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INTERNAL PROTOTYPE — NOT LEGAL ADVICE — DO NOT SEND

Troy Ltd. v. Renna, 727 F.2d 287 (1984)

Citation
Troy Ltd. v. Renna, 727 F.2d 287 (1984)
Parent Document
Troy Ltd. v. Renna, 727 F.2d 287 (1984)
Effective Date
1984-01-30

Other Sections in This Document (109)

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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, Sec. 10, cl. 1.