31 U.S.C. § 5118
TITLE 31 > SUBTITLE IV > CHAPTER 51 > SUBCHAPTER II > § 5118
§ 5118. Gold clauses and consent to sue
(a)
In this section—
1.
“gold clause” means a provision in or related to an
obligation alleging to give the obligee a right to require
payment in—
(A)
gold;
(B)
a particular United States coin or currency; or
(C)
United States money measured in gold or a particular United
States coin or currency.
2.
“public debt obligation” means a domestic obligation
issued or guaranteed by the United States Government to repay
money or interest.
(b)
The United States Government may not pay out any gold coin. A
person lawfully holding United States coins and currency may
present the coins and currency to the Secretary of the Treasury
for exchange (dollar for dollar) for other United States coins
and currency (other than gold and silver coins) that may be
lawfully held. The Secretary shall make the exchange under
regulations prescribed by the Secretary.
(c)
1.
The Government withdraws its consent given to anyone to
assert against the Government, its agencies, or its officers,
employees, or agents, a claim—
(A)
on a gold clause public debt obligation or interest on the
obligation;
(B)
for United States coins or currency; or
(C)
arising out of the surrender, requisition, seizure, or
acquisition of United States coins or currency, gold, or silver
involving the effect or validity of a change in the metallic
content of the dollar or in a regulation about the value of
money.
2.
Paragraph (1) of this subsection does not apply to a
proceeding in which no claim is made for payment or credit in an
amount greater than the face or nominal value in dollars of
public debt obligations or United States coins or currency
involved in the proceeding.
3.
Except when consent is not withdrawn under this
subsection, an amount appropriated for payment on public debt
obligations and for United States coins and currency may be
expended only dollar for dollar.
(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.
