- § 115.900 - Who receives the interest earned on trust funds in a special deposit account?
- § 115.901 - When will the trust funds in a special deposit account be credited or paid out to the owner of the funds?
- § 115.902 - May administrative or land conveyance fees paid as federal reimbursements be deposited in a special deposit account?
- § 115.903 - May cash bonds (e.g., performance bonds, appeal bonds, etc.) be deposited into a special deposit account?
- § 115.904 - Where earnest money is paid prior to Secretarial approval of a conveyance or contract instrument involving trust assets, may the BIA deposit that earnest money into a special deposit account?
§ 115.900 - Who receives the interest earned on trust funds in a special deposit account?
Generally, any interest earned on trust funds in a special deposit account will follow the principal (i.e., the tribe or individual who owns the trust funds in the special deposit account will receive the interest earned).
§ 115.901 - When will the trust funds in a special deposit account be credited or paid out to the owner of the funds?
OTFM will disburse the trust funds from a special deposit account and deposit the trust funds in the owner's trust account following the BIA certification of the ownership of the funds and OTFM's receipt of such certification.
§ 115.902 - May administrative or land conveyance fees paid as federal reimbursements be deposited in a special deposit account?
No, administrative or land conveyance fees paid as federal reimbursements may not be deposited with OTFM, which includes special deposit accounts. These fees must be deposited in the Federal Financial System.
§ 115.903 - May cash bonds (e.g., performance bonds, appeal bonds, etc.) be deposited into a special deposit account?
No, cash bonds may not be deposited with OTFM, which includes the special deposit accounts at OTFM. Cash bonds held by the Secretary are to be deposited in non-interest bearing accounts until the term of the bonds expire.
§ 115.904 - Where earnest money is paid prior to Secretarial approval of a conveyance or contract instrument involving trust assets, may the BIA deposit that earnest money into a special deposit account?
No, any money received prior to Secretarial approval of conveyance or contract instrument involving trust assets must be deposited into a non-interest bearing, non-trust account. After the Secretary approves the conveyance or contract instrument involving trust assets, the money designated by the conveyance or contract instrument will be deposited into a trust fund account.