§ 115.813. Is there a limit to the amount of trust funds OTFM will disburse from a tribal trust account?
120 words·~1 min read·
/us/cfr/t25/s§ 115.813·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
OTFM will only disburse the available balance of the trust funds in a tribal trust account in accordance with a use and distribution plan, if applicable, and will not overdraw a tribal trust account. If a tribe's trust funds are invested in securities that have not matured, OTFM will only sell the asset to make cash available to the tribe if:
(a)There are no restrictions against the sale, and
(b)A tribe provides OTFM with a tribal resolution stating that:
(1)The security must be sold;
(2)The tribe acknowledges that they may incur a penalty when the security is sold; and
(3)The tribe acknowledges that the security may lose value if it is sold prior to maturity.