Laturner v. United States
Court of Appeals for the Federal Circuit
1Opinion of the Court
Dyk, Circuit Judge:
*1357 During the Great Depression, President Franklin D. Roosevelt signed legislation allowing the U.S. Department of Treasury ("Treasury") to issue savings bonds, a type of debt security designed to be affordable and attractive to even the inexperienced investor. Under longstanding federal law, savings bonds never expire and may be redeemed at any time after maturity. See, e.g. , 31 U.S.C. § 3105 (b)(2)(A) ; 31 C.F.R. § 315.35 (c). Federal law also limits the ability to transfer bonds. 31 C.F.R. § 315.15 . Kansas and Arkansas (the "States") passed so-called "escheat" laws…
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