31 U.S.C. § 5118 : US Code - Section 5118: Gold clauses and consent to sue

Search 31 U.S.C. § 5118 : US Code - Section 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(3) Except when consent is not withdrawn under this subsection,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.