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Fool's Gold: Avoiding Pitfalls of 'Gold Clauses' in Long-Term Leases

By Richard L. Fenton

All lawyers dealing with transactions involving transfers, assignments or amendments of long-term leases entered into prior to 1934 need to be aware of the possible ramifications of a 'gold clause' in the original lease.

Prior to June, 1933, it was quite common for real estate leases to contain a 'gold clause' requiring payment in 'standard gold coin of the United States, of not less than the present weight and fineness, which is at the present time measured by the standard of weight and fineness observed by the mint and fixed by the laws of the United States of America.' This clause was a hedge against inflation.

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