UNITED STATES CODE ANNOTATED
TITLE 31.  MONEY AND FINANCE
SUBTITLE IV--MONEY
CHAPTER 51--COINS AND CURRENCY
SUBCHAPTER II--GENERAL AUTHORITY

§ 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 (3) Except when consent is not withdrawn under this subsection, 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.