Section 14

Citation: Section 14
Parent Document: Troy Ltd. v. Renna, 727 F.2d 287 (1984)
Jurisdiction: United States (federal)
Effective Date: 1984-01-30
Original Source: https://www.courtlistener.com/opinion/8929297/troy-ltd-v-renna/ ↗

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The contract clause is among those provisions of the Constitution addressing post-Revolutionary War state legislation purporting to repudiate obligations owed by local debtors to British and loyalist creditors. A number of states had,, in evident violation of article IV of the 1783 Treaty of Peace, 8 Stat. 80, 82, enacted laws staying the time for payment of debts, making paper money legal tender, and sequestering debts due British creditors. See Home Building & Loan Ass’n v. Blaisdell, 290 U.S. 398, 454-61, 54 S.Ct. 231, 246-48, 78 L.Ed. 413 (1934) (Sutherland, J., dissenting); Sturges v. Crowninshield, 17 U.S. (4 Wheat.) 122, 204, 4 L.Ed. 529 (1819). Thus, article I, section 10 of the Constitution forbade the states from coining money, emitting bills of credit, making anything but gold and silver coin a tender for the payment of a debt, and “impairing the Obligation of Contracts.” U.S. Const, art. I, § 10, cl. 1.

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