve Bank Oper-ating Circulars (but not including any choice of law provisions in the Security Do

28、cumentation to the extent such pro-visions conflict with the Book-entry regulations contained in this part): VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00602 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction

29、 or networking permitted without license from IHS-,-,-593 Government National Mortgage Association, HUD 350.5 (1) The rights and obligations of a Federal Reserve Bank as a Depository with respect to: (i) A Book-entry Ginnie Mae Security or Security Entitlement; and (ii) The operation of a book-entry

30、 system operated by a Depository as it applies to Ginnie Mae Securities; and (2) The rights of any Person, includ-ing a Participant, against the Federal Reserve Banks as Depositories with re-spect to: (i) A Book-entry Ginnie Mae Security or Security Entitlement; and (ii) The operation of the book-en

31、try system operated by the Federal Re-serve Banks as Depositories as it ap-plies to Ginnie Mae Securities. (b) A security interest in a Security Entitlement that is in favor of a Fed-eral Reserve Bank from a Participant and that is not recorded on the books of a Federal Reserve Bank pursuant to 350.

32、5(c)(1), is governed by the law (not including the conflict-of-law rules) of the jurisdiction where the head office of the Federal Reserve Bank maintain-ing the Participants Securities Ac-count is located. A security interest in a Security Entitlement that is in favor of a Federal Reserve Bank from

33、a Per-son that is not a Participant, and that is not recorded on the books of a Fed-eral Reserve Bank pursuant to 350.5(c)(1), is governed by the law de-termined in the manner specified in paragraph (d) of this section. (c) If the jurisdiction specified in the first sentence of paragraph (b) of this

34、 section is a State that has not adopted Revised Article 8, then the law speci-fied in paragraph (b) of this section shall be the law of that State as though Revised Article 8 had been adopted by that State. (d) To the extent not otherwise in-consistent with this part, and notwith-standing any provi

35、sion in the Security Documentation setting forth a choice of law, the provision set forth in 31 CFR 357.11 regarding law governing other interests apply and shall be read as though modified to effectuate the application of 31 CFR 357.11 to Book- entry Ginnie Mae Securities. 350.5 Creation of Partici

36、pants Secu-rity Entitlement; Security Interests. (a) A Participants Security Entitle-ment is created when a Federal Re-serve Bank indicates by book-entry that a Book-entry Ginnie Mae Security has been credited to a Participants Se-curities Account. (b) A security interest in a Security Entitlement o

37、f a Participant in favor of the United States to secure deposits of public money, including without limitation deposits to the Treasury tax and loan accounts, or other security in-terests in favor of the United States that is required by Federal statute, regulation, or agreement, and that is marked

38、on the books of a Federal Re-serve Bank is thereby effected and per-fected, and has priority over any other interest in the securities. Where a se-curity interest in favor of the United States in a Security Entitlement of a Participant is marked on the books of a Federal Reserve Bank, such Reserve B

39、ank may rely, and is protected in re-lying, exclusively on the order of an authorized representative of the United States directing the transfer of the se-curity. For purposes of this paragraph, an authorized representative of the United States is the official des-ignated in the applicable regulatio

40、ns or agreement to which a Federal Reserve Bank is a party, governing the security interest. (c)(1) The Federal Reserve Banks as Depositories have no obligation to agree to act on behalf of any Person or to recognize the interest of any trans-feree of a security interest or other limited interest in

41、 favor of any Person except to the extent of any specific re-quirement of Federal law or regulation or to the extent set forth in any spe-cific agreement with the Federal Re-serve Bank on whose books the interest of the Participant is recorded. To the extent required by such law or regula-tion or se

42、t forth in an agreement with a Federal Reserve Bank, or the Federal Reserve Bank Operating Circular, a se-curity interest in a Security Entitle-ment that is in favor of a Federal Re-serve Bank or a Person may be created and perfected by a Federal Reserve Bank as Depository marking its books to recor

43、d the security interest. Except VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00603 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-594 24 CFR Ch. III (411

44、1 Edition) 350.6 as provided in paragraph (b) of this sec-tion, a security interest in a Security Entitlement marked on the books of a Federal Reserve Bank shall have pri-ority over any other interest in the se-curities. (2) In addition to the method pro-vided in paragraph (c)(1) of this sec-tion, a

45、 security interest, including a security interest in favor of a Federal Reserve Bank, may be perfected by any method by which a security interest may be perfected under applicable law as described in 350.4(b) or (d). The per-fection, effect of perfection or non-per-fection and priority of a security

46、 inter-est are governed by such applicable law. A security interest in favor of a Federal Reserve Bank shall be treated as a security interest in favor of a clearing corporation in all respects under such law, including with respect to the effect of perfection and priority of such security interest.

47、 A Federal Re-serve Bank Operating Circular shall be treated as a rule adopted by a clearing corporation for such purposes. 350.6 Obligations of the Reserve Banks as Depositories; No Adverse Claims. Except in the case of a security inter-est in favor of the United States or a Federal Reserve Bank or

48、 otherwise as provided in 350.5(c)(1), for the purposes of this part, the Federal Reserve Banks as Depositories shall treat the Partici-pant to whose Securities Account an interest in a Book-entry Ginnie Mae Security has been credited as the per-son exclusively entitled to issue a Transfer Message,

49、to receive interest and other payments with respect there-of and otherwise to exercise all the rights and powers with respect to such Security, notwithstanding any infor-mation or notice to the contrary. The Federal Reserve Banks as Depositories are not liable to a Person asserting or having an adverse claim to a Security Entitlement or to a Book-entry Ginnie Mae Security in a Participants Securi-ties Account, including any such claim arising as a result of