25 CFR § 162.235 - What form of bond can be accepted under an agricultural lease?
(a) Except as provided in paragraph (b) of this section, a bond must be deposited with us and made payable only to us, and such a bond may not be modified or withdrawn without our approval. We will only accept a bond in one of the following forms:
(2) Negotiable Treasury securities that:
(i) Have a market value at least equal to the bond amount; and
(3) Certificates of deposit that indicate on their face that our approval is required prior to redemption by any party;
(4) Irrevocable letters of credit issued by federally-insured financial institutions authorized to do business in the United States. A letter of credit must:
(ii) Be payable to us;
(iii) Be irrevocable during its term and have an initial expiration date of not less than one year following the date of issuance; and
(iv) Be automatically renewable for a period of not less than one year, unless the issuing financial institution provides us with written notice that it will not be renewed, at least 90 calendar days before the letter of credit's expiration date.
(6) Any other form of highly liquid, non-volatile security that is easily convertible to cash and for which our approval is required prior to redemption by any party.