FEDERAL · 48 U.S.C. · Chapter 20
No full faith and credit of the United States
Current through Pub. L. 119-102
Title 48 — Territories and Insular Possessions·Ch. 20 — PUERTO RICO OVERSIGHT, MANAGEMENT, AND ECONOMIC STABILITY·Subch. II
(a)In general
The full faith and credit of the United States is not pledged for the payment of any principal of or interest on any bond, note, or other obligation issued by a covered territory or covered territorial instrumentality. The United States is not responsible or liable for the payment of any principal of or interest on any bond, note, or other obligation issued by a covered territory or covered territorial instrumentality.
(b)Subject to appropriations
Any claim to which the United States is determined to be liable under this chapter shall be subject to appropriations.
(c)Funding
No Federal funds shall be authorized by this chapter for the payment of any liability of the territory or territorial instrumentality.
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Related
Migrant Health Center, Inc. v. Commonwealth of Puerto Rico
919 F.3d 565 (First Circuit, 2019)
Altair Global Credit Opportunities Fund (A), LLC v. United States
(Federal Claims, 2018)
Source Credit
History
(Pub. L. 114–187, title II, §210, June 30, 2016, 130 Stat. 576.)
Editorial Notes
Editorial Notes
References in Text
This chapter, referred to in subsecs. (b) and (c), was in the original "this Act", meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, Management, and Economic Stability Act and also as PROMESA, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 2101 of this title and Tables.
References in Text
This chapter, referred to in subsecs. (b) and (c), was in the original "this Act", meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, Management, and Economic Stability Act and also as PROMESA, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 2101 of this title and Tables.