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THE EFFECT OF THE 1992 AND THE 1998 AMENDMENTS ON RENEWAL OF COPYRIGHT
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+ WORKS COPYRIGHTED BETWEEN JANUARY 1, 1964, AND DECEMBER 31, 1977, are
  affected by P.L. 102-307, which automatically secured the second term
  and made renewal registration optional, and by Public Law 105-298,
  which added an additional 20 years to the second term of copyright for
  these works.  The term of copyright in works copyrighted between January
  1, 1964, and December 31, 1977, is now 95 years.  There is no
  requirement to register a renewal in order to extend the original 28-
  year copyright term to the full term of 95 years.  Although the renewal
  term is secured automatically, the Copyright Office does not issue a
  renewal certificate for these works unless a renewal application and
  fee are received and registered in the Copyright Office.

The benefits to making a renewal registration during the 28th year of the original term of copyright are: 

1.  The renewal copyright vests in the name of the renewal claimant on the effective date of the renewal registration.

For example, if a renewal registration is made in the 28th year and the renewal claimant dies following the renewal registration but before the end of the year, the renewal copyright is secured on behalf of that renewal claimant and the 67 years of renewal copyright become a part of that individual’s estate.

NOTE:  If the renewal registration is not made in the 28th year, the renewal copyright will vest on the first day of the renewal term in the party entitled to claim renewal as of December 31 of the 28th year.

2.  The Copyright Office issues a renewal certificate, which constitutes prima facie evidence as to the validity of the copyright during the renewed and extended term and of the facts stated in the certificate.

3.  The right to use the derivative work in the extended term may be affected.

For example, if an author dies before the 28th year of the original term and a statutory renewal claimant registers a renewal within the 28th year, that claimant can terminate an assignment made by the deceased author authorizing the exploitation of a derivative work.  If a renewal is not made during the 28th year, a derivative work created during the first term of copyright under a prior grant can continue to be used according to the terms of the grant.  Thus, an author or other renewal claimant loses the right to object to the continued use of the derivative work during the second term by failing to make a timely renewal, but any terms in the prior grant concerning payment or use, e.g., a royalty, must continue to be honored.  This exception does not apply to a new derivative work, which can only be prepared with the consent of the author or other renewal claimant.