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V11 2008 INDEX
E-SYLUM ARCHIVE
ON PAYMENTS IN GOLD
Last week We discussed a story about an old 1912 lease for
a landmark Cleveland, Ohio building, which a court ruled is still payable
in gold coin. -Editor
Joe Boling writes:
I am amazed that a Federal court has determined that the
contract payable in gold is enforceable - I understood that all such
contracts were nullified by the gold withdrawal decrees of 1933.
Franois Velde of the Federal Reserve Bank of Chicago writes:
The Cleveland gold clause case is astounding, since US
law says explicitly (8 USC 5118(d)(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."
To read the complete article, see: 1912 Gold Coin Lease Payment Term is Enforceable, 6th Circuit Rules (http://www.abajournal.com/news/1912_gold_coin_lease_payment
_term_is_enforceable_6th_circuit_rules/)
Wayne Homren, Editor
The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org.
To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@gmail.com
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