Code of Federal Regulations · Section
§ 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?
25 C.F.R. § 115.904
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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.
Authorizing Statute
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Definitions25 U.S.C. § 4001
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Regulations by President25 U.S.C. § 9
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Departmental regulations5 U.S.C. § 301
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Records management by agency heads; general duties44 U.S.C. § 3101
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Duties of Commissioner25 U.S.C. § 2
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Duties of Secretary43 U.S.C. § 1457
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Deposit in Treasury of trust funds25 U.S.C. § 161