§1363 Deposit of and Interest on Cash Received to Secure Immigration Bonds

Summary

When someone gives cash as security for an immigration bond, the Attorney General must put that money into the U.S. Treasury in trust for the person who posted the bond. The money earns interest at a rate set by the Treasury Secretary, but never more than 3% per year. Interest starts from deposits after April 27, 1966 and runs until the money is withdrawn or the bond is broken. If the cash was in the old postal savings system, interest begins when that account stopped earning interest. Money appropriated for interest on uninvested funds can be used to pay this interest. The interest follows the same rules as the main cash, except any interest earned up to the date the bond is broken must be paid to the person who posted the bond.