SECTION 5118 * * *
(d) (1) In this subsection, “obligation”
means any obligation (except United States currency) payable in United
States money.
(2) An
obligation issued containing a gold clause or governed by a gold clause
is discharged on payment (dollar for dollar) in United States coin
or currency that is legal tender at the time of payment. This paragraph
does not apply to an obligation issued after October 27, 1977. This
paragraph shall apply to any obligation issued on or before October
27, 1977, notwithstanding any assignment or novation of such obligation
after October 27, 1977, unless all parties to the assignment or novation
specifically agree to include a gold clause in the new agreement.
Nothing in the preceding sentence shall be construed to affect the
enforceability of a Gold Clause contained in any obligation issued
after October 27, 1977 if the enforceability of that Gold Clause has
been finally adjudicated before the date of enactment of the Economic
Growth and Regulatory Paperwork Reduction Act of 1996.
[31 USC 5118(d).
Previously 31 USC 463 (Public Resolution of June 5, 1933 (48 Stat.
112)). Restated and recodified by act of Sept. 13, 1982 (96 Stat.
985). By public resolution of Aug. 27, 1935 (49 Stat. 938), provision
was made for payment of “gold clause” securities in legal tender.
As amended by act of Sept. 30, 1996 (110 Stat. 3009-475).]
