25 U.S.C. § 396c — Lessees of restricted lands to furnish bonds for performance
submitted 88 years ago by ch. 198 to r/title-25-INDIANS · 119 words · no verdicts yet
Since May 11, 1938, anyone leasing restricted tribal or allotted Indian lands for mining, including oil and gas, must post a corporate surety bond guaranteeing they'll follow the lease terms. The Secretary of the Interior sets the amount. Personal bonds backed by U.S. government-guaranteed debt, or other approved collateral or real estate, can be used instead.
On and after May 11, 1938, lessees of restricted Indian lands, tribal or allotted, for mining purposes, including oil and gas, shall furnish corporate surety bonds, in amounts satisfactory to the Secretary* of the Interior, guaranteeing compliance with the terms of their leases: Provided, That personal surety bonds may be accepted where the sureties deposit as collateral with the said Secretary of the Interior any public-debt obligations of the United States guaranteed as to principal and interest by the United States equal to the full amount of such bonds, or other collateral satisfactory to the Secretary of the Interior, or show ownership to unencumbered real estate of a value equal to twice the amount of the bonds.
Source credit: (May 11, 1938, ch. 198, § 3, 52 Stat. 348.)
- 1938Enacted · Act of May 11, 1938, ch. 198 · 52 Stat. 348
A history note hasn’t been published yet. The record shows enactment by ch. 198 on 1938-05-11.
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