Understanding IIM Accounts

What is an IIM Account?

An Individual Indian Money (IIM) account is an interest-bearing trust managed by the U.S. Department of the Interior's Bureau of Indian Affairs (BIA). These accounts are solely for Native American individuals who have assets in a trust, and the funds are invested in government securities and earn interest. There are two types of IIM accounts: unrestricted and restricted.

• Unrestricted - The most common type of account, which automatically disburses funds once the balance surpasses $5. The Bureau of Trust Funds Administration (BTFA) disburses the funds to beneficiaries, who have full control over when they receive their withdrawals.
• Restricted - This account cannot be disbursed without Bureau of Indian Affairs (BIA) authorization. Common reasons a request might not be approved include a pending claim, an unverified address, or a supervised account for a beneficiary who is a minor or incapacitated.

Mineral-Related Deposits

When trust-held land is leased for mineral extraction, the trust collects royalties, and the payments go to the trust beneficiary. These payments follow the Indian Oil Valuation Rule, which governs how lessees of the land calculate how much beneficiaries will profit. The amount of profit is based on the current pricing of whatever resource is on the land and how much of the resource is taken, ensuring fairness for the beneficiary's use of their land for resource collection.

Maverick Law Group handles Indian Law matters throughout North Dakota, including IIM accounts and mineral-related trusts. Give us a call at (701) 852-5224 to get your trust started today.