§ 1363. Deposit of and interest on cash received to secure immigration bonds

274 words·~1 min read·/usc/title-8/section-1363

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(a)Cash received by the Attorney General as security on an immigration bond shall be deposited in the Treasury of the United States in trust for the obligor on the bond, and shall bear interest payable at a rate determined by the Secretary of the Treasury, except that in no case shall the interest rate exceed 3 per centum per annum. Such interest shall accrue from date of deposit occurring after April 27, 1966, to and including date of withdrawal or date of breach of the immigration bond, whichever occurs first: Provided, That cash received by the Attorney General as security on an immigration bond, and deposited by him in the postal savings system prior to discontinuance of the system, shall accrue interest as provided in this section from the date such cash ceased to accrue interest under the system. Appropriations to the Treasury Department for interest on uninvested funds shall be available for payment of said interest.

(b)The interest accruing on cash received by the Attorney General as security on an immigration bond shall be subject to the same disposition as prescribed for the principal cash, except that interest accruing to the date of breach of the immigration bond shall be paid to the obligor on the bond.

(June 27, 1952, ch. 477, title II, ch. 9, § 293, as added Pub. L. 91–313, § 2, July 10, 1970, 84 Stat. 413.)

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Sec. 293
deposit of and interest on cash received to secure immigration bonds

Traces to 1 document

U.S. Code

Immigration and Naturalization Service
§ 1551

3 references not yet in our index

June 27, 1952, ch. 477
Pub. L. 91–313, § 2
84 Stat. 413

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§ 1363

Deposit of and interest on cash received to secure immigration bonds

Fed. Reg.×58

Stat. Comp.×1

U.S.C.§ 1551

ActJune 27, 1952, ch. 477

Pub. L.Pub. L. 91–313, § 2

Stat.84 Stat. 413

Cites 4Cited by 59 across 2 sources