25 U.S.C. § 161 — Deposit in Treasury of trust funds

submitted 146 years ago by ch. 41 to r/title-25-INDIANS · 167 words · no verdicts yet

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The Secretary of the Interior can deposit Indian trust fund money into the U.S. Treasury. This covers redeemed bonds, other securities, sales of Indian trust land, and sales of temporary investments. The Secretary can do this whenever it best serves the Indians' interests. The Treasury must pay interest twice a year at the rate set by treaty or law.

This section lets the Secretary of the Interior deposit certain Indian trust money into the U.S. Treasury. It covers several kinds of money the Secretary holds as trustee for various Indian tribes: money held as of April 1, 1880, or received later; money from redeeming United States bonds; money from other stocks and securities that belong to the Indian trust fund; money from sales of Indian trust lands; and money from sales of stocks that had been bought as temporary investments. The Secretary can make these deposits — instead of making other investments — whenever the Secretary judges that the best interests of the Indians would be served by doing so. Once money is deposited, the United States must pay interest. This interest is paid twice a year (semiannually), from the date each sum is deposited. The interest rate is whatever rate is stipulated by treaty or prescribed by law. Payments happen in the usual manner, as each becomes due, and Congress does not need to pass a further appropriation to make these interest payments.

the actual law source: uscode.house.gov ↗public domain

The Secretary of the Interior is authorized to deposit, in the Treasury of the United States, any and all sums held by him on April 1, 1880, or which may be received by him, as Secretary of the Interior and trustee of various Indian tribes, on account of the redemption of United States bonds, or other stocks and securities belonging to the Indian trust fund, and all sums received on account of sales of Indian trust lands, and the sales of stocks lately purchased for temporary investment, whenever he is of the opinion that the best interests of the Indians will be promoted by such deposits, in lieu of investments; and the United States shall pay interest semiannually, from the date of deposit of any and all such sums in the United States Treasury, at the rate per annum stipulated by treaties or prescribed by law, and such payments shall be made in the usual manner, as each may become due, without further appropriation by Congress.

Source credit: (Apr. 1, 1880, ch. 41, 21 Stat. 70.)

history & why it existsrecord from the source credit

1880Enacted · Act of Apr. 1, 1880, ch. 41 · 21 Stat. 70

A history note hasn’t been published yet. The record shows enactment by ch. 41 on 1880-04-01.

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