FS Form 5511 for transferring savings bonds from one TreasuryDirect account to another

When it comes to using FS Form 5511 to transfer savings bonds from one TreasuryDirect account to another, is it true that only the holder of the sending TreasuryDirect account needs to have his or her signature certified by a certifying officer using a medallion signature guarantee? What about the holder of the recipient TreasuryDirect account?