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25 U.S.C. § 411Interest on moneys from proceeds of sale

submitted 120 years ago by ch. 3504 to r/title-25-INDIANS · 132 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law requires interest on withheld money owed to minor Indians. Their share from selling tribal land, if held back by the Treasury, earns 3% interest a year. The Secretary of the Treasury must pay that interest as certified by the Secretary of the Interior.

This section covers money owed to minor Indian children. When tribal or ceded land was sold, each tribal member — including minors — was entitled to a per-capita share of the proceeds. If a minor's share was withheld from their parents, legal guardian, or another caretaker, and instead kept in the U.S. Treasury on the Secretary of the Interior's order, that withheld money must earn interest. The interest rate is 3 percent per year, unless some other rate has been set elsewhere. Interest starts running from the time the tribe's proceeds were, or will be, distributed per capita among tribal members. The Secretary of the Treasury is required to pay this interest on the unpaid, withheld amounts — but only for the specific minors and amounts that the Secretary of the Interior certifies as entitled to it under this section.
the actual law source: uscode.house.gov ↗public domain

The shares of money due minor Indians as their proportion of the proceeds from the sale of ceded or tribal Indian lands, whenever such shares have been withheld from their parents, legal guardians, or others, and retained in the United States Treasury by direction of the Secretary of the Interior, shall draw interest at the rate of 3 per centum per annum, unless otherwise provided for, from the period when such proceeds have been or shall be distributed per capita among the members of the tribe of which such minor is a member; and the Secretary of the Treasury is authorized and directed to allow interest on such unpaid amounts belonging to said minors as shall be certified by the Secretary of the Interior as entitled to draw interest under this section.

Source credit: (June 21, 1906, ch. 3504, 34 Stat. 327.)

history & why it existsrecord from the source credit
  • 1906Enacted · Act of June 21, 1906, ch. 3504 · 34 Stat. 327

A history note hasn’t been published yet. The record shows enactment by ch. 3504 on 1906-06-21.

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