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GRAND AVE. PARTNERS, L.P. v. GOODAN

No. 96-56188.

160 F.3d 580 (1998)

GRAND AVENUE PARTNERS, L.P., Plaintiff-Appellee, v. Douglas GOODAN; Jean Barclay, Trustees of the E.W. Goodan Trust ("Trustees"), Defendants-Appellants.

United States Court of Appeals, Ninth Circuit.

Decided November 18, 1998.

Attorney(s) appearing for the Case

Edward M. Fox (argued), and Heather C. Beatty, Burke, Williams & Sorensen, Los Angeles, California, for defendants-appellants.

James L. Goldman, Pircher, Nichols & Meeks, Los Angeles, California; Paul J. Matzger, Leland, Parachini, Steinberg, Matzger & Melnick, San Francisco, California, for plaintiff-appellee.

Before: BOOCHEVER, REINHARDT and RYMER, Circuit Judges.

PER CURIAM:

We must decide whether a 1994 assignment of a leasehold interest in a 1926 ground lease was a novation such that the "gold clause" in the original lease is enforceable under 31 U.S.C. § 5118(d)(2) as part of an "obligation issued after October 27, 1977." "Gold clauses" became unenforceable when private ownership of gold was banned in 1933, see Joint Resolution of June 5, 1933, ch. 48, 48 Stat. 112, 113 (formerly codified at 31 U.S.C. §...

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