Pass the word to advocates of hard money. -------- Original Message -------- Subject: [Volokh] Orin Kerr: Gold Coins and 99 Year Leases: Date: Wed, 27 Aug 2008 17:08:06 -0400 From: [EMAIL PROTECTED] To: [EMAIL PROTECTED]
Posted by Orin Kerr: Gold Coins and 99 Year Leases: http://volokh.com/archives/archive_2008_08_24-2008_08_30.shtml#1219871282 [1]Howard flags [2]a fascinating contract law case handed down by the Sixth Circuit today. The question, in simplified form: If a 99-year lease signed in 1912 specifies that the lease payments are $35,000 per year, payable "in gold coin of the United States," can the lessor almost 100 years later demand that the payment be the value of 35,000 gold coins rather than $35,000? For 90 years, the lessor only demanded payment of the dollars themselves, essentially ignoring the "gold coin" provision. And from 1933 to the 1970s, the "gold coin" clause was unenforceable under federal law thanks to U.S. monetary policy. But in 2006, a new company bought the property and began demanding the value of 35,000 gold coins instead of just $35,000. Does the language of the contract entitle the company to the value of the gold coins rather than just $35,000? In a very interesting opinion, Judge Sutton concludes that it does. References 1. http://howappealing.law.com/082708.html#030056 2. http://www.ca6.uscourts.gov/opinions.pdf/08a0322p-06.pdf _______________________________________________ Volokh mailing list [EMAIL PROTECTED] http://lists.powerblogs.com/cgi-bin/mailman/listinfo/volokh -- ------------------------------------------------------------------- Constitution Society 2900 W Anderson Ln C-200-322, Austin, TX 78757 512/299-5001 www.constitution.org [EMAIL PROTECTED] ------------------------------------------------------------------- [Non-text portions of this message have been removed]
